Letter - ACLI

  • 2019 0917 - LIIIWG - Life Insurance Illustrations Issues Working Group - NAIC - Proceedings (Fall, 6-77) - Cost of Insurance - [BonkNote]
    • Richard Wicka (Chair - WI): This is probably more for the Universal Life Products, but how do we want to capture the concepts like Cost of Insurance and other fees in this document? 
    • Birny Birnbaum (CEJ): So, I can admit that I am completely baffled why Industry, which has been sued over this issue would not try to make this much more transparent up front to avoid the problems it is now encountering.
  • 2019 1025 - ACLI - Meeting the Challenge of Promoting Ethics, Kelly Ireland, Vice President – Compliance & Ethics, Compliance & Ethics Forum for Life Insurers - 29p
    • Impactful Ideas to Promote Ethics Awareness
    • Small Group Case Study Discussions
      • Use Real (Sanitized) Cases From Your Own Company
      • Supplement With Industry Challenges (e.g. Underfunded Universal Life Insurance Policies and What Steps Company Compliance & Ethics Professionals Can Take to Help Their Companies Address this Issue)
  • 2019 1109 - NAIC - LIIIWG - Life Insurance Illustrations Working Group Conference Call  - (BonkNote: Not in Proceedings]
    • ...completely Dynamic services and policy opportunities for their customers to purchase and to elect a variety of options. - -- Michael Lovendusky, ACLI
  • A great deal of the confusion seems to stem from a lack of understanding of how cash value insurance products work and a lack of understanding of insurance terminology.
  • Also, because most people presume that if you pay your premium continuously, your policy will remain in effect, quite a few people had a hard time understanding how or why the policy would terminate in policy year 31.
    • This was simply foreign to their way of thinking.
  • One person was so confused that he said that the maturity age and endowment benefit were moot points, since the policy was going to end at year 31 anyway.

1990-1A, NAIC Proceedings - NAIC / LIMRA - Universal Life Disclosure Form Focus Group Summary  ---   [BonkNote]  ---  10p

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