Archive for November 2021
Premiums, Costs, Values and Benefits – Understanding Illustrations
Premiums and Benefits – Understanding Illustrations Ask your insurance agent, financial advisor, or an insurance company representative for an illustration showing future values and benefits. (p5) 2018 – NAIC Life Insurance Buyer’s Guide – 8p He <Birny Birnbaum> disagreed with Mr. Lovendusky <ACLI> that an accompanying illustration would reduce the complexity of products for consumers. He said…
Read MoreFair Consumer Outcomes
Fair Consumer Outcomes GFIA – Global Federation of Insurance Associations: In addition, GFIA is concerned that the meaning of “fair treatment of consumers” may be considered different from, or in addition to, legally prescribed standards. Companies may exceed those standards voluntarily, but supervisors should define “fair treatment” solely in terms of the legally established standards…
Read MoreQ: Are Life Insurance Policies Being Sold For a Death Benefit or an Investment Vehicle?
Q: Are Life Insurance Policies Being Sold For a Death Benefit or an Investment Vehicle? Life Insurance as an Investment LIRP/ SLIRP – Life Insurance Retirement Plan MetLife v FSOC 1990s I didn;t buy a Life Insurance Policy SOA – Looks like an Annuity Walker v LSW (p232) – Q: And why did you decide…
Read MorePremiums, Costs, Values and Benefits – Consumer Testing
Premiums and Benefits – Consumer Testing Focus Groups – NAIC – 2000s 1990-1A, NAIC Proceedings – NAIC / LIMRA – Universal Life Disclosure Form Focus Group Summary, Consumer Issues Disclosure Working Group – NAIC — [BonkNote] — 10p With that in mind, we started by making a list of basic information about life insurance that…
Read MorePremiums, Costs, Values and Benefits – Expectations
Premiums and Benefits – Expectations Mr. Birnbaum suggested that questions for consumer testing could come from the Assurity white paper, such as whether a consumer can reasonably be expected to understand the consequences of varying payment patterns after reading the summary. Ms.Winer asked if it would be useful to ask states whether they have received…
Read MorePremiums, Costs, Values and Benefits – Reputational Risk
Premiums, Costs, Benefits and Values – Reputational Risk We believe current illustrated rates are much higher than what is reasonably expected over the course of the policy and may lead to consumer disappointment, which could negatively impact the entire industry. — Metropolitan Life Insurance Company, New York Life Insurance Company and Northwestern Mutual Life Insurance…
Read MorePremiums, Costs, Values and Benefits – Consumer Reps
Premiums and Benefits – Consumer Reps How much do the benefits build up in the policy? How will the timing of money paid and received affect interest? 2018 – LIBGWG – Cude Letter / Markup Life Insurance Buyer’s Guide – Revised 2-9-18 for discussion on conference call 2-22-18 The personalized information in the…
Read MorePremiums, Costs, Values and Benefits – Actuarial
Premiums, Costs, Values and Benefits – Actuarial Universal life also allows for flexibility in policy benefits, not just premium payments. 2017 1115 – Letter – AAA to NAIC (LIBWG), American Academy of Actuaries – 2p The complications begin with a very simple question: What’s the premium for Universal Life? It could be almost anything. Then…
Read MorePremiums, Costs, Values and Benefits – Index
Premiums and Benefits – Index ABCDEFGHIJKLMNOPQRSTUVWXYZ# B Benefits Benefits – Actuarial Benefits – Consumer Representatives Benefits – Index Benefits – Industry Groups Benefits – NAIC / Regulators BGA – Benefit Generating Account BGF – Benefit Generating Function Back to top C Coverage Period – Examples Back to top D Dynamic Back to top G Guaranteed…
Read MorePremiums, Costs, Values and Benefits – Regulators – History
Premiums and Benefits – Regulators – History Section 8. Disclosure Requirements The main concern was that an unsophisticated buyer purchased a policy and did not know what the coverages, benefits and limitations were. (2) adequate disclosure of the fact that a premium quoted will not support the contract for the whole life if the policy is…
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