Words – Page 25 – [BonkNote]

Rider Ms. Krol asked about the use of the term “riders,” when some states use other terms. Mr. Musgrove agreed that the states do use different terms and pointed out that the survey document notes that riders, endorsements, agreements, etc. all mean about the same thing, and it is indicated in the survey that respondents…

SNFL – Standard Nonforfeiture Law content.naic.org/sites/default/files/inline-files/MDL-808.pdf 1942-Supplement, NAIC Proceedings – Reports and Statements on Non-Forfeiture Benefits and Related Matters — [BonkNote] 1980 – SOA – Nonforfeiture and Valuation Concerns in the 1980’s, Society of Actuaries – 16p 1983 – SOA – Universal Life Valuation and NonForfeiture: A Generalized Model, by Shane A. Chalke and Michael Davlin, Society of…

Speed to Market NAIC – Speed to Market Task Force GOV 2005-1, NAIC Proceedings – (2005 0315, p100) Individual Modified Single Premium Variable Life Policy Standards Individual Flexible Premium Variable Adjustable Life Policy Standards 2005-2, NAIC Proc. – (2005 0613) SPEED-TO-MARKET FILING TOOL SUGGESTION BOX Speed to market is the ability to bring products to…

Trade Secrets Ms. Parachini indicated the Compact legislation already recognizes a trade secret protection for product filings and this rule allows a company to keep competitive information protected. Miriam Krol (ACLI) explained the Working Group developing the product standards is incorporating detailed submission requirements, many of which are actuarial in nature. These submissions may include…

Ratebook Universal Life is a ratebook and more, all by itself. If you say you have Universal Life, you in fact have more of a product than you probably have in your current portfolio at the present time. — Thomas F. Eason 1983 – SOA – Individual Life Insurance, Society of Actuaries – 22p Adjustable Life -…

Industry Reputation Disintermediation Reputational Risk NAIC Current / Recent Working Groups 11/14-15/2014 IULISG – IUL Illustration Subgroup CC, NAIC Proceedings Mr. Ehren (Securian) said it is in the industry’s best interests to provide additional disclosures for IUL illustrations. 11/14-15/2014 LATF 6-63 Greg Gurlick (Northwestern Mutual Life) said that if consumers are not satisfied…

Interest Adjusted Method C.L. TROWBRIDGE: My interest in this challenging subject goes back to my membership on the 1970 Joint Special Committee chaired by Jack Moorhead. This Committee proposed what was then known as the interest-adjusted method, which later became the basis of the NAIC approach now in effect in some 2/3 of the states.…

Cash Surrender Values My topic this morning is required cash surrender values for Universal Life products. A few of the questions I will address include: What is the status of NAIC activity in this area? What are the prospects of the NAIC adopting the current ACLI nonforfeiture proposal? As I personally do not believe that…

Cost Structure The key to our proof was to bundle the product back up and to look at the guaranteed future benefits. When we did this, we made some interesting discoveries. Perhaps the most important was that the role of the account value and mortality and interest guarantees to define what the policy’s guaranteed death…

Rebating 1991 – Sun Sentinel – Insurance Industry Frowns on Cutting Commission for Client, [Rebating] – [link] 1993 0326 – NYT – Insurers Cited on Barring Rebates, By Peter Kerr – [link] 1991 0613 – GOV – Insurance Competitive Pricing Act of 1991 – [PDF-237p – GooglePlay. No Video] Rick Nelson Peter Katt Rep. Lehman …stated that…