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Integrating Life Insurance Into the Estate and Investment Plans
Triangulation: Integrating Life Insurance into the Estate and Investment Plans Thomas J. Pauloski, JD, National Managing Director Bernstein Private Wealth Management Chicago, IL and Andrew T. Bishop, CFA, Analyst Bernstein Private Wealth Management Washington, DC © 2016 by Thomas J. Pauloski, J.D. and Andrew T. Bishop, CFA. All rights reserved. There is something about life insurance that cannot be disputed: If someone were to purchase a life insurance policy this morning and then got hit by a bus while crossing the street this afternoon, no other investment—stock, bond, hedge fund, or otherwise—would be able to produce the internal rate of return for the individual’s family over the brief period of its existence than that policy would provide.1 On the other hand, if the insured were to live 50 more years, there may be no worse investment for the individual’s family than that policy. Somewhere between three hours and 50 years, there is a “crossover point” at which life insurance ceases to be an optimal investment. This grim reality—that life insurance migrates from being a spectacular investment, to a mediocre investment, to a downright miserable one, depending on how long the insured lives—is the key to understanding the true power of life insurance, and why it should be used in almost every case to complement estate and investment planning. Lifetime wealth transfer planning can produce incredible results, but the benefits may take years to manifest.2 Similarly, sound investment planning usually produces excellent long-term results, but returns over short time horizons are much less certain. -
Report of the President & CEO August 26, 2021 RESOLUTION AUTHORIZING the PRESIDENT and CEO, OR DESIGNEE, to EXECUTE A
B3 Report of the President & CEO August 26, 2021 RESOLUTION AUTHORIZING THE PRESIDENT AND CEO, OR DESIGNEE, TO EXECUTE A ONE- YEAR CONTRACT WITH A ONE-YEAR OPTION TO RENEW, WITH SUN LIFE ASSURANCE COMPANY OF CANADA, FOR EMPLOYEE MANDATORY GROUP LIFE INSURANCE AND VOLUNTARY TERM LIFE INSURANCE COVERAGE ________________________________ ________________________________ Douglas Guthrie Annie Markarian President & Chief Executive Officer Director of Labor and Employee Relations Purpose: The purpose of this item is to authorize the Housing Authority of the City of Los Angeles’ (“HACLA’s”) President and CEO, or designee, to enter into a one (1) year contract with an additional one (1) year option to renew with Sun Life Assurance Company of Canada (“Sun Life”), to provide Mandatory Group Life Insurance and Voluntary Term Life Insurance coverage plans for all eligible employees who wish to purchase such coverages for themselves and their dependents. Issues: HACLA currently provides Mandatory Group Life Insurance and Voluntary Term Life insurance coverage options for its eligible employees. The Mandatory Group Life Premium is covered by HACLA for all eligible employees. If an employee elects Voluntary Term Life insurance coverage, the employee is responsible for paying 100% of the premium rate for the selected coverage. The current broker of record for these services is with Christine Lee, New York Life, and set to expire on December 31, 2021. Procurement: The U.S. Department of Housing and Urban Development (HUD) permits and encourages housing authorities to purchase common goods and services that are routine in nature under competitively awarded contracts entered into by other public agencies through a procedure called “Cooperative Purchasing” (also known as “piggy-backing”) to realize greater economy, efficiencies and reduce costs. -
A New Age: Life Insurance Securitisation
A new age: life insurance securitisation By Perry J. Shwachman, Anthony J. Ribaudo and R. Bradley Drake, Sidley Austin LLP In the past five years, the United States life insurance industry has begun a new phase in its management of risk. The industry has adopted and developed securitisation techniques to address challenges raised by its regulatory regime and strengthen return on equity. At the same time, securitisation has provided investors the ability to receive exposure to risks uncorrelated with traditional investments. To date the life insurance industry has utilised three basic securitisation transaction types: redundant reserve, embedded value and catastrophic mortality. Redundant reserve securitisations have grown most party investors. In a typical XXX or AXXX rapidly in recent years, in response to the adoption in securitisation, the insurer cedes, through reinsurance, the United States of Regulation XXX and Actuarial the risks related to an identifiable pool of insurance Guideline AXXX. From the insurers’ perspective, these policies to a special purpose vehicle that is usually regulations have substantially increased the reserves licensed as a captive reinsurer. This reinsurer is that life insurers are required to maintain in financed through its sale of securities. The securities connection with level-premium term life insurance may be in the form of true equity sold to an policies and ‘no lapse’ or ‘secondary’ guarantees for intermediary holding company which issues debt to universal life insurance policies.These additional investors or in the form of surplus notes directly reserves are considered redundant to the reserves issued to investors or issued to a trust which then that insurers believe will be required economically to issues debt securities. -
