1
Welcome to Forum National Investments Ltd. •
Established in 1995, Forum is a publicly traded company with over 20 years of investment experience, in-depth financial marketing expertise and a track record of successfully identifying promising enterprises with significant growth opportunity.
•
Forum National Investments is a fully reporting company in Canada and the United States.
•
The company’s public market trading symbol is: FMNL.
LIFE SETTLEMENT Opportunities
What is a Life Settlement? A life settlement is the sale of an existing life insurance policy to a third party for more than its cash surrender value, but less than its net death benefit. There are a number of reasons that a policy owner may choose to sell his or her life insurance policy: •
the policy owner may no longer need or want his or her policy.
•
he or she may wish to purchase a different kind of life insurance policy.
•
premium payments may no longer be affordable.
Typical results of a Life Settlement. Benefits going to policy holder: •
no longer responsible for premium payments.
•
able to take full advantage of the agreed upon “equity” contained within their policy while they are still enjoying life.
•
in over 88% of cases, policy holders are able to turn an expense that would never have been realized into an asset that is monetizable today.
FACT:
For decades, Life Insurance companies have enjoyed regular windfall profits generated from the wallets of adults and seniors throughout North America. FACT:
These Multi-Billion Dollar organizations only pay out on 1 of every 10 policy holders they sell policies to. FACT:
Life Insurance companies design their products so that they won’t have to pay any significant money to the insured if the insured chooses to surrender their policy and send it back for a refund. FACT:
One Trillion Dollars in life insurance policies lapse every single year with insureds receiving absolutely nothing.
The Industry The life insurance industry is set up to make money by using “averages” and “statistics” to gauge how “little” money they are going to be paying out for those policies that come to maturity. NEVER PAID OUT
Insurance corporations know that in over 88% of the cases, individuals with life insurance policies will not continue their premium payments to the full term required to collect on their death benefit.
COLLECTED ON POLICY
6
LIFE SETTLEMENTS ARE FOR THE LIVING... WE BELIEVE YOU DESERVE A FAIR RETURN ON YOUR INSURANCE INVESTMENT AND WE WILL PROVIDE THAT FOR YOU. After paying into life insurance for years, if you no longer need your policy.. YOU DESERVE A FAIR RETURN ON YOUR INSURANCE INVESTMENT. In your later years of life, increasing premiums often make it difficult to afford to maintain your policy. If you stop making payments, insurance companies cancel your policy and all your investment dollars go to waste.. YOU DESERVE A FAIR RETURN ON YOUR INSURANCE INVESTMENT.
The Life Settlement Industry - Growth All amounts are represented in billions
Industry Growth Dollars in Billions $55
$42
$31
$21 $16 $10 $3 2003
$5
2004
2005
2006
2007
2008
2009
2010
Traditional Process Policy Holder
YOU
Provider
Brokers Agent
8-15%
4-20%
The ALSS Process Life Settlement Broker
Policy Funder/ Investor
2-10%
Commission as % of gross amount paid by the investor.
The sales chain between you and the company buying the policy is often between 25-45% of the proceeds stemming from the transaction.
YOU
ALSS
Sample Case
Male – age 80 $1,000,000 (conversion) Premiums $40,000
INSURANCE COMPANY WILL PAY YOU
$0.00
ALSS Life Settlement Amount: $156,500
The Industry
Most Policy Holders Default… “insurance companies saved $1.1 trillion when 19.8 million policyholders stopped making payments; in comparison the industry paid death benefits on only 2.2 Million policies”. Insurance companies factor into their actuarial table a high probability elderly will default on policies towards the end of their lives, and subsequently, the insurance companies will rarely have to pay out. NY Times, December 2006
The Industry
Appalling… “its appalling for consumers to learn that life insurance companies want polices to lapse, when insured are most vulnerable in the senior years and most likely to be hospitalized…” “when simply putting a check in the mail may not be even a possibility…” (or) “Alzheimer's and dementia patients who simply forget.” Duluth Tribune on NY Times article
The Industry - Potential Face value on the market over the past 3 years
Industry Growth Dollars Purchased in Billions
Dollars Available on Market
$250
$200
$159
$55 $42 $31
2008
2009
2010
Life Settlements .. are not correlated to any traded market - whether stock, bond, currency or commodity markets - nor to political or economic upheaval. Once invested, the only variable affecting a Fund's return is the life expectancy of the policies held. The youth of this industry is affording us the luxury of amazing returns on investment for our investors/shareholders.
S&P Composite Index •
The S&P Composite Index splices the S&P 500, which started in March 1957, with historical data that included the companies in the S&P 90, founded in 1926, the S&P 233 weekly index dating from 1923, and earlier extensive historical market data from the Cowles Commission which was responsible for collecting comprehensive US stock data from 1871 to 1930.
Source: DSHORT Highlights for 1871 to Dec, 2011: • Market Price Up 33% above trend and trending Negative with High Variance. • Average Inflation Adjusted Growth Rate of 1.72%.
Dow Jones Global Index •
The Dow Jones Global Index℠ is a broad yet investable measure of the global stock market. It targets 95% coverage of markets open to foreign investment. The index currently tracks 42 countries, including 25 developed markets and 17 emerging markets. 80%
Data Source for all Major Indices: Yahoo Finance Highlights for Nov 1, 2005 to Nov 1, 2011: • Market Price Up 3.73% and trending Negative with High Variance. • Average Annual Rate of Return of 0.61%. • Market Volatility average of 20.65% and Increasing.
