Description: Discussion the issues/difficulties associated with setting mortality assumptions for the later durations of life insurance illustrations. Because some UL products incorporate low cost of insurance charges in late durations as part of the current scale in the product design, some conclude that mortality improvement assumptions are being employed in the disciplined current scale, in violation of the Model Illustrations Regulation.

Description: This article provides a summary of the results from a recent Milliman survey. Survey results provide UL/IUL carriers with a benchmark to evaluate their practices relative to those prevalent in the industry.

Description: This article examines potential impacts of old age mortality and how it affects maturity extension riders for universal life.

Description: Discussion of American Academy of Actuaries Illustrations Work Group. This article deals specifically with the issue of using mortality improvement assumptions in the illustrations prohibited by the Model Illustration Regulation, suspected in some cases because some UL products incorporate low cost of insurance charges in late durations as part of their product design.

Description: The article discusses industry practices relating to US GAAP SOP 03-1 valuation for universal life with secondary guarantee products.

Description: The article highlights key considerations as companies begin to reserve for their IUL products under PBR.

Description: The June 1987 report on UL valuation and nonforfeiture, by the American Academy of Actuaries Universal Life Task Force under the Committee on Life Insurance, discussed whether long-term UL reserve sufficiencies should offset short-term deficiencies. This article discusses that issue.