Words – Page 19 – [BonkNote]

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Licensing Among the applications refused are those of a New York banker, a railroad conductor, a barber, a foot specialist, a physician , several lawyers, a clergyman – who naively says that while some policies were obtained by him last year “my name was not used ” – and another clergy man, whose authorization the…

Capital Capital – Index Capital Formation Capital Markets Capital Standards ICS – Insurance Capital Standards RBC – Risk Based Capital 1981 – SOA – Effective Use of Capital, rsa81v7n14, Society of Actuaries – 26p 1981 – SOA – Effective Use of Capital, rsa81v7n312, Society of Actuaries – 24p 1987 – SOA – Sources of Capital…

ALM – Asset Liability Matching Let me be elementary to begin. Asset/liability matching in its purest form likely means that we purchase assets such that whenever cash is needed to meet obligations, those assets will provide that cash. However, in the real world, we are going to be mismatched either because … we are not…

Competition Today, life insurers compete directly with non-insurance financial services institutions, such as banks and mutual funds. (p12) — William B. Fisher, Vice President And Associate General Counsel, Massachusetts Mutual Life Insurance Company, On Behalf Of The American Council Of Life Insurers (ACLI) 2001 0621 – GOV (House) – Insurance Product Approval: The Need for…

Interest Sensitive Life Insurance 8. The growth of interest-sensitive insurance products, such as universal life, spurred by a period of high inflation and historically high interest rates. 1984-1, NAIC Proc. Other interest-sensitive policies include variable life, adjustable life and variable premium life. In variable life policies, the assets (typically equities) underlying the policies are held in…

Insufficient Premiums Premium Considerations The non-guaranteed premium concept can be utilized for all forms of nonparticipating insurance, including both term and permanent policies. In setting insurance premiums, the actuary can use pricing assumptions that are as realistic as possible. The actuary is not locked into “50 years” of insufficient premiums if his or her estimates…

Claims Settlement The States do little with respect to life insurance regulations for many reasons, mainly because there are very few problems with complaints over claims. Most of the staffs are involved with complaints relating to automobile insurance and health insurance. Life insurance is sort of the stepchild of many, if not most, insurance departments. …

Bailouts 1920s/1930s – Great Depression 1980s – Federal Reserve 1990s – Executive Life, etc. 1992 0721 – Federal Reserve Report on Economy 03:38:22 SEN. RIEGLE And the banks got into big trouble. Not just the ones under your supervision, but the ones under the supervision of other regulators. And last year, we had to…

Acronyms SOA – Acronym Listing, Society of Actuaries- 47p FSAP – Financial Sector Assessment Program FSB – Financial Stability Board NBFI – nonbank financial institutions LIST OF ABBREVIATIONS AND ACRONYMS BCBS Basel Committee on Banking Supervision BIS Bank for International Settlements BOPCOM IMF Committee on Balance of Payments Statistics BSA Balance Sheet Approach BPM6 Balance…