AGREEMENT by and Between CITY of RENTON and NON
AGREEMENT By and Between CITY OF RENTON and NON‐COMMISSIONED EMPLOYEES OF THE RENTON POLICE GUILD January 1, 2016 – December 31, 2018 Police Non‐Commissioned Contract 2016‐2018 Page 2 of 75 Police Non‐Commissioned Contract 2016‐2018 TABLE OF CONTENTS PREAMBLE ................................................................................................ 7 ARTICLE 1 – RECOGNITION AND BARGAINING UNIT ............................... 7 1.1. Union Recognition. ........................................................................ 7 1.2. Union Representation. .................................................................. 7 ARTICLE 2 – UNION MEMBERSHIP AND DUES DEDUCTION ..................... 8 2.1. Membership. ................................................................................. 8 2.2. Union Security. .............................................................................. 8 2.3. Union Officials’ Time Off. .............................................................. 9 2.4. Dues Deduction. .......................................................................... 10 ARTICLE 3 – EMPLOYMENT PRACTICES .................................................. 11 3.1. Personnel Reduction. .................................................................. 11 3.2. Rehires/Reinstatement. .............................................................. 12 3.3. Vacancies and Promotions. ......................................................... 12 3.4. Personnel Files. .......................................................................... -
7. Reinsurance
Syndicated Loans The primary credit indicator for syndicated loans is whether the loans are performing in accordance with the contractual terms of the syndication. Total nonperforming syndicated loans as of December 31, 2010 were $3 million. Consumer Bank Loans The Company considers the credit worthiness of borrowers (FICO score), collateral characteristics such as LTV and geographic concentration in determining the allowance for loan loss for residential mortgage loans, credit cards and other consumer bank loans. At a minimum, management updates FICO scores and LTV ratios semiannually. As of December 31, 2010, approximately 7% of residential mortgage loans and credit cards and other consumer bank loans had FICO scores below 640. At December 31, 2010, approximately 3% of the Company’s residential mortgage loans had LTV ratios greater than 90%. The Company’s most significant geographic concentration for the consumer bank loans is in California representing 33% of the portfolio as of December 31, 2010. No other state represents more than 10% of the total consumer bank loan portfolio. 7. Reinsurance Generally, the Company reinsures 90% of the death benefit liability related to almost all individual fixed and variable universal life and term life insurance products. As a result, the Company typically retains and is at risk for, at most, 10% of each policy’s death benefit from the first dollar of coverage for new sales of these policies, subject to the reinsurers fulfilling their obligations. The Company began reinsuring risks at this level during 2001 (2002 for RiverSource Life of NY) for term life insurance and 2002 (2003 for RiverSource Life of NY) for individual fixed and variable universal life insurance. -
Ctrip Accused of Selling Fake Policies
• • SEE INSIDE FOR DETAILS OF ITIC OXFORD AND THE NEW AIRMED & RESCUE AIRSHOW • • Page 22 Page 24 Page 26 Page 28 ESSENTIAL READING FOR TRAVEL INSURANCE INDUSTRY PROFESSIONALS MARCH 2009 • ISSUE 98 Ctrip accused of selling fake policies between midnight and 0:55 a.m. on 19 November, which is when he was supposed to land. Concerned, Liang spoke to Ctrip, whose advisors told him not to worry, and that the insurance policy would cover him for the length of the flight. However, not satisfied with that response, Liang called Ping An Insurance, the underwriter, and was told by the company that the insurance would not in fact be valid between midnight and 0:55 am. Liang became even more concerned as he spoke to Ping An, who could not match the series number on his policy with any on their system, indicating the policy might not even be valid. Liang returned to Ctrip and voiced his concerns, which were met with protests of innocence on behalf of the company, an assurance that the policies were, in fact, 100 per cent genuine, and a promise to issue a certificate validating the policy the next day. Such a certificate never arrived, but two boxes of a Hainan province local speciality did. Liang refused the company’s offer, and also refused the offer of two free air tickets that Ctrip was willing to give him to convince him the insurance was legitimate. Chinese media have reported that in a letter to Liang, Ping An Insurance wrote that the insurance policies issued by Ctrip had no selling region limit, no verification code and had incorrect validity terms. -
