{"id":928,"date":"2015-01-20T16:47:35","date_gmt":"2015-01-20T22:47:35","guid":{"rendered":"http:\/\/www.ssc.wisc.edu\/~jfrees\/?page_id=928"},"modified":"2015-02-20T19:30:35","modified_gmt":"2015-02-21T01:30:35","slug":"origins-of-universal-life","status":"publish","type":"page","link":"https:\/\/users.ssc.wisc.edu\/~ewfrees\/actuarial-mathematics\/universal-life\/1-introduction-to-universal-life\/origins-of-universal-life\/","title":{"rendered":"Origins of Universal Life"},"content":{"rendered":"<p>Universal Life (UL) account values are based on an accumulation (recursive) process &#8211; known for well over 100 years. The idea behind UL apparently came up in the 1960&#8217;s, was made public in the 1970&#8217;s, and took off as a product in the 1980&#8217;s. Here are some references from Black and Skipper on <em>Life Insurance<\/em>,<\/p>\n<ul>\n<li>George R. Dinney, &#8220;Universal Life,&#8221; <em>The Actuary<\/em>, Vol. XV, supplement (September 1981). p. 1;<\/li>\n<li>Timothy Lynch, &#8220;Universal Life Insurance: A Primer,&#8221; <em>The Journal of the American Society of Chartered Life Underwriters<\/em>, Vol. XXXVI (July 1982)<\/li>\n<\/ul>\n<p>According to Black and Skipper, the UL concept was at first not welcomed by most persons in the North American life insurance business. It was perceived as a threat to the orderly development of the industry, and as not being in consumers&#8217; or agents&#8217; best interests.<\/p>\n<p>Universal life policy sales in the United States had a meteoric rise from an effective zero market share of new sales in 1979 to over 38 percent in 1985, its peak year. Since then, its share has declined to around a quarter of new individual life premiums-still a major proportion.<\/p>\n<p><div class=\"alignleft\"><a href=\"https:\/\/users.ssc.wisc.edu\/~ewfrees\/actuarial-mathematics\/universal-life\/1-introduction-to-universal-life\/\" title=\"1. Introduction to Universal Life\">&#9668 Previous page<\/a><\/div><div class=\"alignright\"><a href=\"https:\/\/users.ssc.wisc.edu\/~ewfrees\/actuarial-mathematics\/universal-life\/2-design-features-of-a-ul-policy\/\" title=\"2. Design Features of a UL Policy\">Next page &#9658<\/a><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Universal Life (UL) account values are based on an accumulation (recursive) process &#8211; known for well over 100 years. The idea behind UL apparently came up in the 1960&#8217;s, was made public in the 1970&#8217;s, &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":926,"menu_order":0,"comment_status":"closed","ping_status":"open","template":"","meta":{"jetpack_post_was_ever_published":false},"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/P8cLPd-eY","acf":[],"_links":{"self":[{"href":"https:\/\/users.ssc.wisc.edu\/~ewfrees\/wp-json\/wp\/v2\/pages\/928"}],"collection":[{"href":"https:\/\/users.ssc.wisc.edu\/~ewfrees\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/users.ssc.wisc.edu\/~ewfrees\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/users.ssc.wisc.edu\/~ewfrees\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/users.ssc.wisc.edu\/~ewfrees\/wp-json\/wp\/v2\/comments?post=928"}],"version-history":[{"count":3,"href":"https:\/\/users.ssc.wisc.edu\/~ewfrees\/wp-json\/wp\/v2\/pages\/928\/revisions"}],"predecessor-version":[{"id":1679,"href":"https:\/\/users.ssc.wisc.edu\/~ewfrees\/wp-json\/wp\/v2\/pages\/928\/revisions\/1679"}],"up":[{"embeddable":true,"href":"https:\/\/users.ssc.wisc.edu\/~ewfrees\/wp-json\/wp\/v2\/pages\/926"}],"wp:attachment":[{"href":"https:\/\/users.ssc.wisc.edu\/~ewfrees\/wp-json\/wp\/v2\/media?parent=928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}