Cost of Insurance

-- Michael R. Tuohy

1985 - SOA -Variable Life Insurnce in Canada and the United States, Society of Actuaries - 24p

Commissioner Lyons reported that the working group feels strongly that the disclosure form should recognize the time value of money.
- The advisory committee requested that if the time value of money is shown, they would like the cost of insurance to be disclosed to the consumer as well.

1991-1A, NAIC Proceedings - Life Marketing Practices to Senior Citizens Working Group

Ironically, all the columns, figures, pages, disclaimers, and disclosures do not tell consumers what they really want to know -What does the insurance cost?
Below are my suggestions for what an illustration should tell a consumer.

-- J. Robert Hunter, Commissioner of Insurance, Texas Department of Insurance

Legal Cases

Vogt v State Farm

2017/12/13 - Mrs Vogt Deposition

19. When I recommend Paragon or Provider, I inform my clients in some form of words that the policies charge a cost of insurance that will increase as they grow older.
- I tell them that the policies maintain cash values, in part to offset that increasing Cost of Insurance.

-- Declaration of Sean L. Covi (Agent), 10.09198-JVS(RNBx)

Joyce Walker et al v. Life Insurance Company of the Southwest (LSW) -

2013 - LC - US Bank National Association v. PHL Variable Insurance Company
- Dist. Court, SD New York, 2013 - [link-Google Scholar]
- The relevant policies are universal life insurance policies which allow policyholders to pay as much money as they want into their policy accounts each month as long as the account balance is sufficient to cover policy charges, including a "cost of insurance charge …

State Georgia Tabular Cost of Insurance means the net single premium at the beginning of a policy year for one-year term insurance in the amount of the guaranteed death benefit in that policy year.