Words – Page 20 – [BonkNote]

Surrender Charge Because of the multitude of problems in any application of a prospective method, a retrospective requirement was adopted. It was felt that the most important relationship to the policyholder would be that between the account value and the cash value. This amount, the surrender charge, is the quantity regulated by the Model [Bonk:…

Actuarial Tables Commutation CSO CET Mortality Actuarial Tables: Commissioners 1941 Standard Ordinary Mortality Table (1941 CSO) V. 1-, Volume 3 Actuarial Society of America Society and the Institute, 1945 Commutation Columns and Valuation Factors Based on 1980 CSO Mortality Table: Age last birthday – Actuarial Publishing House, 1981 TERM AND WHOLE- LIFE INSURANCE COST AS DEVELOPED…

Perspectives Because I was a company actuary for 20 years before I became a regulator, I have a perspective that a lot of regulatory actuaries do not have. — Thomas C. Foley 1996 – SOA – Professional Standards Affecting Life Actuaries, Society of Actuaries – 18p Jim OBERSTAR. ( Minnesota Democratic–Farmer–Labor Party) – Also, as a follow…

Antitrust We would have been subject to antitrust action had we tried to develop that in the profession alone; they had to be in the regulation. Departure from the past practice of avoiding antitrust laws can only happen when the regulators take the lead. The ASB cannot make these changes by itself. — Frank S.…

Nonforfeiture 1941 Guertin Report NAIC’s Committee to Study Nonforfeiture Benefits and Related Matters, chaired by Alfred N. Guertin, actuary of the New Jersey Insurance Department 1942-Supplement, NAIC Proceedings – Reports and Statements on Non-Forfeiture Benefits and Related Matters 1975 Unruh Committee SOA, Special Committee on Valuation and Nonforfeiture Laws, chaired by Henry C. Unruh 1983-1,…

Premium Loan Automatic premium loan A loan provision in a life insurance policy allowing any premium not paid by the end of the grace period (usually 30 or 31 days) to be paid automatically through a policy loan if cash value is sufficient. (p134) 2016 – ACLI Fact Book – 186p J. B. WALKER felt…

Based On 2013 1219 – Cost of Insurance Litigation – Insurers Retain Discretion to Set COI Rates in Two Key Victories – [link] 2019 0425 – American Bar Association – “Based on” What? Courts Split over Cost of Insurance Rates, Steuart H. Thomsen, Phillip E. Stano, and Wilson G. Barmeyer – [link] 2013 – LC – Norem…

Consumer Education <1> We want you to know that Financial Education is important, but that many other groups are better situated to design deliver and evaluate education than NAIC is. We think NAIC’s most important role in Retirement Security is to make sure that consumers can safely buy well-designed insurance products in stable insurance markets.…

Accountability Second, it was observed that ….. there is virtually no accountability for any of the participants in the sale, ..not for the company, not for the agent, and interestingly, the white paper discussed accountability on the part of the purchaser as well. — Robert E. Wilcox, Utah Insurance Commissioner and Chairman of the Life Disclosure Working…

Features Key Attributes of Generic Life Insurance Policies — Table 4-2 Duration of coverage – Universal Life – Depends on premiums paid (p111) 2015 – Book – Life Insurance 15th Ed. – Black, Skipper, Black (Huebner Series) 1993 – SOA – Product Design / Pricing with Bonus Features, Society of Actuaries – 22p 2004 – ACLI/…