ULMR - Universal Life Insurance Model Regulation - (MDL-585) - NAIC
- ULMR – Universal Life Insurance Model Regulation – MDL-585 – NAIC
- GMP - Guaranteed Maturity Premium
- "Every universal life insurance policy of which the drafters are aware has a “net level premium” that could be computed which would guarantee permanent protection."
- As a result, it is expected that most universal life insurance policies will be sold as permanent plans."
- "Every universal life insurance policy of which the drafters are aware has a “net level premium” that could be computed which would guarantee permanent protection."
- GMF - Guaranteed Maturity Fund
- The guaranteed maturity fund at any duration is that amount which, together with future guaranteed maturity premiums, will mature the policy based on all policy guarantees at issue.
- r-ratio
- "The letter “r” is equal to one, unless the policy is a flexible premium policy and the policy value is less than the guaranteed maturity fund, in which case “r” is the ratio of the policy value to the guaranteed maturity fund."
- Charges
- Expense Allowance
- Net Level Premium
- Permanent Life Insurance
- Whole Life Insurance
- Sample GMP Nonforfeiture Test Calculation
- This section gives 22 examples of GMP nonforfeiture test calculations
- The front side of each example gives the product specifications, the nonforfeiture basis, and calculated guaranteed maturity cash values compared with SNFL minimum values.
- The back side of each example shows the month-by-month calculations for one year of the universal life cash values.
1988-1, NAIC Proc.
- 1998-1, NAIC Proceedings
- American Academy of Actuaries Universal Life Task Force Preliminary Report Concerning Valuation and Nonforfeiture Provisions of Universal Life Insurance Model Regulation, ATTACHMENT TWO-B
- 2000-3, NAIC Proceedings
- Universal Life Insurance Model Regulation (#585) - Draft: Sept. 9, 2000 - Adopted by the Life Insurance & Annuities (A) Committee - ATTACHMENT TWO-B (p119-134)
- <Section 8: Disclosure deleted, relies on Illustrations Model Regulation>
- Deleted "Disclosure Form"