Is Everyone Talking About the Same Thing?
- This is not a complete draft for consideration but merely an agreement that the words used express the intent.
- This is regardless of one's approval or disapproval of the process-it is just to be sure that there are no ambiguities in the reading of the passage.
- At least we can be sure we are talking about the same thing. (p432)
-- Letter from John T. Gilchrist, FSA to Douglas Doll, FSA, Chairman - Universal Life Insurance Task Force
1988-2, NAIC Proceedings
JESSE M. SCHWARTZ: Why are people so reluctant to call Total Life <Universal Life> permanent insurance?
MYRON H. MARGOLIN: Universal Life type products are, I suppose, permanent.
- It is a semantic question whether they are permanent life or not, but clearly they are not the traditional cash value products as we have known them...
1981 - THE FUTURE OF PERMANENT LIFE INSURANCE, Society of Actuaries - 22p
- Cash Value
- (LIBG - Since 1996)
- UL Model Regulation - (p-585-5)
- Although highly flexible, universal life insurance is generally considered a permanent life insurance plan.
- Most companies encourage a premium level which will provide lifetime insurance protection.
- Every universal life insurance policy of which the drafters are aware has a “net level premium” that could be computed which would guarantee permanent protection.
- As a result, it is expected that most universal life insurance policies will be sold as permanent plans.
- Brenda Cude
- Gov - Consumer Handbook
- UL Model Regulation - Could Be Configured as Whole
- Michael Lovendusky-ACLI
- Actuarial Textbook
- Benefits Vary - AAA.
- Cash Value