Starters - Plan of Insurance

  • Mr. Lovendusky <ACLI> said assisting consumers to compare products is outside the scope of the Working Group’s charge, and it would limit innovation and harm consumers.
  • Mr. Birnbaum <CEJ> said the Working Group’s charge specifically includes how the summaries are “designed, formatted and accessed” by consumers, and the stated purpose of Model #580 is to “require insurers to deliver to purchasers of life insurance information that will improve the buyer’s ability to select the most appropriate plan of life insurance for the buyer’s needs.”

2019/09/03 - 2019-3, NAIC Life Insurance Illustration Issues (A) Working Group (LIIIWG) - Conference Call

U.S. Department of Veterans Affairs

https://www.benefits.va.gov/insurance/plans.asp

Plans of Insurance

Government Life Insurance is issued in a variety of insurance plans. Select a plan below to view a brief description of that plan. This information is for policy numbers beginning with K, V, RS, W, J. JR. JS and RH. Information for: Servicemembers' Group Life Insurance policies (SGLI) and Veterans' Group Life Insurance policies (VGLI).

  • In fact, it is accurate to describe Universal Life as a generalized version of the actuarial formulas underlying traditional life insurance products.
  • In other words, it is possible to produce any traditional plan of insurance from the generalized formulas  underlying universal life. 

-- Alan Richards, president and chief executive officer of E. F. Hutton Life Insurance Co.,

1983 - GOV -  Tax treatment of life insurance: Hearings before the Subcommittee on Select Revenue Measures of the Committee on Ways and Means, page 448.

2. A Special Plans section to accommodate the unique features of policies such an enhanced ordinary life (under which dividends are applied to maintain a level death benefit), universal life, multitrack policies, and revertible term.

--  Tony Spano (ACLI)

1984 - NAIC UPDATE, Society of Actuaries

<Bonk:  Is an "enhanced ordinary life" policy another name for the "Vanishing Premium" Concept from the 80's/ 90's?>