Lloyd's Credit Report
AM Best September 2020 Lloyd’s Best’s Rating of Lloyd’s 2020 Lloyd’s September 2020 Lloyd’s Credit Report One Lime Street Best’s Credit Ratings: Rating Effective Date: July 15, 2020 London EC3M 7HA United Kingdom Best’s Financial Strength Rating: A Outlook: Stable Action: Affirmed Best’s Issuer Credit Rating: a+ Outlook: Stable Action: Affirmed Web: www.lloyds.com AMB#: 85202 AIIN#: AA-1122000 Assessment Descriptors Rating Unit - Members Rating Unit: Lloyd’s | AMB #: 085202 Balance Sheet Strength Very Strong AMB # Rating Unit Members Operating Performance Strong 078649 Lloyd’s Ins Co (China) Ltd Business Profile Favorable 095926 Lloyd’s Insurance Co. S.A. Enterprise Risk Management Appropriate Rating Rationale Balance Sheet Strength: Very Strong • The market has the strongest level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR). • A robust capital-setting regime, which incorporates a risk-based approach to setting member-level capital, helps protect risk- adjusted capitalisation from volatility. • Member-level capital is subject to fungibility constraints as it is held on a several rather than joint basis. • Balance sheet strength is underpinned by a strong Central Fund that is available, at the discretion of the Council of Lloyd’s, to meet the policyholder obligations of all Lloyd’s members. • An offsetting factor is the market’s significant exposure to catastrophe risk and its dependence on reinsurance to manage this risk. Operating Performance: Strong • Lloyd’s is expected to report strong operating performance across the underwriting cycle, Contents taking into account potential volatility due to its catastrophe exposure. -
Learn More About Mortgage Life Insurance
This brochure is not a contract of insurance and contains only a summary of the provisions of the policy or certificate. Complete details of terms and conditions are set forth in the Group Master Policy issued to your mortgage lender and disclosed in the Certificate Protect your loved ones of Insurance which will be issued to you upon approval. against the unexpected... You may cancel coverage at any time by notifying your mortgage lender or the insurance company in writing. No additional premium will be due. The insurance company reserves the right to change premium rates, but may only do so for all insureds covered under the group policy. Not all coverages described in this brochure are available in all states. Some policies have certain exclusions in different states. Call the Insurance office shown below for details. Please read the policy or certificate for coverage details, provisions, limitations, and exclusions. All coverage is subject to approval by the Underwriter. Coverage is effective when approved and the first premium is collected. Valuable protection — today! This information does not serve, either directly or indirectly, as legal, financial, or tax advice and you should always consult a qualified legal, financial, and/or tax advisor when making decisions related to your Mortgage Life Insurance is term life insurance individual situation. designed for today’s homeowner. The protec- tion pays off the scheduled insured balance of This insurance product is not a deposit; not FIDIC insured; not insured the loan up to the plan maximum if insured dies by any federal government agency; and is not guaranteed by the from any cause, except suicide within 24 financial institution/affiliate. -
Proposed Regulation of the Commissioner of Insurance
PROPOSED REGULATION OF THE COMMISSIONER OF INSURANCE LCB FILE NO. R154-20I The following document is the initial draft regulation proposed by the agency submitted on 09/09/2020 --1-- Initial Agency Draft PROPOSED PERMANENT REGULATION OF THE COMMISSIONER OF INSURANCE LCB File No. R____-___ EXPLANATION – Matter in italics is new; matter in brackets [omitted material] is material to be omitted. AUTHORITY: NRS 679B.130; NRS 681A.145 A REGULATION relating to insurance; establish uniform, national standards governing reserve financing arrangements pertaining to life insurance policies containing guaranteed non- level gross premiums, guaranteed non-level benefits and universal life insurance policies with secondary guarantees, and to ensure that, with respect to each such financing arrangement, funds consisting of primary security and other security, as defined in this regulation, are held by or on behalf of ceding insurers in the forms and amounts required herein. Section 1. Chapter 681A of NAC is hereby amended by adding thereto the provisions set forth as sections 2 to 29, inclusive, of this regulation. Sec. 2. The purpose and intent of this regulation is to establish uniform, national standards governing reserve financing arrangements pertaining to life insurance policies containing guaranteed non-level gross premiums, guaranteed non-level benefits and universal life insurance policies with secondary guarantees; and to ensure that, with respect to each financing arrangement, funds consisting of Other Security, and Primary Security, as defined -
A. M. Best Company
