Philip Polkinghorn

  • ?-1986-? - Consultant with Tillinghast, a Towers Perrin Company out of Jacksonville, Florida
    • 1986 - SOA - New Forms of Agency Compensation -- Impact On Product Design And Company Profitability, Society of Actuaries - 42p
  • 2013-Current (as of 2024) - Americo - President
  • ...some people view the UL fund mechanics as an opening of the dividend box...   

--  Philip K. Polkinghorn

1988 - SOA - Update on Universal Life Reserves and Non-Forfeiture Values, Society of Actuaries - 36p

    • Comment: Philip Polkinghorn - If you adjust premium at each change in credited rates you should not crash. Insurance is for low frequency and high severity events. If only 10% of houses burned down , would you not insure your house?
  • I'd like to go through a bit of history and cover some of the challenges that are coming up and see what we might be able to do with them.
    • Let's start with October 1987, which, in my mind, started a nifty period for the annuities -- the "golden age," as I would call it.
    • There was a period of time, 1985 through most of 1987, when single premium fixed life insurance and single premium variable life insurance were really coming on strong.
      • These products were offering the potential for tax-free income through wash loan features, and the indication was that the SPDA product was going to be left behind. Things changed rather abruptly - within a two-week period.
      • There was a 500-point Dow Jones decline in October of that year, and a big challenge emerged on the tax front with Stark and Rostenkowski. Ultimately, a year later, the tax laws were changed to preclude tax-free income through use of the loan feature.
  • So it was back to basics for agents and stockbrokers. The good, old tax-deferred annuity concept wasn't that bad after all, so they got re-energized.

--  Michael Winterfield

1991 - SOA - Annuity Product Development Update, Moderator: Philip Polkinghorn, Society of Actuaries - 22p 

  • (p1063) - 14. Disclosure and Sales Illustration Practice
    • The actuarial task force has become aware of two professional actuarial groups which are now studying sales illustrations for life insurance contracts.
      • Presentations on behalf of both these groups were made at the December 1991 actuarial task force meeting.
    • Judy Faucett commented on the work of the Society of Actuaries Task Force for Research on Life Insurance Sales Illustrations under the auspices of the Committee for Research on Social Concerns.
      • She is chair of that Society of Actuaries Task Force. No detailed information on the work of this task force was presented at the April 1992 or the June 1992 actuarial task force meetings.
    • Also studying life insurance sales illustrations is another subgroup of the American Academy of Actuaries Committee chaired by Mr. Polkinghorn.
      • (Please see also Section 13, "Non-Guaranteed Element Annual Statement Interrogatories," described above.)
      • Attachment One-L is a transmittal letter from Mr. Polkinghorn, with its attachment, forwarding a report that was recently prepared by his committee.
      • The transmittal letter includes comments on the general subject of life insurance illustrations.
      • A report on potential smoothness tests for non-guaranteed cash values was transmitted with this letter, but it was not included as part of this attachment.
      • Mr. Polkinghorn's transmittal letter requested guidance from the actuarial task force as to whether the smoothness test concept should be pursued further.
      • Mr. Polkinghorn was present at the June 1992 actuarial task force meeting.
      • However, the actuarial task force had only had this material for a relatively short period of time and no position was developed by the actuarial task force regarding the smoothness test.

1992-2B, NAIC Proceedings

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