Taxonomy

  • A few companies have introduced a product known as Universal or Total Life. (p70)

1982 - Book - Life Insurance, by Huebner and Black   

[Bonk: This passage was in Chapter 5 titled "Term Insurance]

  • Out of curiosity, I examined Conning and Company's printed studies on twenty-two large stock life insurance companies ...
  • Among those companies showing a more rapid growth in the whole life and endowment account, I found the following changes had transpired between 1961 and 1966:
    •  (2) modified premium whole life policy had been classified as term insurance in 1961 and as whole life insurance in 1966; 

--  Frederick S. Townsend

1967 - SOA - Digest of Discussion of Subjects of Special Interest - Individual Life and Health Insurance, Society of Actuaries - 62p

  • 2020 / 2021 - IAIS - Resolutions to Public Consultation Comments on Development of Liquidity Metrics: Phase 1 – Exposure Approach, 9 November 2020 – 9 February 2021 - 106p
    • 235. ACLI - American Council of Life Insurers:
      • The Consultation seems to acknowledge that the protection purpose for which a policy is purchased plays an important role in the risk of surrender, yet the methodology contains no classification by product type that would incorporate this important factor.
      • This would need to be remedied if the ILR is to provide a meaningful assessment of an insurer’s liquidity risk.
    • Q23 General comments on the Public Consultation Document on the Development of Liquidity Metrics: Phase 1 - Exposure Approach
      • 476. IIF - (Institute of International Finance): The IAIS should also provide for a more granular categorization of insurance products in order to capture the significant variation in surrender and lapse across product type.