Market Price ‐ ILS Fund vs W1DOW DJ Global Idx
60% 40% 20% 0% ‐20% ‐40% ILS Fund
W1DOW
Linear (W1DOW)
0%
Nov/11
Jul/11
Mar/11
Nov/10
Jul/10
Mar/10
Nov/09
Jul/09
Mar/09
Nov/08
Jul/08
Mar/08
Nov/07
Jul/07
Mar/07
Nov/06
Jul/06
Mar/06
Nov/05
‐60%
10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Market Volatility ‐ ILS Fund vs W1DOW DJ Global Idx ILS Fund
W1DOW
Linear (W1DOW)
Dow Jones Global Index – Financial Sector Market 80%
Highlights for Nov 1, 2005 to Nov 1, 2011: • Market Price Down 38.88% and trending Negative with High Variance • Average Annual Rate of Return of ‐5.61%. • Market Volatility average of 27.63% and Increasing.
Market Price ‐ ILS Fund vs W1FIN DJ Gbl Financials Idx
60% 40% 20% 0% ‐20% ‐40% ‐60% ILS Fund
W1FIN
Linear (W1FIN)
0%
Nov/11
Jul/11
Mar/11
Nov/10
Jul/10
Mar/10
Nov/09
Jul/09
Mar/09
Nov/08
Jul/08
Mar/08
Nov/07
Jul/07
Mar/07
Nov/06
Jul/06
Mar/06
Nov/05
‐80%
10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Market Volatility ‐ ILS Fund vs W1FIN DJ Gbl Financials Idx ILS Fund
W1FIN
Linear (W1FIN)
Dow Jones Global Index – Industrial Sector Market 80%
Highlights for Nov 1, 2005 to Nov 1, 2011: • Market Price Up 12.73% and trending Negative with High Variance. • Average Annual Rate of Return of 2.02%. • Market Volatility average of 21.89% and Increasing.
Market Price ‐ ILS Fund vs W1IDU DJ Gbl Industrials Idx
60% 40% 20% 0% ‐20% ‐40% ILS Fund
W1IDU
Linear (W1IDU)
0%
Nov/11
Jul/11
Mar/11
Nov/10
Jul/10
Mar/10
Nov/09
Jul/09
Mar/09
Nov/08
Jul/08
Mar/08
Nov/07
Jul/07
Mar/07
Nov/06
Jul/06
Mar/06
Nov/05
‐60%
10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Market Volatility ‐ ILS Fund vs W1IDU DJ Gbl Industrials Idx ILS Fund
W1IDU
Linear (W1IDU)
S&P 500 Index The S&P 500® has been widely regarded as the best single gauge of the large cap U.S. equities market since the index was first published in 1957. The index has over US$ 4.83 trillion benchmarked, with index assets comprising approximately US$ 1.1 trillion of this total. The index includes 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities. 80%
Highlights for Nov 1, 2005 to Nov 1, 2011: • Market Price Up 1.29% and trending Negative with High Variance. • Average Annual Rate of Return of 0.21%. • Market Volatility average of 24.40% and Increasing.
Market Price ‐ ILS Fund vs GSPC S&P 500
60% 40% 20% 0% ‐20% ‐40% ILS Fund
GSPC
Linear (GSPC)
0%
Nov/11
Jul/11
Mar/11
Nov/10
Jul/10
Mar/10
Nov/09
Jul/09
Mar/09
Nov/08
Jul/08
Mar/08
Nov/07
Jul/07
Mar/07
Nov/06
Jul/06
Mar/06
‐60% Nov/05
•
10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Market Volatility ‐ ILS Fund vs GSPC S&P 500 ILS Fund
GSPC
Linear (GSPC)
Life Settlement Fund •
A selection of Life Settlements pooled into an ILS investment structure providing attractive returns with very low volatility.
70%
Data Source: Undisclosed Large Life Settlement Fund, 2011 Highlights for Nov 1, 2005 to Nov 1, 2011: • Market Price Up 66.50% and trending Positive with almost no Variance. • Average Annual Rate of Return of 8.87%. • Market Volatility average of 1.41% and Decreasing.
Market Price ‐ ILS Fund
60% 50% 40% 30% 20% 10% 0% ILS Fund
Linear (ILS Fund)
0%
Nov/11
Jul/11
Mar/11
Nov/10
Jul/10
Mar/10
Nov/09
Jul/09
Mar/09
Nov/08
Jul/08
Mar/08
Nov/07
Jul/07
Mar/07
Nov/06
Jul/06
Mar/06
Nov/05
‐10%
10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Market Volatility ‐ ILS Fund ILS Fund
Linear (ILS Fund)
June 14, 2012
1.021B-167P - ACM - SLS - 1102 (v44a-001) (p07)
Life Settlement Investment Financial Summary $1,020.9M Life Settlement Portfolio with 167 Life Insurance Policies
ESTIMATES ONLY
Portfolio (Avg Policy Size) Number of Policies Gross Acquisition Cost
$ 1,020,892,683 167 18.00%
Capital Expense
$ 241,322,926
Capital Return
$ 495,574,360
Positive Cash Flow Expense Return
begins in 3 yrs less than 9 yrs
( $ 6,113,130 ) M - 90 (53.9%) & F - 77 (46.1%) $ 183,760,683
Avg Insured Age (M & F) Insured Age (Min to Max) Policy Age (Min - Avg - Max)
Normalized Internal Rate of Return Cost of Ownership Annual Maintenance Costs Term of Investment
81.9 yrs ( M - 80.8 & F - 83.2 ) M - 76 to 89 yrs F - 76 to 87 yrs 40 - 53.2 - 61 mos
Financial Model Definition
17.5% 23.6% 0.7% - 2.0% avg up to 13 yrs
Normalized : All Internal Rate of Return, Cost of Ownership, Maintenance Costs and Life Expectancy group estimates are based on summarizing individual medically underwritten LE derived cash flows into one financial model resulting in a single cash flow analysis of the policy grouping with a normalized offset by weighted statistical mortality probabilities of age/gender number of insureds and individual policy face values.
