Description: Report summarizing the results of the 2015 PBITT UL with Secondary Guarantees Survey.

Description: Report summarizing the results of the 2015 PBITT UL with Secondary Guarantees Survey

Description: 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.

Description: This article discusses how the proposed actuarial guideline XYZ attempts to address secondary guarantees on minimum nonforfeiture values.

Description: Discussion of UL products with secondary guarantees and how they are similar to and different from traditional life insurance products. Discussion of possibility they are lapse supported in their pricing.

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

Description: “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.

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

Description: Discusses the results of the SOA’s 2009 UL secondary guarantee study conducted by the Policy Behavior in the Tail PBITT working group.

Description: Reworking The ABC’s of XYZ by Tom Kalmbach from Small Talk Newsletter, November 2002, Issue No. 19.