Premiums, Costs, Values and Benefits - Actuarial

  • Universal life also allows for flexibility in policy benefits, not just premium payments.

2017 1115 - Letter - AAA to NAIC (LIBWG), American Academy of Actuaries - 2p

  • The complications begin with a very simple question:
    • What's the premium for Universal Life?
      • It could be almost anything.
    • Then what's the cash value?
      • That depends on the premium.
    • It is the relationship between the premium and cash value that determines the product characteristics of Universal Life.

--  Ben H. Mitchell, [Bonk: a consulting actuary with Tillinghast in Atlanta - Years-?]

1981 - SOA - Universal Life (RSA81V7N412), Moderator: Samuel H. Turner, Society of Actuaries - 16p 

  • Attachment Four - Comments Received from Industry Regarding Proposed Amendments to NAIC Model Rules Governing the Advertising of Life Insurance
  • AAA - American Academy of Actuaries, William T. Tozer, Chairman of the Task Force on Non-Guaranteed elements.
    • Recommended modifications specific to definitions and sales illustrations directly related to life insurance products which contain "non-guaranteed elements;" e.g. values, premiums or benefits whose amount is not guaranteed by the term of the contract.
    • Response: The suggested changes were consistent with the intent of the proposal; and were incorporated into the draft of the rule.

1987-2, NAIC Proceedings