Consumer – Page 2 – [BonkNote]

Orphaned Policyholders C. What methods are used for providing service to policyholders, particularly on orphaned business? 1966 – DIGEST OF REPORTS ON TOPICS OF CURRENT INTEREST AGENCY MATTERS, Society of Actuaries

Consumers Policyholder Most common citizens just don’t understand policy terms. You have to have faith,” said he to his commissioner. You have to have faith or trust that the agent is telling you the truth or explaining it correctly to you. 1993 0525 – GOV (Senate) – When Will Policyholders Be Given The Truth About Life…

Shopping for Life Insurance Judy Faucett* responded that people spend more time buying a microwave than they do an insurance policy. *Actuarial Consultant to the NAIC 1994-1, NAIC Proceedings 2018 1009 – NAIC – LIIIWG, Life Insurance Illustrations Working Group – [Bonk: Not in NAIC Proceedings] Goal of Policy Overview Birny Birnbaum (CEJ) – Shopping…

Consumer Education <1> We want you to know that Financial Education is important, but that many other groups are better situated to design deliver and evaluate education than NAIC is. We think NAIC’s most important role in Retirement Security is to make sure that consumers can safely buy well-designed insurance products in stable insurance markets.…

Informed Consumer 2016/4/3 – Life Insurance Illustrations Working Group Conference Call – NAIC Proceedings ……consumers being better able to understand the product performance…… ……need to take a broader look at how all products are explained to consumers…….. 2016 vs. 1982 1982 Proc. II 359-360 – Universal Life Model Regulation – Citations The Universal…

Sales Process The agent, as a result of not understanding the illustration, may misrepresent the product to the consumer. — Judy Faucett 1992 – SOA – Life Insurance Sales Illustrations, Society of Actuaries – 16p Mr. Wright said the Society of Actuaries report referred to the fact that companies said they had no control over what agents…

Underwriting 1952 – The Professional Concept of Life Underwriting, By Solomon S. Huebner – <WishList> -ia800205.us.archive.org/17/items/copyrightrenewals1923-1964/1980.txt 21May52, The American College 1959 – SOA – Discussion of Subjects of Special Interest: Underwriting, Society of Actuaries – 8p 2020 – SOA – Validating Algorithmic Underwriting Models – Expert Panel Report, Society of Actuaries – 13p 2021 – SOA -…

Commissions “compensation patterns and product design” “Special Compensation” – “incidental advice” Renumeration levelized commission program We designed commission rules that anticipated a relatively large number of rollovers of existing policies;. ..full commissions are paid provided the new Universal Life face amount is at least two times the face amount of the replaced policy. — Phillip B. Norton, not…

Policy Comparison JAMES F. REISKYTL: Bob, if I were coming to you to buy a policy, how would you tell me to compare whatever you’re selling? You said you offered policies for three or four companies. How do you compare those policies and tell me which one I should buy? Bob NELSON <NALU/NAIFA Representative>: “Inadequately”…