Secrets

I mean, the law is not a secret....  (p182)

2014 0425 – DOC 813 – Trial Transcript – Day 12 – Walker v LSW – 224p

  • The method of computation of "net premium" is the great insurance secret.
    • We doubt if any legislator or any judge ever solved the problem or guessed the secret. (p66)

1917 - Book - A License to Steal: Life Insurance, the Swindle of Swindles : how Our Laws Rob Our Own People of Billions, by Philander Banister Armstrong - [305p-GooglePlay]

  • Now how could the staff be sure that this M&E charge was not a secret sales load?

-- W. Randolph Thompson, with the law firm of Jones & Blouchin Washington, will speak on some SEC issues

1993 - SOA - Variable Products -- Product for the 1990s?, Society of Actuaries - 22p

  • You can give me what has happened from the days when the whole business was technically insolvent in the spike during the 1977-82 period when everybody valued bonds at book.
    • The well-kept secret, of course, was that the industry was insolvent, not bankrupt on a cash-flow basis.

--  Larry A. Brossman, Duff & Phelps

1990 - SOA - Rating Agencies And Asset/Liability Matching, Society of Actuaries - 18p

  • Mr. McNeill (Agent) -  To my knowledge, it is always applicable.
    • The insurance companies really try to hide the fact that they are negotiating a transfer for fear, I suppose, that it might alarm policyowners and they would start lapsing their policies and create a run on the bank, so to speak. 
    • So they always, to my knowledge, do this in secret...

[Both Dates PDF-629p-GooglePlay, 0428 - VIDEO-? / 0505-VIDEO-CSPAN- Insurance Policy Transfers]-

  • LC - Walker v Life Insurance Company of the Southwest - LSW
    • The fact that we charge people fees that we have disclosed and that fees reduce the value of your policy, and if your policy keeps reducing in value, it will lapse, is not a fraud.
      • That's common sense.
      • That's how life insurance works.  (p171) 
  • 1983 06 - SOA - Editorial - The Actuary - The New South Life Case, EJM (Ernest J Moorhead (Jack)), Society of Actuaries - 2p
    • The New South Life happens to be one of the (mercifully) few life companies in which a major deficit has been directly linked to miscalculation of policy reserves.
      • Two sources from ‘which the underlying facts are readily obtainable are:
        1. “New South Life: A Case Study”, by James L A&earn, in the April 1973 issue (Vol. XIX, No. 5) of Business and Economic Review; published by the Bureau of Business and Economic Research, University of South Carolina;
        2. “Report of the American Academy of Actuaries Committee Regarding The New South Life Insurance Company”, a manuscript dated August 30, 1973.
      • Until recently, the second of these,two documents was kept confidential for reasons associated with the life company’s rehabilitation.
      • We are pleased to learn that secrecy about it is no longer necessary; now the excellent work done ten years ago by an actuarial trio, Messrs. John M. Bragg, Delos H. Christian, and AIlan F. Lebourveau (who died in 1982), can and should belatedly receive our profession’s recognition.