The recent economic environment has made it difficult for many products to project material accumulation potential, placing an increased focus on protection products. At the same time, changes to AG38 have forced product changes in 2013 for ULSG writers. Term and ULSG are feeling the pains of new valuation rates and low interest rates.

The recent economic environment has made it difficult for many products to project material accumulation potential, placing an increased focus on protection products. At the same time, changes to AG38 have forced product changes in 2013 for ULSG writers. Term and ULSG are feeling the pains of new valuation rates and low interest rates. At the conclusion of the session, attendees will be able to see how the protection market is progressing and identify the current issues facing protection product development.

Report summarizing the results of the 2011 PBITT UL with Secondary Guarantees Survey

Slides from an open forum session at the Society of Actuaries 2010 Life & Annuity Symposium held in May 2010 in Tampa, FL Review of the sales results for protection oriented products for 2009.

Slides from a session at the Society of Actuaries 2010 Life & Annuity Symposium held in May 2010 in Tampa, FL Review of the sales results for protection oriented life products for 2009.

Slides from an open forum session at the Society of Actuaries 2010 Life & Annuity Symposium held in May 2010 in Tampa, FL Review of the sales results for protection oriented products for 2009.

Slides from a session at the Society of Actuaries 2010 Life & Annuity Symposium held in May 2010 in Tampa, FL Review of the sales results for protection oriented life products for 2009.

The article discusses the developments thus far with the adoption of the NAIC Valuation Manual and what steps still lie ahead. It also discusses the NAIC Life Actuarial Task Force’s response to the NAIC’s VM-20 Impact Study. In general, outcomes of the Phase III testing support the suggestion that the modifications made to VM-20 as a result of the NAIC Impact Study made progress in addressing the excessive conservatism demonstrated in the Phase I and Phase II testing.

“Non-traditional” guarantees refer to guarantees that are in addition to traditional mortality, expense, and interest guarantees. Examples of such types of guarantees are death and living benefits on variable annuity contracts and no-lapse guarantees on universal life or variable universal life products. The purpose of this paper is to offer practitioners an overview of the various issues concerning the pricing of these guarantees, the many other issues which need to be analyzed and addressed in the determination of risks and the management of the block of business, and the results of a company survey of practices. This paper is based on the working knowledge of the authors, a broad compilation of literature and the company survey results. At the end of most sections of the paper, we have provided a list of resources which we have selected as some of the best sources available for those practitioners interested in researching the subject matter further.