What Is A Shadow Account For Life Insurance?

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    David RacichPRO
    Fountain Hills, Arizona
    A shadow account refers to the secondary guarantees of guaranteed universal life policies. There are a creative accounting practice by some life insurance companies to mitigate the cost of reserving. Last year AG38 was imposed as an industry wide regulation to compel life insurance companies to reserve more cash to  the guarantees. Although some life insurance companies withdrew from this market, guaranteed universal life is still a significant product line among brokerage carriers.
     
    Answered on July 8, 2013
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