Lloyd's One Lime Street, London EC3M 7HA, United Kingdom AMB #: 085202 NAIC #: N/A AIIN#: AA-1122000 Phone: 44-207-327-1000 Fax: 44-207-327-5211 Website: www.lloyds.com Best's Credit Rating Methodology | Disclaimer | Best's Credit Rating Guide Copyright © 2018 A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED. No part of this report or document may be distributed in any electronic form or by any means, or stored in a database or retrieval system, without the prior written permission of A.M. Best. For additional details, refer to our Terms of Use available at A.M. Best website: www.ambest.com/terms. Credit Analysis 085202 - Lloyd's Lloyd's Credit Report Report Release Date: Group Members Rating Effective Date: August 3, 2018 July 12, 2018 Disclosure Information: View A.M. Best’s Rating Disclosure Form Analytical Contacts A.M. Best Europe - Rating Services Ltd. Mathilde Jakobsen Catherine Thomas Director-Analytics Senior Director-Analytics [email protected] [email protected] +44 207 397 0266 +44 207 397 0281 Ultimate Parent: N/A A.M. Best Rating Unit: 085202 - Lloyd's Best's Credit Ratings: Rating Effective Date: July 12, 2018 Best's Financial Strength Rating: A Outlook: Stable Action: Affirmed Best's Issuer Credit Rating: a+ Outlook: Stable Action: Affirmed Best's Credit Ratings for Group Members: Rating Effective Date: July 12, 2018 Best's Financial Best's Issuer Strength Ratings Credit Ratings AMB# Company Rating Outlook Action Rating Outlook Action 085202 Lloyd's Rating Unit A Stable Affirmed a+ Stable Affirmed 078649 Lloyd's Ins Co (China) Ltd A Stable Affirmed a+ Stable Affirmed 095926 Lloyd's Insurance Co. -
Federal Employees' Group Life Insurance (FEGLI)
FEGLI PROGRAM BOOKLET FOR FEDERAL EMPLOYEES Federal Employees’ Group Life Insurance Basic Life + Option A Option B Option C Standard Additional Family Administered by the FE 76-21 U.S. Office of Personnel Management Revised March 2016 Previous versions not usable This Booklet provides general information for employees about the Federal Employees’ Group Life Insurance (FEGLI) Program. You can get detailed information in the FEGLI Handbook, which is available only in electronic format, at www.opm.gov/life. While some information for annuitants is provided here, annuitants can visit www.opm.gov/retire for more information about FEGLI benefits in retirement. Individuals on workers’ compensation (“Compensationers”) who have retired can visit www.opm.gov/retire for more information about FEGLI benefits in retirement. TABLE OF CONTENTS INTRODUCTION Life Insurance Means Peace of Mind for You and Your Family .................................. 4 OFEGLI Service Standards .......................................................................................... 4 How Do I Choose the Right Amount of Life Insurance? ............................................. 5 GENERAL INFORMATION Who Is Eligible? .......................................................................................................... 6 When Does My Coverage Begin? ................................................................................ 6 What Is Basic Insurance and How Much Does It Cost? .............................................. 6 What If I Want Optional Insurance -
Ownership and Transfer of Interests in Life Insurance Policies Lewis D
Hastings Law Journal Volume 20 | Issue 4 Article 1 1-1969 Ownership and Transfer of Interests in Life Insurance Policies Lewis D. Asper Follow this and additional works at: https://repository.uchastings.edu/hastings_law_journal Part of the Law Commons Recommended Citation Lewis D. Asper, Ownership and Transfer of Interests in Life Insurance Policies, 20 Hastings L.J. 1175 (1969). Available at: https://repository.uchastings.edu/hastings_law_journal/vol20/iss4/1 This Article is brought to you for free and open access by the Law Journals at UC Hastings Scholarship Repository. It has been accepted for inclusion in Hastings Law Journal by an authorized editor of UC Hastings Scholarship Repository. Ownership and Transfer of Interests in Life Insurance Policies By LEwis D. AspER* AT the end of 1967, life insurance in force in the United States totaled $1079.8 billion.1 This figure, of course, represents the total, substantially unmatured obligation of insurance companies; but this obligation was backed by $177.4 billion of assets held by the com- panies.2 Life insurance is probably the single most important form of savings for many if not most citizens. The investment in life insurance, in common with most other forms of savings, is transfer- able. It can be withdrawn, hypothecated, sold or given away. While investment in life insurance continues to grow at an accelerated rate, the legal principles governing ownership and transfer of this enor- mous pool of assets remain uncertain, disorderly, even misleading. As the editors of a leading insurance casebook have pointed out, the methods of disposition of this singularly important form of wealth have developed without the benefit of a background of feudal land law and with little assistance from recording acts or other legislation addressed directly to questions of transfer.3 The system, such as it is, has evolved largely from a judicial interpretation of those terms 4 inserted in policies by insurers for their own protection.