Description: An observation is made regarding the impact interest rate scenarios have on VM-20 stochastic reserves.

Description: How do combo products fit in the new statutory valuation framework?

Description: Report summarizing the results of the 2018 PBITT UL with Secondary Guarantees Survey

Description: This article is based on an excerpt from a Milliman Research Report on universal life insurance with secondary guarantees, ULSG. It discusses stochastic profit analysis and the impact of investment volatility of two common variants of ULSGs - level specified premium and single-fund shadow account designs.

Description: Discusses the federal income tax aspects of reserves for term and secondary-guarantee UL, as regulated by XXX and AXXX.

Description: Report summarizing the results of the 2013 PBITT UL with Secondary Guarantees Survey.

Description: A discussion of Universal Life products with shadow accounts including a summary of some of the key communications and administration issues

Description: Summary of the SOA research project on PBR Simplified Methods. Describes the multi-risk scenario generator, central estimate assumptions, assumption objectivity measures, and regulatory demonstrations per VM-20.

Description: This article discusses a number of product variations seen in the market with respect to Universal Life products with secondary death benefit guarantees, factors leading to those designs and considerations regarding the adequacy of reserves that emerge under AXXX formulas. This article also identifies a series of factors that authors believe will make it difficult to quickly and equitably resolve these issues through formula-based changes.

Description: Mandatory implementation of life principle-based reserves (PBR) is just around the corner, and there is no shortage of work to do, as most products have yet to be moved to PBR. Oliver Wyman recently completed its 2019 PBR survey, with more than 40 participants covering 85 percent of the individual life market, including 23 of the top 25 life writers and five reinsurers. This article will expand on the key survey findings including implementation status and model simplifications.