USD (Millions)
CONSOLIDATED CASH FLOW PROJECTIONS
500
400
300
200 Deterministic Cash Flow 100
Probabilistic Cash Flow Normalized Cash Flow
1 (100)
(200)
(300)
1. Summary
2
3
4
5
6
7
8
9
10
11
12
13
14
Policy Group Metrics $1,020.9M - 167 pol - 113 mo (-) 76 yr (+)
Portfolio Size (Min - Ave - Max) Number of Policies Gross Acquisition Cost
$ 1,020,892,683 167 18.00%
we
IRR COO Prem LE
ESTIMATES ONLY & NOT GUARANTEED
igh t'd
Est. Total Capital Investment
( 1,000,000 - 6,113,130 - 10,000,000 ) M - 90 (53.9%) & F - 77 (46.1%) $ 183,760,683
Normalized
IRR
$ 241,322,926 Normalized
$ 224,672,627 Probabilistic
35.8% 38.9%
20-30%+ 16-20%
17.5% 23.6% 0.7% - 2.0% 7.4 yrs
39.8% 22.0% 0.4% - 1.0% 4.4
17.2% 8.1% -
13-16% 10-13% 7-10% 4-7%
wAge (M & F) Insured Age (Min to Max) Policy Age (Min - Ave - Max)
Avg LE 15 yr + 14 - 15 yr 13 - 14 yr 12 - 13 yr 11 - 12 yr 10 - 11 yr 9 - 10 yr 8 - 9 yr 7 - 8 yr 6 - 7 yr 5 - 6 yr 4 - 5 yr 3 - 4 yr 2 - 3 yr 1 - 2 yr 0 - 1 yr Unknown
Pass Total %
35.8% 44.1% 20.1% -
81.9 yrs M - 76 to 89 yrs 40 - 53.2 - 61 mos 90 #
33 35 22 -
1-4%
IRR 20-30%+ 16-20% 13-16% 10-13% 7-10% 4-7% 1-4%
( M - 80.8 & F - 83.2 ) F - 76 to 87 yrs
557,642,683 Male
54.6% % Folio
185,275,000 232,000,000 140,367,683 -
18.1% 22.7% 13.7% -
77 #
463,250,000 45.4% Female % Folio
-
180,250,000 218,500,000 64,500,000 -
29 38 10 -
17.7% 21.4% 6.3% -
LE 79.9% 20.1% -
15 yr + 13-15 yr 11-13 yr 9-11 yr 7-9 yr 5-7 yr 0-5 yr
15 yr + 13-15 yr 11-13 yr 9-11 yr 7-9 yr 5-7 yr 0-5 yr
30%+ 29 - 30% 28 - 29% 27 - 28% 26 - 27% 25 - 26% 24 - 25% 23 - 24% 22 - 23% 21 - 22% 20 - 21% 19 - 20% 18 - 19% 17 - 18% 16 - 17% 15 - 16% 14 - 15% 13 - 14% 12 - 13% 11 - 12% 10 - 11% 9 - 10% 8 - 9% 7 - 8% 6 - 7% 5 - 6% 4 - 5% 3 - 4% 2 - 3% 1 - 2% < 1%
Pass Total %
3.4% 1.8% 2.0% 2.1% 4.8% 2.8% 4.2% 5.6% 3.8% 5.3% 10.6% 9.9% 8.5% 9.9% 3.2% 8.9% 5.1% 2.4% 2.7% 3.0% -
90 #
1 2 2 2 2 4 1 5 14 12 5 7 4 10 6 4 4 5 -
557,642,683 54.6% Male % Folio
8,000,000 20,000,000 16,000,000 20,000,000 20,000,000 27,600,000 5,000,000 21,000,000 77,000,000 77,067,683 28,500,000 37,250,000 18,000,000 71,000,000 33,500,000 24,000,000 22,725,000 31,000,000 -
0.8% 2.0% 1.6% 2.0% 2.0% 2.7% 0.5% 2.1% 7.5% 7.5% 2.8% 3.6% 1.8% 7.0% 3.3% 2.4% 2.2% 3.0% -
77 #
5 2 3 1 5 2 5 3 6 5 6 5 8 10 2 5 3 1 -
463,250,000 45.4% Female % Folio
26,500,000 18,000,000 20,000,000 1,500,000 32,500,000 9,000,000 23,000,000 30,000,000 34,000,000 33,000,000 31,250,000 24,500,000 58,000,000 64,000,000 15,000,000 19,500,000 18,500,000 5,000,000 -
Financial Model Definitions Normalized : All Internal Rate of Return (IRR), Cost Of Ownership (COO), Premium Load (Prem) and Life Expectancy (LE) group estimates are based on summarizing individual medically underwritten LE derived cash flows into one financial model resulting in a single cash flow analysis of the policy grouping with a normalized offset by weighted statistical mortality probabilities of age/gender number of insureds and individual policy face values. Probabilistic : A weighted statistical mortality probability model based on age/gender number of insureds and individual policy face values.
