March 2021 – Page 3

Agent – Knowledge I do not think agents understand the product. — Robert D. Hogue, Senior Vice President and Chief Individual Actuary at Maccabees Mutual 1982 – SOA – The Universal Life Update (rsa82v8n22), Society of Actuaries – 16p For a company such as Prudential with thousands of agents, most of whom are not very sophisticated, getting the…

Tom Leonardi 2011-2014 – Connecticut Insurance Commissioner 2013 1211 – Letter – Tom Leonardi to NAIC etc, re: Corporate Governance – 3p “We have met the enemy and he is us!” This famous line from the comic strip Pogo aptly describes the current state of governance at the National Association of Insurance Commissioners. 2013 1216…

Maurice LeVita 1975 – SOA – Ordinary–New Products, Society of Actuaries – 18p Letters to My Family – Maurice LeVita https://issuu.com/fredredwoods/docs/completed_book__4-05-10 1986 – Obituary – Washington Post – [link] 1986 – SOA – Obituary – https://www.soa.org/globalassets/assets/library/research/transactions-of-society-of-actuaries/1980-89/1986/january/tsa86v3815.pdf 1936 – Book – An arithmetic of life insurance – Hathitrust An actuarial approach suited to providing any desired pattern of death benefits…

Start – Docs – Two Actuarial AAA 1980s – 84Q – ideas for LIBG SOA 1991-

Brian Lessing However, we believe that all sections of the guideline should apply to all inforce life insurance illustrations after some effective date, regardless of when the policies were sold, since if the new limitations on the illustrated crediting rate are appropriate for new business, similar reasoning implies that they should also be appropriate for…

Pensions ERISA – Employee Retirement Income Security Act of 1974 Guaranty Funds NOLHGA – National Organization of Life and Health Insurance Guaranty Associations PBGC – Pension Benefit Guaranty Corporation PRT – Pension Risk Transfer Private Equity, Athene, government hearings – 2023 – Sherrod Brown, Elizabeth Warren Executive Life, Maxxam, Drexel, Lumber Company Delphi Lockheed Pacific…

Thomas S. Kuhn The Structure of Scientific Revolutions – Book Paradigms We noted in Section II that an increasing reliance on textbooks or their equivalent was an invariable concomitant of the emergence of a first paradigm in any field of science. The concluding section of this essay will argue that the domination of a mature…

SB – Outside Thomas S Kuhn The Hidden Factor Either you repeat the same conventional doctrines everybody is saying, or else you say something true, and it will sound like it’s from Neptune. — Noam Chomsky To reject one paradigm without simultaneously substituting another is to reject science itself. What man sees depends both upon…

MassMutual Haven Life – MassMutual (p21) – Senator Howard Metzenbaum (D-OH): At a recent meeting of underwriters, Thomas Wheeler, a chief executive officer of Massachusetts Mutual, said in the last decade: “Some companies encourage churning”, meaning rolling over whole life business into universal life. Not only did these companies swap high-margin products for low-margin ones, they often…

Life Insurance as an Investment Birny Birnbaum (Center for Economic Justice—CEJ) said… the current structure of the illustration presents the IUL policy as an investment. 6-836 2019-1, NAIC Proceedings The term “investment-life-insurance policy” is used here to represent policies that have a large “cash-surrender value” throughout most of the period they cover, such as limited-payment…