Dots
Dots – Policy Mechanics
Dots – Policy Mechanics (p171) – The fact that we charge people fees that we have disclosed and that fees reduce the value of your policy, and if your policy keeps reducing in value, it will lapse, is not a fraud. That’s common sense. That’s how life insurance works. 2014 0425 – DOC 813 – Trial…
Read MoreQ: What Do Agents Say to Consumers?
Q: What Do Agents Say to Consumers? 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 Sales Process Some of the comments that we have heard from regulators about the illustration situation suggest…
Read MoreDots – Tools – Policy Summary / Coverage Period / Illustration
Dots – Policy Summary The computer-produced policy specifications page shows the face amount, gross premium, protection period, and premium paying period. — Alice M. Neenan 1978 – SOA – Adjustable Life Products, Moderator: Samuel H. Turner, Society of Actuaries- 20p STATEMENT ON BEHALF OF THE AMERICAN COUNCIL OF LIFE INSURANCE TO THE NAIC (A) COMMITTEE’S…
Read MorePinpoint
Pinpoint – MetLife v FSOC 2015 0325 – GOV (Senate) – FSOC Accountability Nonbank Designations [PDF-165p, VIDEO-CSPAN] – <mp3, mp4> – T (p37/2:08) – Elizabeth Warren – I have heard that the designation process is not transparent, and I am all for increased transparency, but I assume the Council must balance transparency against disclosing confidential or potentially market-moving…
Read MoreDots – Letter
Dots – Letter FSOC MetLife Designation Run Implausible – Woodall, Hamm, etc. Reputational Risk 1980s SOA Dots – Examples Dots – Policyholder Runs Dots – Illustrations Dots – Tools – Policy Summary / Coverage Period / Illustration LIRP – MetLife – Legal Cases – Nurses Runnable Liability PBS – Ed S Walker v LSW Illustration…
Read MoreMaybe the Federal Reserve Knows Something
Maybe the Federal Reserve Knows Something….maybe not 1980s Paul Volcker – (Federal Reserve Chairman, 1979-1987) 1990s Alan Greenspan – (Federal Reserve Chairman, 1987–2006) 2010s 2010 0127 – GOV (House) – The Federal Bailout AIG – [PDF-652p] Panel 1 – Geithner – [Video-YouTube] – They had no idea 2010 0430 – FCIC memo of staff interview with Sarah…
Read MoreDots – Guaranty Funds
Dots – Guaranty Funds Dwight K. Bartlett III, Maryland Insurance Commissione: Are you going to tell me, Bill, in all honesty that you really believe that the policyholders of Executive Life and Mutual Benefit Life have been well-served? For example, with Mutual Benefit, if you opted out of that rehabilitation plan you get, as I…
Read MoreDots – Same Products, Different Industries
Dots – Same Products, Different Industries GICs vs BICs – GOV – Money Market v Checking Account UL – Checking Account + Term Insurance Annuity plus life insurance The other issue I think I would like to highlight is what I have termed ‘‘the convergence of financial products,’’… If you look at the economic characteristics…
Read MoreDots – Add – What happened First AIGFP or AIGSL?
Dots – Add – What Happened First – AIGFP or AIGSL? 2008 0916 – AIG Board of Directors Minutes 9/16/2008 – 24p (p8) – David Herzog, AIG Senior Vice President and Comptroller, then joined the meeting. Mr. Herzog explained AIG’s immediate liquidity needs. He stated that AIG had used $10 billion to $11 billion through the securities…
Read MoreQ: Could the Securities Lending Division of AIG Taken Down the Company by Itself?
Q: Could the Securities Lending Division of AIG Taken Down the Company by itself? For example, it is almost certainly the case that the securities-lending scheme undertaken by American International Group’s life insurance subsidiaries would have taken down the company by itself, had the collateral calls on AIG Financial Products’ credit default swaps not done…
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