New Jersey

  • Tom Considine
    • 2010-2012 - New Jersey Insurance Commissioner
    • ? - Current (as of 2023) - CEO - NCOIL, National Council of Insurance Legislators
  • Paul DeAngelo
  • James J. Florio - (D-NJ)
    • 1975-1990 - US House
      • 1987 0701 / 0729 and 1014 - GOV (House) - Developments In State Insurance Regulation, James J. Florio (D-NJ)  ---  [BonkNote]
  • Alfred N. Guertin
    • actuary of the New Jersey Insurance Department
    • NAIC's Committee to Study Nonforfeiture Benefits and Related Matters
      • The report, known as the Guertin Committee Report
  • William (Bill) White, Chief Actuary
  • 1990s - Prudential - Multi-State Task Force 
  • 1988 - New Jersey - New Jersey Life Insurance Buyer's Guide, i591988a - 20p-link
  • 1998 1231 - New Jersey Regulators, re: MetLife - Report of The Metropolitan Life Insurance Companies Located In New York, New York As Of December 31, 1998, By Examiners of The State of New Jersey Department of Banking And Insurance Division of Enforcement And Consumer Protection Market Conduct Examination Unit - 44p
  • <WishList>
    • 1982 - New Jersey - Universal/Flexible Factor: life insurance informational hearing.
      • Department of Insurance, New Jersey. Department of Banking & Insurance
      • [Bonk: the NAIC also has it in their Database, but it is currently available for viewing (as of 2023)]
  • Bill White, chief actuary, New Jersey, reported on their special project pertaining to universal life.
    • Their commissioner, on June 25, 1982, declared an 81-day moratorium on "Universal-Flexible Factor" type of policies.
    • His staff was directed to:
      • (1) study the matter and issue a position paper on the subject;
      • (2) conduct public hearings on March 10-11;
      • (3) terminate the moratorium April 16 with the publishing of a set of guidelines. Reports and results have been mailed to each insurance department.
    • Some of the questions New Jersey conveyed included:
      • (1) are these policies participating or non-participating;
      • (2) the "Bait and Switch" potential;
      • (3) disclosure;
      • (4) Federal Income Tax aspects;
      • (5) non-forfeiture values;
      • (6) replacement problems.
    • The concern was not just with the "twisting" replacements, but was the impact of justified replacements on the solvency of replaced companies.

1982-2, NAIC Proc.

state.nj.us/dobi/division_consumers/insurance/life.htm

All life insurance policies are not the same.

Some give coverage for your lifetime and others cover you for a specific number of years. Some build up cash values and others do not.

There are two basic types of life insurance: term insurance and permanent insurance.

  1. Term insurance generally has lower premiums in the early years, but does not build up cash values that you can use in the future.
    • It covers you for a term of one or more years, and pays a death benefit only if you die in that term.
  2. Permanent insurance (such as universal life, variable universal life and whole life) provides long-term financial protection.
    • These policies include both a death benefit and, in some cases, cash savings.
    • Because of the savings element, premiums tend to be higher than term insurance premiums.