2. Metrics
2.6% 1.8% 2.0% 0.1% 3.2% 0.9% 2.3% 2.9% 3.3% 3.2% 3.1% 2.4% 5.7% 6.3% 1.5% 1.9% 1.8% 0.5% -
Policy Group Cash Flows $1,020.9M - 167 pol - 113 mo (-) 76 yr (+)
DETERMINISTIC CASH FLOW
Gross Acquisition Cost Maturity Benefits Premiums Deterministic Cash Flow
(183,760,683) -
-
-
-
-
-
105,500,000
276,367,683
461,350,000
177,675,000
-
-
-
-
-
-
-
-
-
(40,911,944)
(40,911,944)
(43,931,637)
(44,126,437)
(44,126,437)
(44,126,437)
(44,126,437)
(38,768,724)
(26,226,423)
(6,599,760)
-
-
-
-
-
-
-
-
-
IRR
11.8%
(224,672,627)
(40,911,944)
(43,931,637)
(44,126,437)
(44,126,437)
(44,126,437)
61,373,563
237,598,959
435,123,577
171,075,240
-
-
-
-
-
-
-
-
-
COO Prem LE (yr)
43.3%
(40,911,944)
(40,911,944)
(43,931,637)
(44,126,437)
(44,126,437)
(44,126,437)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2.5% - 4.2%
-
-
-
-
-
-
-
-
368,241,376
1,663,192,710
3,480,988,615
1,539,677,161
7.8 0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
PROBABILISTIC CASH FLOW
Weighted Average Mortality Probability by Selected Insureds
0.069516224
Maturing Policies per Year Total Matured Policies Gross Acquisition Cost Predicted Maturity Benefits Resultant Premiums Probabilistic Cash Flow
0.085544665
0.094923106
0.10532333
0.116807055
0.129416324
0.143184373
0.158112232
0.17412747
0.191127658
0.208941695
0.22734009
0.246017774
0.26479339
0.283474935
0.302071056
0.320640894
0.339440771
0
11
22
31
33
30
21
12
5
1
1
0
0
0
0
0
0
0
0
0
11
33
64
97
127
148
160
165
166
167
167
167
167
167
167
167
167
167
(183,760,683) -
IRR
COO Prem LE (yr)
Millions
0.077105391
67,244,428
134,488,856
189,507,025
201,733,285
183,393,895
128,375,727
73,357,558
30,565,649
6,113,130
6,113,130
-
-
-
-
-
-
-
-
(40,911,944)
(40,911,944)
(41,037,936)
(35,406,842)
(27,215,707)
(18,496,111)
(10,569,207)
(5,020,373)
(1,849,611)
(528,460)
(264,230)
-
-
-
-
-
-
-
-
39.8%
(224,672,627)
26,332,484
93,450,920
154,100,183
174,517,578
164,897,784
117,806,520
68,337,185
28,716,038
5,584,670
5,848,900
-
-
-
-
-
-
-
-
22.0%
(40,911,944)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.4% - 1.0%
-
-
26,332,484
186,901,841
-
-
462,300,549
698,070,311
824,488,919
-
-
706,839,120
478,360,295
229,728,304
50,262,026
58,488,997
4.4
500
Normalized Cash Flow IRR COO
400
17.5% 23.6%
Prem 0.7% - 2.0% LE (yr) 7.4 300
200
Deterministic Cash Flow Probabilistic Cash Flow
100
Normalized Cash Flow 1
(100)
(200)
(300)
3. Cash Flows
2
3
4
5
6
7
8
9
10
11
12
13
14
Policy Group Detail Statistics $1,020.9M - 167 pol - 113 mo (-) 76 yr (+)
1.
Death Benefit (nil) <= 500K 500K+ - 1M 1+ - 1.5M 1.5+ - 2M 2+ - 2.5M 2.5+ - 3M 3+ - 3.5M 3.5+ - 4M 4+ - 5M 5+ - 6M 6+ - 7M 7+ - 8M 8+ - 9M 9+ - 10M 10+ - 15M 15+ - 20M > 20M TOTAL
1,020,892,683 Min: Per Policy Average: Max:
2.
Sum of Death Benefit 2,000,000 11,750,000 13,867,683 19,500,000 38,600,000 10,000,000 48,000,000 189,000,000 51,425,000 34,250,000 55,500,000 17,500,000 529,500,000 -
Policy Age (mos) (nil) <= 12 12+ - 18 18+ - 21 21+ - 24 24+ - 30 30+ - 36 36+ - 48 48+ - 60 > 60
% of Total 0.0% 0.2% 1.2% 1.4% 1.9% 3.8% 1.0% 4.7% 18.5% 5.0% 3.4% 5.4% 1.7% 51.9% 0.0% 0.0% 0.0% 100.00%
# of Policies 2 8 7 8 13 3 12 38 9 5 7 2 53 167
% of Total 0.0% 0.0% 1.2% 4.8% 4.2% 4.8% 7.8% 1.8% 7.2% 22.8% 5.4% 3.0% 4.2% 1.2% 31.7% 0.0% 0.0% 0.0% 100.00%
Net Death Benefit & # of Policies by Policy Size 600
60
500
50
400
40
300
30
200
20
100 <=6000000
10
-
1,000,000 6,113,130 10,000,000
Sum of Death Benefit 276,725,000 697,300,000 46,867,683
% of Total 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 27.1% 68.3% 4.6%
# of Policies 39 117 11
% of Total 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 23.4% 70.1% 6.6%
<= 500K+ 1+ - 1.5+ - 2+ - 2.5+ - 3+ - 3.5+ 500K - 1M 1.5M 2M 2.5M 3M 3.5M 4M
4+ 5M
5+ 6M
6+ 7M
7+ 8M
8+ 9M
9+ 10M
10+ 15M
Net Death Benefit & # of Policies by Policy Age 800
140
700
120
600
100
500
80
400
60
300
40
200 TOTAL
1,020,892,683 Min: Average Policy Age: Max:
3.
