Ratebook

  • Best's Flitcraft Compendium
  • National Underwriter
    • adjusted index book
    • Cost Facts on Life Insurance
  • Handy Guide to Premium Rates, Applications and Policies of American Life
  • Little Gem
    • Life Rates and Data (Replaced Little Gem - Source: 1973 GOV The Life Insurance Industry Part 2, p936)
  • Spectator Handy Guide
  • Unique Manual

Universal Life is a ratebook and more, all by itself.

If you say you have Universal Life, you in fact have more of a product than you probably have in your current portfolio at the present time. 

--  MR. EASON

1983 INDIVIDUAL LIFE INSURANCE, Society of Actuaries

 

Traditional ratebooks simply do not work with Adjustable Life.

In the first place, it is not feasible to print rate pages for every conceivable plan.

Secondly, it is impossible to print rate tables for plans which have been adjusted, because the amount of reserve in force at the time of change effects the calculation of the new values.

Adjustable Life is truly a product of the computer age, and both the home office and the field must rely heavily on modern technology.

1983INDIVIDUAL LIFE INSURANCE, Society of Actuaries

C. Universal Life
From the beginning, a necessity for successful marketing of universal life has been the ability of the seller to illustrate the performance of a policy tailored (within policy limits) to the needs and resources of the prospective purchaser. The agent and prospect have the ability to choose almost any pattern of benefits and premiums.

  • No longer is the sale limited to one of several fixed plans of insurance from a ratebook. Each one is different.

Any system of policy illustrations will have some limitations on this flexibility. 

1991-1992 - FINAL REPORT* OF THE TASK FORCE FOR RESEARCH ON LIFE INSURANCE SALES ILLUSTRATIONS  - 142p, Society of Actuaries

MR. EASON: Universal Life is a ratebook and more, all by itself. If you say you have Universal Life, you in fact have more of a product than you probably have in your current portfolio at the present time.

The National Underwriter has recently published their 1983 adjusted index book. There are I00 universal life policies in the back with the same type of display they have had in the past two or three years.

It is really educational to look at that and see the different patterns of cash values and other aspects of the policies.

If you look at the Union Central policy, you will find that the loadings are relatively steep compared to the average. That reflects relatively steep field compensation.

This type of pricing fits the criteria of an actuarially sound product. Until we find that the product is not marketable, which so far does not appear to be the case, we will keep that philosophy in pricing.

1983 INDIVIDUAL LIFE INSURANCE, Society of Actuaries

E. F. ESTES expressed the opinion that:

(1) because of the comparatively limited actuarial facilities of most smaller companies, the issuance and servicing of plans requiring special quotations create problems out of proportion to their value to the company, and

(2) the problem can be greatly minimized if the agency department will see to it that the agent is effectively trained to meet with regular ratebook plans many of the isolated situations which at first appearance suggest special treatment.

 

1953 - AGENCY PROBLEMS--RESULTING FROM SPECIAL POLICIES, Society of Actuaries

 

Late in 1970 the National Underwriter (an insurance trade publication ) published a volume called “Cost Facts on Life Insurance Interest - Adjusted Method" 

1973 - GOV - Review of Veterans' Insurance Programs: June 12, 1973