2016 1207 - Forum 400 - Battle for the Soul of the US Life Industry - [Joseph Belth] - VIDEO
- 2016 1207 - Forum 400 - Battle for the Soul of the US Life Industry - [Joseph Belth] --- [BonkNote] --- [VIDEO-YouTube-48:28]
- Description - Sunday, January 22, 11:00 a.m. - 11:40 a.m. Speaker: Dr. Joseph Belth In this session, Dr. Belth will share his candid observations on practices in the US life industry that should cause every insurance professional to sit up and take notice.
- For those who genuinely care about their clients, the continuation of low interest rates has accelerated practices that are detrimental to policyholders from: carriers dropping consumer friendly products, increasing the cost of insurance, spinning off US life insurers, and masking their true financial condition with financial engineering that we know as captive reinsurance.
- Dr. Belth will engage Forum members in a no holds barred discussion.
- Ralph Nader of the Life Insurance Industry
- Academic Freedom
- Consumers Union Study
- Alfred Kinsey
- Insurance Forum
- Censorship - Insurance Industry, Academics
- Who has Clout? Who is the industry afraid of?
- Rating Agencies, State Regulators
- State Regulation is a historical Accident - We are stuck with it. No Uniformity, Underfunded,
- 8 - Executive Life - Did the Ratings Agencies miss the boat?
- 11 - Long-Term Care - I fear the worst
- 12 - Insolvencies - Guaranty Fund
- 200 companies reduced to 12
- Premium Increases, Actuaries, Assumptions
- Combining Long-term Care Insurance and Life Insurance.
- 15 - Fixed Income Annuities
- I don't understand adequately
- 16 - DOL - Department of Labor Fiduciary Rule
- 17 - Transferring blocks of business
- I've been fighting that war for 25 years. No policyholder consent.
- 19 - Company sold, Private Equity - I'm troubled by that. Long-term view vs Short-term view. Rating Agencies hamstrung.
- 21 - Glass-Steagall Act -
- 22 - Mutual Companies Advertising - Dividends, Interest rates, Dividend Rates
- Is that misleading? - 7%
- Expense component - Companies won't tell that
- 23 - Solomon Huebner - American College,
- 24 - Teaching vs Researching - Greatest Interest was research
- 25 - Companies hiding the ball. How the questions were answered, if they were answered at all. Running around the main issues. Tried to get to the bottom of it. Never discouraged, kept my adrenaline going.
- 27 - Surprised? - Low interest rates,
- 28 - Companies that don't exist anymore.
- Connecticut Mutual,
- Connecticut Mutual - Practically destroyed by the Tontine (Gimmick)
- 29 - Does the Industry have a heart?
- 30 - Ethical Company vs Ethical people in the company - Long-term of
- 30 - New York Cost of Insurance Premium Increases of Universal Life Policies.
- Price of Protection - [Bonk: SIV/CIV]
- 33 - AL Williams / Primerica
- North Carolina Department of Insurance Banned Insurance Forum Issue
- Belth - We sued the North Carolina Department of Insurance
- 35 - King for a Day - What would you do if you were an Insurance Regulator
- 36 - Variable Life - Investing vehicle vs Insurance -
- Life Insurance vs Annuities
- 37 - Agents / Advice / Unbiased Advice / High-Level - Controversy / Fiduciary Standard vs Suitability Standard of Care - Clients Interest First
- 39 - Commissions - I see nothing wrong with commissions, except when...
- Companies are to some degree responsible for this.
- Ad - It happened to be about annuities, but the same principle applies.
- Single Premium Deferred Annuity - differences
- Higher Surrender Charges and Higher Commissions
- Companies are driving that.
- 42 - New Agents
- 43 - Domestic Insurance companies being purchased by International Insurance companies
- 43 - Equitable / AXA - Demutualized
- 44 - Stock vs Mutual Companies