Illustration - Descriptions

  • From the Floor: Hal, do you really think that it's reasonable to get an insurance community to agree on a single definition of an illustration?
  • Mr. Phillips: I'm very hopeful that we could agree. Actuaries should agree first, of course. If we can't agree and move forward, then I'm really discouraged. Then we're going to have problems forever in the whole business of illustrations. 

1998 - Current Issue in Sales Illustrations, Society of Actuaries - 26p

  • A life insurance policy illustration is a mathematical calculation of benefits and values over time under specific, simplified, and generally static assumptions. (p141)

1991-1992 - FINAL REPORT* OF THE TASK FORCE FOR RESEARCH ON LIFE INSURANCE SALES ILLUSTRATIONS , Society of Actuaries - 142p

  • Appendix II - Illustration Examples
  • In my opinion, illustrations are just a sales aid, almost like an advertisement in the newspaper.

--  Mahir Dugentas

1995 - Current Developments Surrounding Regulations and Standards of Life and Annuity Products, Society of Actuaries - 18p

  • In one sense, any sales illustration is a form of an actuarial report to a potential reader, whether it be a consumer or someone else.

-  BRUCE E. NICKERSON

1991 - Illustrations, Society of Actuaries - 20p

What is in a policy illustration?

  • A policy illustration is meant to provide an example,
    based on certain assumptions, of how a policy’s costs and benefits may develop over time—including, but not limited to, premium amounts owed, cash values, and death benefits.

Current - ACLI - What You Should Know About Buying Life Insurance

  • Commissioner Wilcox responded that the definition of illustration included more than a ledger.

1994-3, NAIC Proceedings

  • Illustrations, as everyone in this profession knows, are merely a projection of what policy values would develop under one set of assumptions.

--  JUDY FAUCETT

1992- LIFE INSURANCE SALES ILLUSTRATIONS, Society of Actuaries - 16p