Universal Life
Universal Life – Federal Government
Universal Life – Federal Government Universal life insurance generally refers to a whole life policy with flexible premiums, adjustable death protection, and a cash value accumulated at current rates of interest. Universal life insurance offers both insurance protection (in effect, term insurance) and savings, i.e., the ability to accumulate a cash value in the policy…
Read MoreQ: Who created Universal Life Insurance?
Q: Who Created Universal Life Insurance? Life of California / California Life E.F. Hutton James C.H. Anderson George R. Dinney James C.H. Anderson Maurice H. Lavita Professor Robert Mehr other soa guy WHO CONCEIVED THIS INSTRUMENT? – Universal Life Insurance Subject to responsibility being accepted (and documented) by somebody else, we hold that the father…
Read MoreDIY – Do It Yourself
DIY – Do It Yourself 28 Oct 1981, Wed Journal and Courier (Lafayette, Indiana) Newspapers.com In fact, it is accurate to describe Universal Life as a generalized version of the actuarial formulas underlying traditional life insurance products. In other words, it is possible to produce any traditional plan of insurance from the generalized formulas underlying…
Read MoreUniversal Life with Secondary Guarantees
Universal Life with Secondary Guarantees (ULSG) The Universal Life contract with secondary guarantees has been one of the most controversial life insurance products introduced in the United States. 2014 04 – SOA – Model Validation for Insurance Enterprise Risk and Capital Models, Sponsored by CAS, CIA, SOA Joint Risk Management Section, prepared By Markus Stricker,…
Read MoreUniversal Life Insurance does not “Fit” into the existing regulatory framework.
Universal Life Insurance does not “Fit” into the existing regulatory framework This regulation is designed to address those areas where universal life insurance does not “fit” into the existing regulatory framework. (p1) NAIC – Universal Life Insurance Model Regulation – MDL-585 – 22p New York reports that they have determined that Section 216 and 208,…
Read MoreQ: Universal Life – Who wanted this?
Q: Universal Life – Who wanted this? In more modern times, insurance products became considerably more complex (e.g., universal life type products with various forms of guarantees, various forms of renewable term, etc.). These products arose from a significant rise in interest rates in the early 1980’s and a wave of consumer demand for products…
Read MoreUniversal Life – Commissions
Universal Life – Commissions Mr. Douds – I know that one of the problems with the new products when they were first introduced was that agents didn’t feel that they paid high enough commissions, and since that time, companies interested in marketing those products have tried to adjust their compensation plans accordingly to make their…
Read MoreUniversal Life – NAIC / Regulators
Universal Life – NAIC – Regulators 1980s … which falls into this category is a derivative of the Universal Life Policy first described by James C. H. Anderson… 1980-1, NAIC Proc. The completely flexible life insurance plans are sometimes called “universal life insurance plans. 1980-2, NAIC Proc. … (sometimes referred to as “Total Life Plans”…
Read MorePolicy Information for Applicant – Universal Life Policy – NAIC
Policy Information for Applicant – Universal Life – NAIC Focus Groups 1990-1A, NAIC Proceedings – NAIC / LIMRA – Universal Life Disclosure Form Focus Group Summary, — [BonkNote] — 10p 1993 – NAIC – Policy Information for Applicant – Universal Life Policy – 3p Life Insurance Disclosure Model Regulation – Appendix D Located in: 1993 0525 – GOV (Senate)…
Read More1982 0713 – Chicago Tribune – Universal Life Insurance Trapped Between IRS, Congress
1982 0713 – Chicago Tribune – Universal Life Insurance Trapped Between IRS, Congress
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