- Life insurance, because it is a nontangible product, is extremely susceptible to being perceived as whatever people think it to be.
-- LARRY SILKES
1983 - UNIVERSAL LIFE VALUATION AND NONFORFEITURE: A GENERALIZED MODEL, by SHANE A. CHALKE AND MICHAEL F. DAVLIN
3. Plaintiffs failed to prove consumer expectations
- That failure properly doomed Plaintiffs’ claim. See, e.g., Clemens, 534 F.3d at 1026 (proof of UCL fraud claim requires proof of consumer expectations by class-wide evidence: “a few isolated examples of actual deception,” “personal experience,” “personal assumptions,” and personal “expectations” of named plaintiffs are insufficient).
- Plaintiffs can hardly complain about the court commenting on the absence of survey evidence— Plaintiffs’ own expert testified that, without a survey, he could not opine about consumer expectations. ER791 59:18-21.
- The most obvious is if we fail policyholder expectations, we may have policyholder suits.
-- LARRY R. ROBINSON (Chairman of the ACLI Subcommittee on Cost Comparisons)
1988 - ACTUARIAL OPINION ON NON-GUARANTEED ELEMENTS, Society of Actuaries
If we are going to have a group of consumers of our products who are satisfied with what they get, we have to meet their expectations.
Obviously, there are two adjustment points whereby that can be accomplished.
- One is that you can change the outcome to match the expectations.
- The other is to change the expectation to match the outcome
-- Robert E. Wilcox - Chairman of the Life Disclosure Working Group (NAIC)
1994 - PROBLEMS AND SOLUTIONS FOR PRODUCT ILLUSTRATIONS, Society of Actuaries