Description: This session focused on issues related to term life insurance. Topics included 1. Term life insurance products in the 1980's 2. Assumptions and experience 3. Term insurance marketing and distribution including sales compensation approaches.

Description: This report presents the results of a survey of the actions companies took on their term products in response to the introduction of the NAIC Valuation of Life Insurance Policies Model Regulation, ‘Regulation XXX,’ and Actuarial Standard of Practice No. 40. The survey also explores the development of companies' X factors, the associated annual X factor certification process and how Regulation XXX impacts the companies' level term pricing. The survey was conducted by the Regulation XXX Survey Subcommittee of the Society of Actuaries Life Insurance Mortality and Underwriting Survey Committee. Common survey responses to Regulation XXX included consideration of reinsurance, changes in product design, the most common changes reported being the length of the guarantee period and the level of the gross premiums, and changing rates on existing products.