Taxonomy - Changes - Term to Permanent

  • A few companies have introduced a product known as Universal or Total Life.
    • The concept involves... the company withdraws an amount sufficient to pay the premiums for an annual renewable term coverage for the amount selected for the for the current policy year. (p70)

1982 - Book - Life Insurance, by Huebner and Black   

[Bonk: This passage was in Chapter 5 titled "Term Insurance]

  • Out of curiosity, I examined Conning and Company's printed studies on twenty-two large stock life insurance companies ...
  • Among those companies showing a more rapid growth in the whole life and endowment account, I found the following changes had transpired between 1961 and 1966:
    •  (2) modified premium whole life policy had been classified as term insurance in 1961 and as whole life insurance in 1966; 

--  Frederick S. Townsend

1967 - SOA - Digest of Discussion Subjects of Special Interest - Individual Life and Health Insurance, Society of Actuaries - 62p

  • The unit expense seeds used in the 2022 GRET and the 2021 GRET recommendations were based on the average of the 2006 through 2010 Annual SOA expense studies.
    • These studies differentiated unit expenses by type of individual life insurance policy (term and permanent coverages).
  • As neither the GRET nor the Annual Statement data provided differentiates between these two types of coverage, the unit expense seed was derived by judgment based this information

2021 0804 - SOA to NAIC - RE: 2022 Generally Recognized Expense Table (GRET) – SOA Analysis, Society of Actuaries - 5p