Cash Surrender Values
My topic this morning is required cash surrender values for Universal Life products.
A few of the questions I will address include:
- What is the status of NAIC activity in this area?
- What are the prospects of the NAIC adopting the current ACLI nonforfeiture proposal?
- As I personally do not believe that a verbatim adoption of the ACLI proposal is very likely, what objections may be addressed by the NAIC?
In order to resolve these objections, I will propose a new definition of what constitutes an equitable cash surrender value for insurance issued through a stock company.
-- MICHAEL F. DAVLIN
1983 - Universal Life, Society of Actuaries