COI – Cost of Insurance Until the buyer understands how the product works, attempts to compare price are essentially meaningless. 1972 – SOA – Life Insurance and the Buyer by Anna Rappaport, Society of Actuaries – 2p-Article Maybe we can jiggle a bit with our cost of insurance rates. —  MichaeI R. Tuohy, [Bonk:  Tillinghast] 1985 -…

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Pricing Pricing, to the actuary, involves the determination of charges related to a set of benefits. —  Robert P. Hill 1990 – SOA – Adequacy of Pricing Considerations, Society of Actuaries – 18p Abstract: Traditional life and health products have long been regarded as non-interest sensitive. Pricing has often been done with only a single…

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Disintermediation Run Disintermediation of traditional life insurance is most severe for policies sold as savings instruments. —  George R. Dinney 1982 – SOA – Programs to Conserve Traditional Life Insurance Policies, Society of Actuaries – 18p When a policyholder feels deceived, the disintermediation potential is enhanced. —  Allen D. Booth, a consultant in the Milwaukee office of…

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FSB – Financial Stability Board fsb.org/ youtube.com/user/FinStbBoard The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. It was established after the G20 London summit in April 2009 as a successor to the Financial Stability Forum (FSF). The Board includes all G20 major economies, FSF members, and the European Commission. Hosted and funded…

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Congress Informed Policymakers 1987 0421, 0428, and 0429 – GOV (House) – Current State of the Liability Insurance Crisis [PDF- 313p-GooglePlay, VIDEO-?] Chairman LAFALCE. The insurance industry did not like that, and therefore they got enough Members of Congress to support their position. Mr. OLIVER (Chairman of the FTC) – I think that is correct.…

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Nonguaranteed Premium (Policy) Nonguaranteed Premium Policies Cash values and death benefits under these policies are guaranteed, but their premiums are not. These policies contain a guaranteed “maximum premium”, but the company anticipates charging a lower premium. The company will illustrate the cost based on the premium it currently expects to charge. Your actual cost will…

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NAIC – Framework NAIC – Groups – Life Insurance A Committee “Market Conduct Surveillance” – 75r MARKET CONDUCT, EXAMINATION AND REPORTING (B)  COMMITTEE Market Conduct and Trade Practices (B1) Subcommittee This Subcommittee is responsible for (a) overseeing the NAIC complaint system … 1980-2 Agents and Brokers (B2) Subcommittee. Competition (B 3) Subcommittee (B3) Subcommittee Competition…

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Surveys Paul Graham, ACLI, stated that the NAIC should condition a survey to determine the impact on the industry. He said he would be willing to assist the NAIC in developing and distributing such a survey, and suggested the NAIC hire an independent consultant to accumulate the results. 2010-1, NAIC Proceedings – Principles-Based Reserving (EX)…

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Principle-Based Reserving (PBR) REPORT ON THE RESULTS OF THE PRINCIPLE-BASED RESERVING  STATE RESOURCE SURVEY Presented to the Principle-Based Reserving Implementation (EX) Task Force of the National Association of Insurance Commissioners NAIC Spring National Meeting Houston, TX April 6, 2013

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Subgroup on Life Advertising Issues – (EX3) – NAIC Subgroup on Life Insurance and Annuities, 1987-2 1987-2, NAIC Proceedings – Market Conduct Surveillance (EX3) Task Force – April 12-13, 1987 1. Report of Subgroup on Life Insurance and Annuities The report of the Subgroup on Life lnsurance and Annuities was given by Tony Schrader. Mr.…

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