Insured Age (yrs) (nil) <= 76 77 - 78 79 - 80 81 - 82 83 - 84 85 - 86 87 - 88 89 - 90 > 90 TOTAL
4. Detail Stats
167
100.00%
40 53.2 61
Sum of Death Benefit 21,200,000 91,000,000 162,725,000 347,000,000 234,867,683 142,100,000 17,000,000 5,000,000 1,020,892,683
Min: Average Insured Age: Max:
100.00%
76 82 89
100.00%
# of Policies 3 14 27 54 44 22 2 1 167
% of Total 0.0% 1.8% 8.4% 16.2% 32.3% 26.3% 13.2% 1.2% 0.6% 0.0% 100.00%
20
100 -
% of Total 0.0% 2.1% 8.9% 15.9% 34.0% 23.0% 13.9% 1.7% 0.5% 0.0%
-
15+ - > 20M 20M
<= 12
12+ - 18
18+ - 21
21+ - 24
24+ - 30
Net Death Benefit by Insured Age (years)
30+ - 36
36+ - 48
48+ - 60
> 60
-
# of Policies by Insured Age (years)
<= 76 .. 2.1%
<= 76 .. 1.8%
77 - 78 .. 8.9%
77 - 78 .. 8.4%
79 - 80 .. 15.9%
79 - 80 .. 16.2%
81 - 82 .. 34.0%
81 - 82 .. 32.3%
83 - 84 .. 23.0%
83 - 84 .. 26.3%
85 - 86 .. 13.9%
85 - 86 .. 13.2%
87 - 88 .. 1.7%
87 - 88 .. 1.2%
89 - 90 .. 0.5%
89 - 90 .. 0.6%
Policy Group Detail Statistics $1,020.9M - 167 pol - 113 mo (-) 76 yr (+)
Remaing Expected Life (mos) (nil) <= 48 49 - 60 61 - 72 73 - 84 85 - 96 97 - 108 109 - 120 121 - 132 > 132 TOTAL
Sum of Death Benefit 110,500,000 286,367,683 457,850,000 166,175,000 1,020,892,683
% of Total 0.0% 0.0% 0.0% 0.0% 10.8% 28.1% 44.8% 16.3% 0.0% 0.0% 100.00%
# of Policies 15 52 73 27 167
% of Total 0.0% 0.0% 0.0% 0.0% 9.0% 31.1% 43.7% 16.2% 0.0% 0.0% 100.00%
Net Death Benefit & # of Policies by Insured's Remaining Expected Life
Millions
4.
500
80
450
70
400
60
350 300
50
250
40
200
30
150
20
100
10
50 -
5a.
Remaining Expected Life (mos) (nil) <= 48 49 - 60 61 - 72 73 - 84 85 - 96 97 - 108 109 - 120 121 - 132 > 132 TOTAL
1,020,892,683
Weighted Average:
5b.
Remaining Expected Life (mos) (nil) <= 48 <= 54 <= 60 <= 66 <= 72 <= 78 <= 84 <= 90 <= 96 <= 102 <= 108 <= 114 <= 120 <= 126 <= 132 > 132 TOTAL
% of Total 0.0% 0.0% 0.0% 0.0% 10.8% 28.1% 44.8% 16.3% 0.0% 0.0% 100.00%
# of Policies 15 52 73 27 167
% of Total 0.0% 0.0% 0.0% 0.0% 9.0% 31.1% 43.7% 16.2% 0.0% 0.0%
49 - 60
61 - 72
73 - 84
85 - 96
Net Death Benefit by Remaining Expected Life (months)
100.00%
97 - 108
109 - 120
121 - 132
-
> 132
# of Policies by Remaining Expected Life (months)
73 - 84 .. 10.8%
73 - 84 .. 9.0%
85 - 96 .. 28.1%
85 - 96 .. 31.1%
97 - 108 .. 44.8%
97 - 108 .. 43.7%
109 - 120 .. 16.3%
109 - 120 .. 16.2%
97.7
Sum of Death Benefit 110,500,000 247,867,683 396,867,683 655,367,683 854,717,683 1,020,892,683 1,020,892,683
Weighted Average:
4. Detail Stats
Sum of Death Benefit 110,500,000 286,367,683 457,850,000 166,175,000 -
<= 48
97.7
% of Total 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 10.8% 24.3% 38.9% 64.2% 83.7% 100.0% 0.0% 0.0% 0.0% 0.0% 100.00%
# of Policies 15 41 67 105 140 167 167
% of Total 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 9.0% 24.6% 40.1% 62.9% 83.8% 100.0% 0.0% 0.0% 0.0% 0.0% 100.00%
Net Death Benefit & # of Policies by Remaining Expected Life 1,200
180 160
1,000 140 800
120 100
600 80 400
60 40
200
20 -
<= 48 <= 54 <= 60 <= 66 <= 72 <= 78 <= 84 <= 90 <= 96 <= 102 <= 108 <= 114 <= 120 <= 126 <= 132 > 132
-
Policy Group Detail Statistics $1,020.9M - 167 pol - 113 mo (-) 76 yr (+)
6.
