• The main concern was that an unsophisticated buyer purchased a policy and did not know what the coverages, benefits and limitations were.

1988-2, NAIC Proc.

  • Current assumptions are critical to interest sensitive products such as Universal Life.
  • When interest rates are high, benefit projections (such as cash value) are also high.
  • When interest rates are low, these projections are not as attractive.

  • "benefit charges"

Universal Life Model Regulation (MDL-585)

Benefit Reserves, Benefit Generating Account (BGA), Benefit Generating Function (BGF), 

NAIC Recent Working Groups
-Cude LIBGWG?  Markup - What does Benefit mean?
-Life Insurance Buyer's Guide.... Do your Premiums or Benefits change?