Words
Mortality Tables
Mortality Tables The mortality table is the instrument by means of which are measured the probabilities of death and survival. 1940-Supplement NAIC Proceedings 1919 – Book – Sources and characteristics of the principal mortality tables, by Henry Moir – 98p The Actuarial Society of America It should be remembered that the CET Table was prepared to…
Read MoreERM – Enterprise Risk Management
ERM – Enterprise Risk Management 2010 – SOA – Did Enterprise Risk Management Really Work? – The Case of Lincoln Financial Corporation, Scott Engle, Presented at 2010 Enterprise Risk Management Symposium, Society of Actuaries – 18p 2013 – SOA – ERM-ILA Model Solutions, Fall 2013, Society of Acuaries – 38p Learning Objectives: 2. The candidate will…
Read MoreTroubled Companies
Troubled Companies During the early 1990s, however, the solvency problems of the life insurance industry increased, climaxing in the failure in 1991 of several large insurers– Executive Life Insurance Company, First Capital Life Insurance Company (EF Hutton) Fidelity Bankers Life Insurance Company, Monarch Life Insurance Company, and Mutual Benefit Life Insurance Company. Assessments for Executive…
Read MoreMarket
Market Market – Index NAIC Market regulation handbook – combines information from the Market Conduct Examiners Handbook and the Market Analysis Handbook
Read MorePolicy Conversions
Policy Conversion The option of conversion to permanent insurance without evidence of insurability began to be common in term policies on this continent during the 1890’s. 1949 – SOA – Term Conversion Option, Elgin G. Fassel, Society of Actuaries – 42p
Read MoreGuaranteed
Guaranteed Nonguaranteed GICS – Guaranteed Investment Contracts Guarantees Guaranteed Maturity Fund (GMF) Guaranteed Maturity Premium
Read MoreDuration
Duration Key Attributes of Generic Life Insurance Policies — Table 4-2 Duration of coverage – Universal Life – Depends on premiums paid (p111) 2015 – Book – Life Insurance 15th Ed. – Black, Skipper, Black (Huebner Series) Duration is a measure that’s used to provide information to portfolio managers about the interest rate sensitivity of…
Read MoreInterest
Interest Interest – Index (p9) – The literature attached to the conservation brochure read: “At Minnesota Mutual, we believe you should get an up-to-date return on your insurance dollars – no matter how long you’ve owned your policy. With Ultimate Interest™, our unique interest crediting method, we credit current, competitive interest rates to each premium…
Read MoreChurning
Churning Replacements Twisting Churning will be high as comparisons of recent performance and illustrations will “prove” the necessity for a switching. — Dale R. Gustafson, Northwestern Mutual …asks why the really hard questions about the product aren’t reflected in the articles we printed. His nominees for the hard questions are: 1981 11 – SOA – The Actuary,…
Read MoreTwisting
Twisting Churning Replacements We have all heard some talk about twisting, and it has strong negative connotations. Universal Life, mainly because of its premium flexibility, has changed that. I recently heard one of our marketing people refer to replacement of old traditional permanent policies with Universal Life. He called it “The Enlightened Liberation of Assets”.…
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