2017/2/17 – LIBG WG Conference Call – “Gary Sanders (National Association of Insurance and Financial Advisors—NAIFA) agreed that use of the term “cash value” was confusing.”

“I’d like to stress that agents don’t pretend to know the answers.”

“It is our intent to ask for your <actuaries> help because we’re currently living with problems that lack solutions.” –Robert Nelson, chairperson of the National Association of Life Underwriters (NALU) Task Force on Illustrations

1993, SALES ILLUSTRATIONS – WE CAN’T LIVE WITH THEM, BUT WE CAN’T LIVE WITHOUT THEM!, Society of Actuaries

Formerly known as NALU

1994-1 p431  – NAIC –  NALU Statement – Illustrations -18p

People

  • Robert Nelson
  • Gary Sanders
  • William N. Albus, 
  • Mr. Bobo

 

 

William Albus (National Association of Life Underwriters) commented that the requirement for disclosing sales commissions is unnecessary because it is superfluous and would only confuse consumers. 

He stated that the purpose  of disclosure is to provide information for making an informed decision and the disclosure of sales commissions has nothing to do with making this decision.

1988-2 NAIC Proc.

 

  • Term Insurance: Life insurance written for a specific time period and payable only if the policyholder dies within that time period.
  • Universal life insurance: A flexible life insurance policy allowing the policyholder to change the death benefit from time to time, and vary the amount or time of a premium payment.
  • Variable life insurance: Life insurance under which the benefits vary, but never below a guaranteed minimum benefit, based on the value of assets behind the contract at the time the benefit is paid.
  • Variable Universal Life Insurance: A type of life insurance policy that combines the premium flexibility features of universal life insurance with the policyowner–directed investment aspects of variable life insurance.
  • Whole Life: Life insurance coverage that remains in force during the insured’s entire lifetime, provided premiums are paid as specified in the policy.

https://www.naifawisconsin.org/glossary.html