1989-1

  • 4a Special Plans - Universal Life - Review Regulators Problems with Model Adopted (Product Development Task Force) (On hold)

Universal Life

  • The advent of universal life brought with it many nonforfeiture concerns.
  • Unlike adjustable life, where a current plan is defined, but is subject to change, a universal life policy at any time has only a "minimum" and a "maximum" plan, based on the current cash value, and minimum and maximum allowable premiums.
    • Which plan should be used for demonstrating
      compliance with SNFL?
    • How should the deductions from the cash value for benefit charges be regulated?

1989-1, NAIC Proceedings