S&P Carrier Rating AAA AA+ AA AAA+ A ABB NR
TOTAL
7.
Gender (nil) Male Female
TOTAL
4. Detail Stats
Sum of Death Benefit 10,000,000 685,775,000 111,500,000 113,367,683 100,250,000 -
1,020,892,683
Sum of Death Benefit -
% of Total 0.0% 1.0% 0.0% 67.2% 10.9% 11.1% 9.8% 0.0% 0.0%
100.00%
% of Total 0.0%
# of Policies 1 110 22 20 14 -
167
# of Policies -
557,642,683 463,250,000
54.6% 45.4%
90 77
1,020,892,683
100.00%
167
% of Total S&P Carrier Rating 0.0% 0.6% 0.0% 65.9% 13.2% 12.0% 8.4% 0.0% 0.0%
Net Death Benefit by Carrier Rating (Standard & Poors)
100.00%
% of Total Net 0.0% Gender (Longest if Survivorship) 53.9% M 46.1% F
# of Policies by Carrier Rating (Standard & Poors)
AA+ .. 1.0%
AA+ .. 0.6%
AA- .. 67.2%
AA- .. 65.9%
A+ .. 10.9%
A+ .. 13.2%
A .. 11.1%
A .. 12.0%
A- .. 9.8%
A- .. 8.4%
Death Benefit by Gender
# of Policies by Gender
Female 45.4%
Female 46.1%
100.00%
Male 54.6%
Male 53.9%
Policy Group Detail Statistics $1,020.9M - 167 pol - 113 mo (-) 76 yr (+) Individual Carrier Concentrations: TOTALS Issuing Insurance Co. Lincoln National Lincoln National Life Insurance Company John Hancock John Hancock Life Insurance Company AXA Equitable AXA Equitable Life Insurance Company Transamerica Transamerica Life Life Insurance Company AmericanAmerican National National Insurance Company PrincipalPrincipal Life Life Insurance Company Pacific Life Pacific Life Insurance Company Lincoln Benefit Lincoln Benefit Life Company AIG Life AIG Life Insurance Company ING Life ING Life Insurance and Annuity Company JeffersonJefferson-Pilot Pilot Life Insurance Company Union Central Union Central Life Insurance Company US Life United States Life Insurance in the City of New York Lincoln Life Lincoln Life & Annuity Company of NY West Coast West Coast Life Insurance Company Protective Protective Life Life Insurance Company Sun Life Sun Life Assurance Company of Canada (US) Security Security Life Life of Denver Insurance Company Mass Mutual Massachusetts Mutual Life Insurance Company Hartford Hartford Life Life Insurance Company Beneficial Beneficial Life Life Insurance Company National National Western Western Life Insurance Company AmericanAmerican General General Life Insurance Company Nationwide Nationwide Life Life Insurance Company Security Security Mutual Mutual Life Insurance Company of NY Penn Mutual Penn Mutual Life Insurance Company MetLife Insurance MetLife Insurance Company of Connecticut ReliastarReliaStar Life Life Insurance Company Prudential Prudential Insurance Insurance Company of America Columbus Columbus Life Life Insurance Company GenworthGenworth Life Life Insurance Company North American North American CompanyCompany for Life & Health Insurance Aviva Life Aviva Life and Annuity Company New YorkNew LifeYork Life Insurance Company Phoenix Phoenix Life Life Insurance Company Allianz Life Allianz Life Insurance Company of North America TravelersTravelers Life Life & Annuity Global Insurance Company ManulifeManulife Insurance Life Insurance Company Ohio National Ohio National Life Insurance Company United ofUnited Omaha of Omaha Life Insurance Company Minnesota Minnesota Life Life Insurance Company National National Life Life Insurance Company Midland National Midland National Life Insurance Company Indianapolis Indianapolis Life Life Insurance Company General American General American Life Insurance Company LSW Life Insurance Company of the Southwest Penn Insurance Penn Insurance and Annuity Company Valley Forge Valley Forge Life Insurance Company Banner Life Banner Life Insurance Company Jackson Jackson National National Life Insurance Company William Penn William Penn Life Insurance Company of New York Crown Life Crown Life Insurance Company *** NOT SPECIFIED *** Acacia Life Acacia Life Insurance Company Aetna Life Aetna Life Insurance Company All America All America Insurance Company AmericanAmerican Family Family Life Assurance Company of NY AmerUs AmerUs Life Life Insurance Company BerkshireBerkshire Life Life Insurance Company of America Connecticut Connecticut General General Life Insurance Company ConsecoConseco Life Life Insurance Company Empire General Empire General Life Assurance Corp EquitableEquitable Life Life & Casualty Insurance Company Federal Home Federal Home Life Insurance Company Fidelity Mutual Fidelity Mutual Life Insurance Company First Colony First Colony Life Insurance Company GE Frankona GE Frankona Ruckvers AG CAB
4. Detail Stats
A.M. Best / S&P Rating A+ / AAA+ / AAA+ / AAA+ / AAA/A A+ / A A+ / A+ A+ / A+ A- / AA / AA+ / AAA / A+ A- / AA+ / AAA+ / AAA+ / AAA+ / AA / AA++ / AA+ A/A A- / A A/A A / A+ A+ / A+ A- / AA+ / AAA+ / AAA / AA+ / AAA+ / AA+ A/A A+ / A+ A / AAA++ / AAA B++ / BB A / AA A+ / AAA++ / AA+ A+ / AA A+ / AAA+ / AAA / A+ A+ / A+ A / AAA+ / AAA / A+ A+ / AAA / A+ A+ / AAA+ / AA A+ / AAA+ / AA #N/A A / AAA / A+ A+ / . A+ / AAA / AAA++ / AA+ A/A B / BBA+ / AAB++ / BB A+ / . A- / AA/A A/.
