1992 – SOA – Life Insurance Sales Illustrations

https://www.soa.org/globalassets/assets/Library/proceedings/record-of-the-society-of-actuaries/1990-99/1992-1993/january/RSA92V18N310.PDF

The bottom line is, however, that we need to do things that will help the consumer
understand what is guaranteed and what is not guaranteed in the policy.  We are a research body and an education body to help educate the public
on why these are not guarantees,and how they should be looking at these in terms
of flexibility. I’m not talking about numbers now. I’m talking about perceptions and
concepts regarding the nonguaranteed elements of a contract. LAUTZENHEISER: MR. P. RANDALL LOWERY: A lot of references have been made to some of the
more esoteric points, and also the need to do something in a short time frame before
the regulators do something that we will not like very much.