Numeric Summary Illustrations and Premium Limits The NAIC Life Insurance Illustrations Model Regulation requires a basic illustration to consist of a numeric summary of the death benefits and values on three bases: Here is an example. The policy illustrated below is $100,000 specified amount with a $60 policy load, assessed monthly. The guaranteed interest rate…

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Q: Why didn’t the ACLI / NALU / NAIFA Show Up? We invited some members of the Advisory Committee to testify today, too. We asked the National Association of Life Underwriters <NALU – Currently NAIFA> representing over 140,000 life insurance agents to send the chairman of its Illustration Task Force. We invited the American Society…

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Who Created Universal Life Insurance? One Question:  Who would you say created Universal Life Insurance? George R. Dinney Maurice H. Lavita Professor Mehr other soa guy WHO CONCEIVED THIS INSTRUMENT? Subject to responsibility being accepted (and documented) by somebody else, we hold that the father is George R. Dinney, and the place of conception Winnipeg,…

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Yield Index NAIC Yield Index Advisory Committee 1989 – SOA – What Will Be The Life Insurance Products Of The Future,  Society of Actuaries – 18p 1987 – SOA – Regulatory Update, Society of Actuaries – 26p The NAIC Yield Index Advisory Committee was started in the middle of 1984 at the behest of the regulatory…

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Dots – Illustrations Research 1991 – SOA – Illustrations, Society of Actuaries  —  [BonkNote]  —  20p, JUDY FAUCETT: We’re going to discuss the preliminary report of the Task Force for Research on Life Insurance Sales Illustrations. 1991-1992 – SOA – Final Report* of the Task Force for Research on Life Insurance Sales Illustrations, Society of Actuaries – 142p Appendix II…

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Start – It will take a lot of work Bart Munson (William M. Mercer Inc.) noted that life insurance disclosure issues have been the subject of ongoing debate for years and that extensive work occurred in the mid-1970s. He noted that while he is in favor of addressing the current problems associated with policy illustrations,…

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Benefits – Consumer Representatives 􀁸 How much do the benefits build up in the policy? 􀁸 How will the timing of money paid and received affect interest? 2018 – LIBGWG – Cude Letter / Markup Life Insurance Buyer’s Guide – Revised 2-9-18 for discussion on conference call 2-22-18 1994-2, NAIC Proceedings – June 13 -…

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Benefits – Regulators So I think that the NAIC is going to have to relook at the whole issue of life cost disclosure. It is an issue that will not go away. As long as the internal benefits of a policy are not reflected in the premium, people need help in measuring those benefits. That…

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Benefits – Actuarial 2017 1115 – Letter – AAA to NAIC LIBGWG  – Re: Life Insurance Buyer’s Guide Q&A Draft 8/1/17, American Academy of Actuaries, Life Insurance Buyer’s Guide Working Group (A) – 2p Universal life also allows for flexibility in policy benefits, not just premium payments. Maybe he is not getting all the disclosure…

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Reading List 2013 – LR – A Transactional Genealogy of Scandal: From Michael Milken to Enron to Goldman Sachs, by William W. Bratton and Adam J. Levitin – 87p 2023 – LR – A Matter of High Interest: How a Quiet Change to an Actuarial Assumption Turbocharges the Life Insurance Tax Shelter, by Andrew Granato…

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