1,020,892,683 Death Benefit 287,425,000 157,500,000 131,500,000 49,100,000 47,500,000 42,867,683 42,000,000 39,000,000 30,250,000 28,000,000 25,000,000 22,500,000 20,000,000 12,750,000 12,000,000 10,500,000 10,000,000 10,000,000 10,000,000 10,000,000 8,000,000 5,000,000 5,000,000 3,000,000 2,000,000 -
100.0% % of Total 28.15% 15.43% 12.88% 4.81% 4.65% 4.20% 4.11% 3.82% 2.96% 2.74% 2.45% 2.20% 1.96% 1.25% 1.18% 1.03% 0.98% 0.98% 0.98% 0.98% 0.78% 0.49% 0.49% 0.29% 0.20% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
167 # of Policies 42 23 21 11 7 7 6 6 4 5 5 8 2 3 3 2 1 1 1 2 2 2 1 1 1 -
100.0% % of Total 25.15% 13.77% 12.57% 6.59% 4.19% 4.19% 3.59% 3.59% 2.40% 2.99% 2.99% 4.79% 1.20% 1.80% 1.80% 1.20% 0.60% 0.60% 0.60% 1.20% 1.20% 1.20% 0.60% 0.60% 0.60% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
-
50 38 35 11 70 8 60 55 36 3 32 34 72 75 37 77 61 69 67 42 29 13 48 7 49 68 57 43 66 64 15 26 52 10 51 59 5 71 41 54 73 45 47 44 31 25 39 56 76 12 33 78 18 1 2 4 6 9 14 16 17 19 20 21 22 23 24
100
150
200
250
300
350
Policy Group Selection Matrix $1,020.9M - 167 pol - 113 mo (-) 76 yr (+)
Gender
Count
M 90 (53.9%)
Avg.
167
F 77 (46.1%)
53.2
DOB
Current Age
State Issued
Policy Issue Date
Policy ID
Months frm Issue Date
Face Value
Current Policy Crediting Rate
1,020,892,683
Projected Level Premium to Maturity
Estimated Policy COI Policy Org. Premium % Type Method of Face
ICR
AM BEST FSR
S&P FSR
Insurance Company Name
LE Cert Issue Date #1
Mortality LE Cert 50% Multiplier Source #1 LE #1 #1
113
ACM- 140
F
1926-05-22
86
CA
2007-10-11
56
5,000,000
4.00%
440,297
5.5%
UL
SLS
aa-
A+
2B+
AA-
AXA Equitable Life Insurance Company
2009-10-26
21st
120
1.86
M
1933-03-02
79
NY
2007-04-27
61
5,000,000
4.30%
157,100
3.1%
UL
SLS
aa-
A+
2B+
AA-
Transamerica Life Insurance Company
2006-10-25
21st
121
2.32
ACM- 415
F
1928-11-19
83
AZ
2007-05-09
61
8,000,000
4.00%
357,300
2.9%
UL
SLS
aa-
A+
2B+
AA-
Protective Life Insurance Company
2007-02-08
21st
99
2.16
NY
2007-05-21
60
5,000,000
4.20%
381,358
4.8%
UL
SLS
aa-
A+
2B+
AA-
NY
2007-05-21
60
5,000,000
4.20%
381,358
4.8%
UL
SLS
aa-
A+
2B+
AA-
ACM- 422
M
1929-04-27
ACM- 423
M
1929-04-27
83
Mortality LE Cert 50% Multiplier Source #2 LE #2 #2
65,034,838
ACM- 394
83
LE Cert Issue Date #2
2009-03-11
ISC
106
1.25
AXA Equitable Life Insurance Company
2007-02-14
AVS
127
1.00
AXA Equitable Life Insurance Company
2007-02-14
AVS
127
1.00
2007-06-28
AVS
107
1.75
2007-06-28
AVS
107
1.75
ACM- 426
M
1931-09-23
80
CA
2007-05-25
60
5,000,000
4.30%
246,750
4.9%
UL
SLS
aa-
A+
2B+
AA-
Transamerica Life Insurance Company
ACM- 430
M
1933-03-17
79
PA
2007-06-04
60
3,000,000
4.35%
116,878
3.9%
UL
SLS
aa-
A+
2B+
AA-
Jefferson-Pilot Life Insurance Company
ACM- 431
M
1931-09-23
80
CA
2007-06-22
59
5,000,000
4.30%
246,750
4.9%
UL
SLS
aa-
A+
2B+
AA-
Transamerica Life Insurance Company
ACM- 435
F
1930-06-24
81
NJ
2007-06-12
60
2,000,000
4.65%
80,760
3.1%
UL
SLS
aa-
A+
2B+
AA-
ACM- 951
F
1928-05-15
84
NY
2007-11-03
55
1,500,000
5.60%
142,163
6.0%
UL
SLS
a+
A
750M-1B
ACM- 956
M
1929-11-11
82
CA
2007-05-08
61
4,000,000
3.00%
344,441
5.0%
UL
SLS
aa-
A+
2B+
ACM- 965
M
1934-09-08
77
CA
2008-03-07
51
10,000,000
5.50%
1,366,775
3.0%
UL
SLS
a+
A
1.5-2B
A
NY
2008-04-01
50
10,000,000
4.25%
389,374
2.2%
UL
SLS
aa-
A+
2B+
CA
2008-01-22
52
