Words – Page 28 – [BonkNote]

Benefits Benefits – Index The main concern was that an unsophisticated buyer purchased a policy and did not know what the coverages, benefits and limitations were. 1988 0603 – Universal & Other New Plans (A) Task Force – NAIC – Attachment Two 1988-2, NAIC Proc. Maybe he is not getting all the disclosure he needs,…

Solutions Solutions – Index Problems Problems – Index Illustrations Annual Reports Ratebook Graphs If there is a better way, let it be sought and may it be found — and let it be to the credit of our industry that we are the ones to find it and to provide it for the consumer. — …

Lobbying Lobbying is a word which may have negative connotations in some people’s minds. Those people who are not close to the political process sometimes think that if politicians were able to make decisions in an environment free of lobbying, then better decisions could be made. This is a misconception of the political process. Today’s…

Accelerated Benefits 1990 – SOA – Accelerated Benefits, Society of Actuaries – 18p 1991 – LR – Death and Taxes: The Taxation of Accelerated Death Benefits for the Terminally Ill, Wayne M. Gazur, University of Colorado Law School – 88p 1991-1A, NAIC Proceedings -Accelerated Benefits Guide Model Regulation, 12/5/1990 – Attachment Two (p544) (D) Disclosure…

Supportable What is supportable is up to the illustration actuary and involves all aspects of the product, not just the crediting rate. — Donna Megregian 2015 – SOA – Actuarial Guideline 49 (aka Actuarial Guideline YY), Society of Actuaries – 3p 1988 – SOA – Are Current Illustrations Supportable?, Society of Actuaries – 20p I endorse the…

Socialism SPOT LIGHTS ON SALES PROBLEMS From the Northwest Life Congress 1922 Weekly Underwriter page 99 Socialism Paternalism Merriam-Webster def: 1) a person who is independent (as in politics) or who remains undecided or neutral 2) Did You Know? Mugwump is an anglicized version of a word used by Massachusett Indians to mean “war leader.”…

Duty to Read Many Misunderstandings with Reference to its Terms and Conditions might thus be removed. 1922 – American Agency Bulletin, Volume 19 Law Reviews 1974 – LR – Duty to Read–A Changing Concept, by John D. Calamari – 23p Legal Cases 2008 – LC – AmerUs vs Smith – Supreme Court of Alabama – …

Signature The working group next discussed the appropriateness of including a requirement for a consumer signature on the document. The group decided it was important not to imply consumer understanding of what was in the illustration but just an acknowledgment of receipt of the illustration. 1994-2, NAIC Proceedings I think the only thing the illustration…

Actuarial Guideline 38 However, it was by no means apparent to many of us in the industry who would be most affected. In fact, when I learned of this movement in mid-summer, I called many of the larger writers of universal life products with secondary guarantees, and they told me that they had no knowledge…

Guaranteed Gross Premium Guaranteed Maturity Premium (GMP) For purposes of determining the guaranteed gross premiums used in the demonstration in Section 6.B.2: For universal life policies, the guaranteed gross premium shall be the premium specified in the contract, inclusive of any applicable policy fee, or if no premium is specified, then the level annual gross…