Archive for July 2020
Legal Cases Videos – Snippets
Legal Cases – Video – Snippets 15-55809 Joyce Walker v. Life Ins. Co. of the Southwest https://www.bonknote.com/wp-content/uploads/walker-v-LSW-1-442.mp4 15-55809 Joyce Walker v. Life Ins. Co. of the Southwest – Snippet 1 – 4:42 Words: Bait and Switch, Illustration, Fees, “a lie”, Reliance, Working with Independent Financial Advisors, Misleading Elements https://www.bonknote.com/wp-content/uploads/15-55809-Joyce-Walker-v.-Life-Ins.-Co.-of-the-Southwest-2-147.mp4 15-55809 Joyce Walker v. Life Ins. Co.…
Read MoreConsumer Reports
Consumer Reports 2015 0406 – Consumer Reports – Is whole life insurance right for you? Follow our advice to assess this most misunderstood coverage – [link] 1998 07 – Consumer Reports – “Life Insurance Report: The Mysteries of Life.” – 34- 43 1967 01 – Consumer Reports, pp. 14-25 1967 02 – Consumer Reports, pp. 100-107…
Read MoreThe Hartford
The Hartford The Hartford The Solution Legal Case – Wisconsin Henry Katz, Hartford Insurance Group, noted in response to the calls for disclosure on universal life insurance products that the Hartford is offering the new product in a way to provide full disclosure. He offered his company’s assistance in developing any new regulation of this…
Read MoreMetLife
MetLife MDL-1091 – IN RE: Metropolitan Life Insurance Company Sales Practices Litigation 1994 – NAIC – Special Committee on Metropolitan Life Brighthouse FSOC – MetLife – Designation MetLife v FSOC – Legal Case MetLife – FHLB MetLife – Legal Cases In its June 7, 1994 Consent Order #94-102, the NJDBI cited N.J.S.A. 17B:30-3 and N.J.A.C. 11:2-23.4…
Read MoreLife of Virginia
Life of Virginia Its fundamental “mechanics” are indistinguishable from those underlying traditional life insurance products. [Bonk: Its = Universal Life] — Samuel H. Turner, President – The Life Insurance Company of Virginia 1982 – Journal of Insurance Medicine – 1p TEFRA has also assisted Universal Life sales considerably and will continue to do so. As the Life of…
Read MoreSales Process
Sales Process The agent, as a result of not understanding the illustration, may misrepresent the product to the consumer. — Judy Faucett 1992 – SOA – Life Insurance Sales Illustrations, Society of Actuaries – 16p Mr. Wright said the Society of Actuaries report referred to the fact that companies said they had no control over what agents…
Read MoreProgramming
Programming For descriptions of conventional life insurance programing, see Dan M. McGill, Life Insurance (Homewood, Ill.: Richard D. Irwin, Inc., 1959), pp. 649-60; and Robert l. Mehr and Robert W. Osler, Modern Life Insurance (3d ed.; New York: The Macmillan co., 1961 pp. 337-90. 1964 – AP – Dynamic Life Insurance Programing, by Joseph M. Belth, The Journal…
Read More1982-1, NAIC Proceedings
1982-1, NAIC Proceedings “Companies Earning Lower Interest Rates than the Rate Assumed in Their Reserves” Special Task for of the ACLI Cost Disclosure Subcommittee 2. Heard recommendations and reports from departments, consumer groups and industry concerning the regulation of universal life products, replacement practices and methods of cost disclosure. 1982-1, NAIC Proceedings The chairman also…
Read More1994-3, NAIC Proceedings
1994-3 Commissioner Wilcox next asked Ms. VanLeer to show the illustrations she had prepared that used the standards in the technical resource advisors’ draft to prepare an actual illustration (Attachment Four-C). (p522) 1994-3, NAIC Proceedings Commissioner Robert Hunter (Texas) asked if the assumptions being discussed in Section V of the standards paper would be disclosed…
Read MoreDisciplined Current Scale
Disciplined Current Scale The first question that I’ll pose will deal very basically with the concept of a disciplined current scale, and that simply stated is: What approach does the illustration actuary take when developing a disciplined current scale? — Thomas A. Phillips 1996 – Life Insurance Sales Illustrations—What’s Next?, Society of Actuaries – 22p I think…
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