Policy Changes

  • 1975 0619 - NYT - With "Life-Cycle" Insurance Policies Coverage May Be Changed With Needs (Adjustable Life), by Leonard Sloane - [link-Paywall Free] 
  • Policy Changes
    • Have any companies considered restricting policy changes because of increased administrative difficulties due to automation?
    • Is the cost of policy changes out of proportion to their business value?
    • Have any means been found of simplifying policy changes
    • How have companies handled the problem of changes produced by the introduction of more favorable premium rates?

1962 - SOA - Individual Life Insurance: Policy Changes, Society of Actuaries - 6p

  • Connecticut Mutual has traditionally been liberal in its attitude toward policy changes.

--  Paul T. Harkness, Jr.

1962 - SOA - Individual Life Insurance: Policy Changes, Society of Actuaries - 6p

  • How does an Adjustable Life plan change differ from a traditional plan change?
    • There is no charge or refund based on the difference in reserves or gross premiums.
    • The cash value stays in the contract, and the size of the reserve at the time of the adjustment is factored into the calculation of the new premium.
    • In effect, the impact of the plan change is spread over the entire remaining premium paying period, rather than being accounted for by a one shot charge or refund.
    • However, the policyowner who wishes to improve the plan (that is, lengthen the protection period of a term form, or shorten the premium paying period of a life form, or increase the maturity cash value of an endowment form) can do so by the payment of an unscheduled single premium.

--  Alice M. Neenan

1978 - SOA - Adjustable Life Products (rsa78v4n33), Society of Actuaries, Moderator: Samuel H. Turner - 14p