Words – Page 26 – [BonkNote]

GMF – Guaranteed Maturity Fund The guaranteed maturity fund at any duration is that amount which, together with future guaranteed maturity premiums, will mature the policy based on all policy guarantees at issue. NAIC – Universal Life Insurance Model Regulation (#585): – 22p Shane Chalke ULMR – Universal Life Insurance Model Regulation – MDL-585 –…

Underwriting 1952 – The Professional Concept of Life Underwriting, By Solomon S. Huebner – <WishList> -ia800205.us.archive.org/17/items/copyrightrenewals1923-1964/1980.txt 21May52, The American College 1959 – SOA – Discussion of Subjects of Special Interest: Underwriting, Society of Actuaries – 8p 2020 – SOA – Validating Algorithmic Underwriting Models – Expert Panel Report, Society of Actuaries – 13p 2021 – SOA -…

Premium Due Date …this was done because (1) the concept of a “premium due date” was thought to be inapposite to flexible premium policies. 1983-1, NAIC proceedings def. inapposite: out of place; inappropriate [Lawsuits] 2018 – LC – Elhouty v Lincoln Benefit, United States Court of Appeals, Ninth Circuit, Google Scholar 2010 – LC -…

Scheduled Premium Section 15. Schedule Premium Policy. The definition of a “scheduled premium policy” was added by the 1983 amendments to the Model Regulation. It is intended and to establish the perimeters of contemporary “traditional” variable life insurance policies. Specifically, a variable life insurance policy is classified as a “scheduled premium” policy if the insurer…

Generic Name Proposed Revision of NAIC Life Insurance Solicitation Model Regulation (ACLI) – October 22, 1982 A Generic Name means a short title which is descriptive of the premium and benefit patterns of a policy or a rider. NAIC Proceedings

Retrospective Retrospective vs Prospective Mr. Carroll: Retrospective and prospective, if everything fits and works nicely, as Doug pointed out, it doesn’t matter. You get the same answer looking both ways. It only matters when things are out of sync and something has gone wrong or gone better than has been reflected. That’s how we come…

MSRV – Mandatory Securities Valuation Reserve Impact of Economic Changes on Common Stock Values When the MSVR was first established in 1951, common stocks represented only 1.2 percent of the assets of U.S. life insurance companies. However, the sharp rise in common stock prices during the 1950s and early 1960s, combined with the stimulus of…

Language Semantics Words and Concepts Insurance policies may be balm for the afflicted but they are murder on the English language. 1976 0811 – NYT – New Policy Arises In Insurance Field Readable Language, By Israel Shenker – [link] We cannot play word games with policyholder money. (p74) — Karl L. Rubenstein, Special Deputy Insurance Commissioner, State…

Vanishing Premium Vanishing Premium – Lawsuits Two weeks ago in the National Underwriter, there was a report of the working group’s meeting in Philadelphia, and on the same page was a writeup about an agent who had won a very large amount of money from his company. [Bonk: agent = William Casteel] Apparently, he never…

Manipulation Manipulation, Lapsation, Dividend Practices and Annuity Disclosure (A) Task Force 1981 – DETECTING POSSIBLE MANIPULATION: THE PEER REVIEW APPROACH – SOA – Moderator: JULIUS VOGEL. Panelist: WALTER N. MILLER – 12p Ms. Edwards requested the wishes of the subcommittee as to whether the task force should address the question of manipulation with inforce policies. Upon…