"Disclose, disclose, disclose ... and then disclose some more!" (life insurance sales)

Article Abstract:

Life insurance policy illustrations for new insurance products have misled many policyholders because they did not understand the underlying principles of the illustrations. Insurance agents must expand their knowledge of the products to prevent these misperceptions by disclosing the nature of the product and how the policy illustrations are generated. The sophistication of recent insurance products and the software illustration programs require that agents teach clients about the product before clients can make accurate decisions.

Analysis, Training, Insurance agents

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Keeping faith with policyholders: guidelines for companies and producers

Article Abstract:

Companies and producers seeking to build customer trust, a vital business asset, should be willing to make more disclosures about discretionary aspects than is often the case. A life insurance company's point-of-sale illustration disclosure should indicate whether interest rates are gross or net, whether they are based on portfolio or new money allocations, and how such disclosures influence policies. Producers should discuss downside estimates and be willing to reveal their compensation structure.

United States, Insurance industry, Public relations

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Risks involved in the sale of life insurance to multiple employer welfare benefit plans

Article Abstract:

Multiple employer welfare benefit plans being marketed to professional corporations and closely held business are designed to defer income taxes, but risk forfeiture of contributions or imposition of a 100 % excise tax. To avoid deduction limitations, the plan must qualify under Section 419A(f)(6), which may require forfeitures. Most plans fail to meet the discrimination test under Section 505(b) which subject the employer to a 100 % excise tax on benefits paid.

Employee benefits

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