Words – Page 32 – [BonkNote]

Guarantees Only – Illustrations The regulators reached a decision to require that illustrations only show guarantees of future performance and actual past performance. 1994-1 NAIC Proc. A concern I have about illustrating guaranteed only is the potential pressure that can be put on companies to strengthen their guarantees. There was a recent article in the…

Disclosure Disclosure – Index The purpose of disclosure is to let the life insurance buyer know what he’s getting. — Russell R. Jensen 1977 – SOA – Cost Disclosure in Individual Life Insurance – Society of Actuaries – 18p …. I agree that failure to disclose not only misrepresents but also sows the seeds of destruction. …

Premiums Premiums – Index Richard Weber, Merrill Lynch Life … suggested that the illustration show … how the policy values are paying the premium. Mr. Morgan said that this issue needs specific attention because many complaints were received in the state insurance departments on this issue. (p521) 1994-3, NAIC Proceedings – Life Disclosure Working Group…

Taxes Tax Codes DOT – Department of the Treasury GCM 38934 Guideline Premium Guideline Level Premium Inside Buildup IRS – Internal Revenue Service Pete Stark transfer-for-value rule of section 101(a)(2) 1965 – LR – Treatment of Tax-Exempt Interests in the Taxation of Life Insurance Companies, Michael M. Boone – 10p My purpose is to: look…

Lapse Lapse Rate Lapse Risk Lapse-Supported Lapse vs Surrender Lapse – Walker v LSW Defective – Lapse Prone – Walker v LSW Mass Lapse Problem – Lapse 1978 0807, 0814 and 0815 – GOV (House) – Life Insurance Marketing and Cost Disclosure, John Moss (D-CA) — [BonkNote] John Bragg: I can tell you how we handled…

Dividends Fifth Dividend Manipulation, Lapsation, Dividend Practices and Annuity Disclosure Task Force – (A) – NAIC Three Factor Dividend Formula 1984 – SOA – High Drama on the Dividend Front, by Ardian Gill, The Actuary, Society of Actuaries – 4p Origin of the Word “Dividend” Mr. Winter points out that policyholder dividends are often confused…

PBR – Principles-Based Reserves 2007 – SOA -Treading into the Thicket: Federal Income Tax Implications of Principles Based Reserves, by Christian DesRochers and Douglas N. Hertz, Society of Actuaries – 86p 2016-1 – NAIC – Implementing Principle-Based Reserves for Life Insurers: A Discussion Paper – 27p March 28, 2016, New York Life, NAIC Proceedings –…

Accreditation When we had the problems in the early 1980s and mid-1980s, one of the systems we came up with was on the financial side, and we came up with an accreditation system. And by virtue of that accreditation system, for instance, now we defer to the domiciliary state in terms of the solvency regime…

Readability / Plain Language / Flesch By readability, I do not mean the use of two syllable words, three word sentences and a high score on the Flesch test. What I mean is the ability to communicate what you are, in fact, offering in your contracts and the words the agent uses to explain the…

People People – Index Linda Lankowski 2023 0601 – David Merkel alephblog.com/ 2009 0428 – To What Degree Were AIG’s Operating Insurance Subsidiaries Sound?, by David Merkel – 14p (A better story than how I got the Statutory data, even.) – <WishList> Academics Robert D. Auerbach – Book – Deception and Abuse at the Fed -…