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Old 02-26-2018, 08:44 AM
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MaxwellCU82 MaxwellCU82 is offline
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Default VM-20 for Goup Life

Is it implied that VM-20 applies to individually underwritten certificates under Group Life Insurance contracts? I saw that the February 2014 exposure draft of the VM-20 practice note explicitly listed this as a product covered, but it looks like that was removed from the final practice note. Just looking for any documentation around how VM-20 impacts Group Life.

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Old 02-26-2018, 10:24 AM
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Carol Marler
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Originally Posted by MaxwellCU82 View Post
Is it implied that VM-20 applies to individually underwritten certificates under Group Life Insurance contracts? I saw that the February 2014 exposure draft of the VM-20 practice note explicitly listed this as a product covered, but it looks like that was removed from the final practice note. Just looking for any documentation around how VM-20 impacts Group Life.

Thanks
It seems to me that the key is "individually underwritten." Traditional group life probably doesn't need special handling. And the individually underwritten should be treated like otherwise similarly underwritten non-group business. Substance overrules form.

I am not an actuary, this is not advice.
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