Illustrations - History
Life Insurance Sales Illustrations - A Call to Action
- We have reached the stage where a life insurance sales illustration is hardly worth the paper it is printed on.
- Yet thousands of agents are confidently presenting these illustrations to frequently unsuspecting clients.
- I have yet to discuss this issue with anyone in the industry - home office or field - who doesn’t agree that the current situation is a mess.
- But everyone also agrees that no single company can try to institute change by, withdrawing from the illustration game.
- Sooner or later, surely, the whole house of cards will come tumbling down.
-- Daphne Bartlett
1988 - Article from: The Actuary June 1988 – Volume 22, No. 6
"The whole process started in the NAIC, as it had to. If radical changes in the way we illustrate policies were going to be made, they had to start at the NAIC.
The NAIC was only too well aware of the fact that sales illustrations were the subject of innumerable abuses and they wanted to correct those abuses.
Furthermore, the NAIC was being pushed by Senator Howard Metzenbaum who wanted to accuse the regulatory structure of not doing its job and then to bring regulation up to the federal level."
-- Mr. Frank S. Irish <ASB>
1998 - Professional Standards Affecting Life Actuaries, Society of Actuaries