Secondary Guarantees â UL & VUL Products - Actuary.com

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Description of Secondary Guarantee Provisions • Stipulated Level Premium – Most common – Provides a guarantee of X years so long as a specified level annual premium of Y is paid. – Typically has little funding flexibility • May provide an interest discount for pre-payment of premium. • May provide a catch-up provision. 3
Description of Secondary Guarantee Provisions • Shadow Accounts – Policy will not lapse so long as a secondary policy account has positive value. • Not clear-cut to the consumer. – COI guarantees < 1980 CSO and an interest rate > policy guarantees. – Total flexibility in structuring a secondary guarantee period on a policy. • Better pre-payment value by discounting pre-payments 4
Page 1 and 2: Secondary Guarantees - UL & VUL Pro
Page 3: Universal Life Overview 2
Page 7 and 8: Valuation Changes Impact on Seconda
Page 9 and 10: Valuation - The Impact of XXX • E
Page 11 and 12: Valuation - The Impact of XXX • T
Page 13 and 14: Valuation - The Impact of AXXX •
Page 15 and 16: Valuation - The Impact of AXXX •
Page 17 and 18: Valuation - The Impact of AXXX 3. D
Page 19 and 20: Valuation - The Impact of AXXX 5. C
Page 21 and 22: Valuation - The Impact of AXXX 7. C
Page 23 and 24: Valuation - The Impact of AXXX 9. D
Page 25 and 26: Methods Used to Manage the Financia
Page 27 and 28: Methods Used to Manage the Financia
Page 29 and 30: Impact of the 2001 CSO Mortality Ta
Page 31 and 32: Case Study - UL Model Office Parame
Page 33 and 34: Impact of Regulation XXX Profitabil
Page 35 and 36: Impact of Regulation AXXX Model Off
Page 37 and 38: Impact of the 2001 CSO Table 1980 C
Page 39 and 40: Closing Remarks • Changes in Regu
Page 41 and 42: General Description • Secondary G
Page 43 and 44: Valuation Requirements • Historic
Page 45 and 46: Actuarial Guideline XXXVII • Set
Page 47 and 48: Actuarial Guideline XXXVII • Defi
Page 49 and 50: OYT Reserve • If the one year pro
Page 51 and 52: AALR • The reserve can never be l
Page 53 and 54: AALR 52
Page 55 and 56:
Recent Developments • Restriction
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Key Policy Design and Pricing Param
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Secondary Guarantee Rider Design
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Secondary Guarantee Rider Profit Re
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Page 67 and 68:
VUL Case Study Summary • Placing
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Reinsurance Issues 68
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Reinsurance Issues • Structure
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YRT • Quota Share of Mortality Ri
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YRT-Secondary Guarantee Risk • Re
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Secondary Guarantee Reserves • Us
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• Even more complicated Financial
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Why the Lack of Capacity? • Reins
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Reinsurance Premium Guarantees •
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Secondary Guarantees - UL & VUL Pro
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