Teresa Winer

  • The first survey we did was basically of retirees: anybody  who has an FSA prior to 1960 and is still actively employed.
  • We wanted to see what they’re doing and what kind of lessons they want to share with other people, which would feed into the Ambassador Program.
  • It would be somebody you could call and say, "Hey, I’m
    interested in doing this line of work.
  • Can you give me some pointers and some information about it?"

-- Teresa Russ Winer

2000 - SOA - The Actuary of the Future Proposed "Ambassador" Program, Society of Actuaries - 13p

  • Teresa Winer (GA) asked if it would be useful to ask states whether they have received consumer complaints about the summaries.
    • Richard Wicka (Chair - WI) said that it would be helpful to have that kind of information but that he is not sure it would be possible to track down complaints to that level of detail.  (6-161)

2016-2, NAIC Proceedings - 2016 0516 - LIIIWG - Life Insurance Illustrations Working Group, Conference Call 

  • Teresa Winer (GA): build in Focus Group.  Options..   Process lots of alternatives choices…  nothing works great for everynbody…. We need to start somewhere.

190316_0041 - NAIC Life Insurance Illustrations Working Group (LIIIWG), NAIC, <Bonk>

  • Teresa Winer (GA): I'm guessing that, perhaps, this came out of the fact that Illustrations were not as clear.
    • Maybe there's been complaints.
    • And the purpose of this entire committee was to provide some kind of summary to make it a little bit more clear.

2019 0903 - NAIC - LIIIWG - Life Insurance Illustrations Working Group - [Bonk: Not in NAIC Proceedings]

  • Teresa Winer (GA) said that disclosure is helpful, but only if it is meaningful.

2019 0917 -  NAIC Proceedings (Fall, 6-77) - LIIIWG - Life Insurance Illustrations Working Group

  • 2019 0917, NAIC - LIIIWG - Life Insurance Illustrations Working Group, Conference Call - [Bonk: Not in Proceedings]
    • Teresa Winer (GA) - I feel like a lot of these policies had good intentions and came out of Buy Term and Invest the Difference to compete with that so people wanted more disclosure of all the components.
      • But what happened was... What I've found is people just can't, for some reason, put all the components together and get so frustrated. 
    • In my experience very smart people don't really know what all the components mean.  I mean I feel like it does lead to confusion.
    • So, I think ... if you can refer to the eventual illustration and just show the cash value. 
      • Because you've got so many plus and minuses going through.  just show, y'know, here's the Cost of Insurance, here's your Surrender Charge, here's your interest credits or ... depending on what kind of investment outcome you'll have. 
    • Even very, very bright people in the business... even I as an actuary try to go back and try to put this all together and crank out a number.  It's very complicated.  So, unfortunately, I have a very hard time, y'know, understanding how the consumer, y'know, they wrestle with it.
      • And so, I've had a hard time explaining it, so I feel like in a little summary... I don't know. 
    • In theory disclosure was so great, but in practice it kind of um.... People just want to know what's my Cash Value or whatever.
  • 1997 - SOA - "Actuarial Counseling" - A New Role for the Actuarial Profession, Society of Actuaries - 21p
    • Task Force on the Personal Actuary: 1999 - 2000, Finance Practice Area Committees
  • 2000 -  SOA - Marketing Research" Actuaries Serving Individuals - A study funded by the Committee on Finance Research of the Society of Actuaries, by Teresa Winer, Society of Actuaries - 72p
  • 2005 - SOA - The Personal Actuary, Society of Actuaries - 14p
  • 2005 - SOA - The Impact of Investment Advice Regulations on Personal Actuaries - This paper examines state and federal regulations that may pose a competitive disadvantage for actuaries providing personal investment advice., Society of Actuaries - 16p

"Buy Term and Invest the Difference"

2019 0917, NAIC LIIIWG, -Teresa Winer <Bonk>

I feel like a lot of these policies had good intentions and came out of Buy Term and Invest the Difference to compete with that so people wanted more disclosure of all the components.

  • "Buy Term and Invest the Rest"
    • In the last two years a new product has surfaced - combining the buy term and invest the rest into one product which is tax sheltered from the buyer's point of view.
    • This product is the so-called Universal Life.

--  Stanley B. Tulin

1981 - SOA - The Future of Permanent Life Insurance (rsa81v7n12), Society of Actuaries - 22p

  • Arnold <Dicke> suggested that universal life stemmed from the desire of many consumers to have a product that unbundles the insurance and investment elements.
  • At New York Life, we get a lot of communications from policyowners, but we cannot remember one single request for a product that unbundles the insurance and investment elements.
  • I would like to ask how many people here have received requests for such unbundling from the public. (No hands were raised.)

--  Walter Miller

1981 - SOA - Equity for Existing Policyowners, Society of Actuaries - 24p

"more disclosure of all the components"

2019 0917, NAIC LIIIWG, - Teresa Winer <Bonk>

I feel like a lot of these policies had good intentions and came out of Buy Term and Invest the Difference to compete with that so people wanted more disclosure of all the components.

  • While many of the original intentions of issuers of universal life was to make clear the exact costs of life insurance by showing and charging exactly the interest, mortality and expenses incurred, most insurers do not observe this at the present time. (p15)

2007 - Book - ACTUARIAL ASPECTS Of Individual Life Insurance And Annuity Contracts, Easton and Harris