Words – Page 23 – [BonkNote]

Unauthorized Practice of Law “National Conference of Lawyers and Life Insurance Companies” ABA – American Bar Association Unauthorized Practice of Law 1951 – LR – The Bar and the Unauthorized Practice of Law: A Survey – 13p 1955 – LR – The Unauthorized Practice Controversy, A Struggle Among Power Groups, Quintin Johnstone – 57p 1964 – LR…

Lapse-Supported [Glenn Daily is particularly irate about what the industry calls “lapse supported pricing,” which is used in illustrations to show higher cash values in later years. Actuaries who use this technique know that only half the people who buy policies will still have them after seven years. After 20 years, only about 25 percent…

Cost of Insurance Maybe we can jiggle a bit with our cost of insurance rates. — Michael R. Tuohy 1985 – SOA -Variable Life Insurnce in Canada and the United States, Society of Actuaries – 24p SOA – Agent – I didn’t know Costs Came Out Commissioner Lyons reported that the working group feels strongly…

Annual Statement This can also allow for a low first-year target premium. On the other side, however, it may cause some difficulties in terms of the annual reporting to the policyholder if, indeed, the policyholder really pays attention to the statement sent to him. — Christian J. DesRochers 1983 – SOA – Universal Life (RSA83V9N212), Society…

Sales Process The agent, as a result of not understanding the illustration, may misrepresent the product to the consumer. — Judy Faucett 1992 – SOA – Life Insurance Sales Illustrations, Society of Actuaries – 16p Mr. Wright said the Society of Actuaries report referred to the fact that companies said they had no control over what agents…

Programming For descriptions of conventional life insurance programing, see Dan M. McGill, Life Insurance (Homewood, Ill.: Richard D. Irwin, Inc., 1959), pp. 649-60; and Robert l. Mehr and Robert W. Osler, Modern Life Insurance (3d ed.; New York: The Macmillan co., 1961 pp. 337-90. 1964 – AP – Dynamic Life Insurance Programing, by Joseph M. Belth, The Journal…

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