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

  • Premium
  • UL
    • Cash Value
      • (LIBG - Since 1996)
    • Permanent
      • (NAIC/Common)
      • 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.
    • Whole
      • Brenda Cude
      • Gov - Consumer Handbook
      • UL Model Regulation - Could Be Configured as Whole
    • Dynamic
      • Michael Lovendusky-ACLI
      • Actuarial Textbook
    • Benefits Vary - AAA.