Problem
Problem – Premium
Problem – Premium Permanent (cash value) life insurance pays the beneficiary whenever the insured dies, as long as premiums have been paid. (p38) 2016 11 – FIO (Federal Insurance Office) – Report on Protection of Insurance Consumers and Access to Insurance – 58p 2017 1115 Letter – NAIC Life Insurance Buyer’s Guide Working Group (LIBGWG) ,…
Read MoreProblems – 1
Problems – 1 Leslie Scism Article NAIC Proc. LIAC – Doug, Kim O’Brien It was suggested that disclosure requirements be placed in the illustrations section of the models as well as in the contract itself. Some of the items identified which should be disclosed: (2) adequate disclosure of the fact that a premium quoted…
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Problems Problems – Index Solutions Problems – 1 Robert E Wilcox Change Without Damage The number one perceived problem is that buyers simply do not understand the nonguaranteed nature of life insurance illustrations. Also, it is impossible for the average buyer to judge the reasonableness of the assumptions underlying the numbers in the illustration. — …
Read MoreIllustrations – Problems
Illustrations – Problems We’ve all heard a lot about the junk bond crisis. Is the next crisis going to be junk illustrations? — Judy Faucett 1991 – SOA – Illustrations, Society of Actuaries – 20p The number one perceived problem is that buyers simply do not understand the nonguaranteed nature of life insurance illustrations. Also, it is…
Read MoreMis-selling
Mis-selling …customers may be satisfied with companies because they provide inexpensive products, but the customers may be misinformed about what is being sold. (p3) 2015 0501 – Letter – AAA to IAIS – Committee Comments To IAIS on Conduct of Business Risk Draft Paper, American Academy of Actuaries – 4p Mis-selling and market conduct issues…
Read MoreQ: What’s the Problem That We Are Trying to Solve?
Q: What’s the Problem That We Are Trying To Solve? *Robert E. Wilcox: What’s the real problem then, Shane? Shane Chalke: I’ll say before I answer that I don’t have a good answer. 1995 – SOA – Current Developments Surrounding Regulations and Standards of Life and Annuity Products, Society of Actuaries – 18p ⇒ *Robert…
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