Words – Page 23 – [BonkNote]

Disciplined Current Scale The first question that I’ll pose will deal very basically with the concept of a disciplined current scale, and that simply stated is: What approach does the illustration actuary take when developing a disciplined current scale? — Thomas A. Phillips 1996 – Life Insurance Sales Illustrations—What’s Next?, Society of Actuaries – 22p I think…

Servicing From a distribution perspective, I think one of the challenges that face us in UL is the servicing of UL. Flexible premium, high-degree-of-service UL products have little or no renewal compensation paid if there’s no premium paid. — Daniel F. Byrne 1999 – SOA – The Next Generation Universal Life, Society of Actuaries – 30p First of…

Misrepresentation Material Misreprentation (4) At what stage do projections become misrepresentations? (Report – p750) The classic case of misuse, which called the problem to our attention, had to do with a disclosure form given a policyholder or applicant and sent to us in what appeared to be horror by an agent of another company. On…

Tabular Cost of Insurance Tabular Cost of Insurance means the net single premium at the beginning of a policy year for one-year term insurance in the amount of the guaranteed death benefit in that policy year. ftp://www.ilga.gov/jcar/admincode/050/050014090000300R.html

Plan of Insurance “Plan of Insurance” vs Specific Policy [Plan of Insurance] 2019 0903 – 2019-3, NAIC Life Insurance Illustration Issues (A) Working Group (LIIIWG) – Conference Call Michael Lovendusky, ACLI … said assisting consumers to compare products is outside the scope of the Working Group’s charge, and it would limit innovation and harm consumers.…

System Systemic Risk It is hard to fix a system that has not been analyzed. (p14) — J. Robert Hunter (Director of Insurance, Consumer Federation of America) 2003 0506 – GOV (House) – Increasing the Effectiveness of State Consumer Protection – [PDF-127p, First, for the period 1930 through 1970, the roles taken by various financial…

Puffery Puffery Bluffing Forward Looking Statements 2011 – AP – Bluffing in Insurance Sales: A Pakistani Perspective. by Hina Butt. Master’s Thesis in Applied Ethics, Linköpings Universitet – 45p See State Farm Fire & Cas. Co. v. Slade, 747 So. 2d 293, 322-23 (Ala. 1999) (holding that insurance agent’s statements that the purchased insurance policy was “the…

Inside Buildup These two meetings, plus the announced intention of some members of Congress and the Treasury Department to consider taxing the inside buildup of cash values, adds a note of uncertainty to our discussion today. — Paul J. Overberg 1983 – SOA – Individual Life Insurance, Society of Actuaries – 22p JULY 19, 1985 Impact of…

Marketing …a great deal of our problem is caused because the people out there marketing our life insurance products are trying to market it against and like mutual funds. Until we start to market it as life insurance and describe it and teach the consumers about life insurance, they’re not in any position to make…

Solvency Failures Insolvent Insolvencies Surplus Notes Solidity (Solvency) During the early 1990s, however, the solvency problems of the life insurance industry increased, climaxing in the failure in 1991 of several large insurers– Executive Life Insurance Company, First Capital Life Insurance Company (EF Hutton) Fidelity Bankers Life Insurance Company, Monarch Life Insurance Company, and Mutual Benefit…