Words – Page 33 – [BonkNote]

In-Force Illustrations It would be most useful if the updated illustration was designed to fit the needs of the policy owner. The insurer won’t have this information. 1995-1, NAIC Proceedings 2015 0515 – Letter – AXA Equitable, Brian R. Lessing, to NAIC (LATF) However, we believe that all sections of the guideline should apply to all inforce…

Illustration Illustrations – Index In the January 1987 issue of Insurance Forum Joseph Belth makes the statement : In my opinion, life insurance sales illustrations are out of control. Furthermore, I am not aware of any significant attempts by any insurance organization or by the actuarial profession to deal with the problem. 1987 01 -…

Assumptions Current Assumptions Expense Assumptions Grading Guaranteed Assumptions Interest Rates Mortality Rates Nonguaranteed Pricing Assumptions Realistic Assumptions Standardized Assumptions Assumptions lie at the heart of actuarial work. 2017 – SOA – The Great Assumptions Debate, American Academy of Actuaries – [link] <Wishlist: archived slides and audio> More importantly for permanent plans, the actuary can utilize a…

NGEs – Non-Guaranteed Elements Assumptions Cost of Insurance – COI Interest Rate Non-Guaranteed Elements Work Group – NGEWG – AAA 2022 – SOA – Overview of Nonguaranteed Elements (NGEs), Society of Actuaries – 22p I have a theory that the difficulties the life industry faced with illustrations, including the billions lost in lawsuits, stemmed from…

Cost Cost – Index Until the buyer understands how the product works, attempts to compare price are essentially meaningless. 1972 – SOA – Life Insurance and the Buyer by Anna Rappaport, Society of Actuaries – 2p-Article 1976 – SOA – Cost Comparisons and Policy Language, Society of Actuaries – 16p The cost of life insurance…

Cost Disclosure 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 Until the buyer understands how the product works, attempts to compare price are essentially meaningless. 1972 – SOA – Life…