Jesse M. Schwartz

  • Jesse M. SCHWARTZ: Why are people so reluctant to call Total Life permanent insurance?
    • [Bonk: Total Life = Universal Life 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....

1981 - SOA - The Future of Permanent Life Insurance (rsa81v7n36), Society of Actuaries - 22p

  • 2010 - Report - AAA - Role of the Actuary Under Federal Risk and Insurance Oversight - Public Policy Monograph, Jesse M. Schwartz, Chair, Financial Regulatory Reform Task Force - American Academy of Actuaries - 22p
  • 2011 0225 - Letter - AAA - American Academy of Actuaries to FSOC - Re: Authority to Require Supervision and Regulation of Certain Non-Bank Financial Companies (12 CFR Part 1310) - Jesse M. Schwartz, Chair, Financial Regulatory Reform Task Force, American Academy of Actuaries - 8p
    • Potential Vulnerability Metrics
      • 1. Regulatory Scrutiny - The evaluation of existing regulatory scrutiny also includes the preparedness to supervise new and evolving, substantial, and rapidly growing risks. (p4)
      • 2. Quantitative Metrics - Interconnectedness, Leverage, Short-term Funding - Reinsurance  (p5)
      • 3. Qualitative Metrics  - The extent of financial product guarantees, beyond the guarantees provided in traditional insurance industry products.  (p6)
  • First, the average premium per thousand is going down as a result of companies introducing products based on the 4% valuation interest rate basis.

--  Jesse M. Schwartz

1983 - SOA - Individual Life Insurance, Society of Actuaries - 22p

  • I am Jesse Schwartz from MONY with responsibilities for individual life, annuity and disability income product development.
    • The agents will be wondering where they are going to get their commissions.
      • Are they going to get it on their risk element, or on the savings element?
    • In recent years the investment element of permanent life insurance has been emphasized by consumers.
      • To respond, insurance companies have responded with products which emphasize the investment return of the policy.
      • I believe this marketing concept will change as the insurer stresses the extent to which the savings element of permenent insurance contributes to lower cost of insurance protection.
    • We are not selling a savings product.
      • We are selling a product which, packaged, provides the lowest cost of insurance protection possible.
      • That is a very important difference in comparision with these ads which show ten, eleven, or twelve percent rates of return.
    • Consistent with this observation, I believe insurance companies will emphasize long term performance in marketing permanent llfe insurance.
      • This will lead to policies designed with surrender charges so that performance improves with persistency.
    • Products will be designed to support the merchandising efforts of agents in the market they operate.
      • These merchandising efforts will continue to include such sales concepts as split dollar - minimum deposit, vanishing premium, et al.
    • It is probably easier to identify the ultimate wave on new products:
    • <more>

1983 - SOA - Agency Strategies for Marketing Success, Society of Actuaries - 20p