10,000,000
5.50%
452,200
4.5%
UL
SLS
a+
A
1.5-2B
2007-01-30
21st
97
2.77
West Coast Life Insurance Company
2007-03-22
21st
119
2.36
A+
Union Central Life Insurance Company
2007-12-06
21st
86
3.50
2007-08-16
AVS
122
1.50
AA-
Lincoln National Life Insurance Company
2007-07-11
21st
110
1.80
2007-11-02
AVS
115
1.25
American National Insurance Company
2008-01-08
21st
89
5.02
2008-01-14
AVS
147
1.25
AA-
AXA Equitable Life Insurance Company
2008-04-22
21st
110
2.11
2008-04-28
AVS
142
1.25
A
American National Insurance Company
2008-01-18
21st
89
3.45
2008-01-07
AVS
132
1.15
ACM- 969
F
1930-02-16
82
ACM- 1591
M
1931-05-18
81
NY
2008-07-09
47
10,000,000
3.00%
916,729
5.1%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2008-06-12
21st
91
3.04
2008-06-18
AVS
115
1.25
NJ
2008-05-15
48
10,000,000
5.10%
958,092
5.1%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2008-01-23
21st
95
2.50
2008-02-01
AVS
105
1.00
ACM- 1592
M
1930-08-21
81
ACM- 1595
M
1929-04-29
83
ACM- 1596
F
1924-12-12
87
WI
2007-06-10
60
7,000,000
4.75%
425,960
4.6%
UL
SLS
a
A
2B+
A-
ING Life Insurance and Annuity Company
2007-12-18
21st
95
2.03
2007-12-28
AVS
117
1.00
ACM- 1598
M
1931-09-29
80
CA
2008-05-23
48
8,500,000
5.00%
690,501
4.3%
UL
SLS
aa-
A+
2B+
A+
Lincoln Benefit Life Company
2008-07-24
21st
96
3.10
2008-08-06
AVS
134
1.00
ACM- 1599
M
1927-02-05
85
CA
2008-06-17
47
10,000,000
3.00%
1,033,306
6.3%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2008-01-03
21st
97
1.37
2008-01-21
AVS
105
1.00
ACM- 1600
M
1928-02-27
84
CA
2008-05-27
48
4,000,000
4.00%
526,440
7.4%
UL
SLS
aa-
A+
2B+
AA-
Transamerica Life Insurance Company
2008-02-25
21st
97
1.80
2008-03-11
AVS
111
1.00
ACM- 1601
F
1926-06-03
86
CA
2007-08-29
57
5,000,000
4.25%
345,153
5.2%
UL
SLS
aa-
A+
2B+
AA-
AXA Equitable Life Insurance Company
2008-01-16
21st
97
2.20
2007-03-26
AVS
131
1.00
ACM- 1608
F
1929-07-17
82
NJ
2008-05-16
48
10,000,000
4.00%
540,804
5.2%
UL
SLS
aa-
A+
2B+
AA-
Transamerica Life Insurance Company
2008-05-09
21st
103
2.49
2008-05-12
AVS
122
1.50
ACM- 1610
M
1930-06-03
82
CA
2008-06-02
48
2,500,000
4.75%
271,735
4.2%
UL
SLS
a
A
750M-1B
A
National Western Life Insurance Company
2008-06-03
21st
104
2.17
2008-05-29
AVS
127
1.00
CA
2007-07-02
59
5,000,000
4.80%
326,093
4.8%
UL
SLS
aa-
A+
2B+
AA-
West Coast Life Insurance Company
2007-04-18
21st
105
2.60
2007-05-27
AVS
127
1.25
NY
2007-11-08
55
3,000,000
4.25%
162,119
3.7%
UL
SLS
aa-
A+
2B+
AA-
AXA Equitable Life Insurance Company
2007-06-20
21st
127
1.50
2007-05-10
AVS
134
1.00
ACM- 1612
M
1931-07-03
80
ACM- 1641
M
1929-12-11
82
NY
2007-10-23
55
10,000,000
4.55%
513,083
5.0%
UL
SLS
aa
A+
2B+
AA-
John Hancock Life Insurance Company
2007-04-30
AVS
124
1.00
2007-04-27
21st
117
1.19
CA
2007-08-20
57
2,500,000
4.25%
134,188
4.4%
UL
SLS
aa-
A+
2B+
AA-
Protective Life Insurance Company
2008-01-17
AVS
131
1.00
2008-01-16
21st
97
2.20
ACM- 1870
F
1924-12-20
87
ACM- 1878
F
1926-06-03
86
CA
2007-08-29
57
5,000,000
4.25%
260,705
4.6%
UL
SLS
aa-
A+
2B+
AA-
AXA Equitable Life Insurance Company
2008-01-17
AVS
131
1.00
2008-01-16
21st
97
2.20
CA
2007-07-02
59
5,000,000
4.80%
323,150
4.6%
UL
SLS
aa-
A+
2B+
AA-
West Coast Life Insurance Company
2007-05-29
AVS
127
1.25
2007-04-18
21st
105
2.60
ACM- 1879
F
1926-06-03
86
ACM- 1891
M
1931-07-03
80
ACM- 1901
M
1927-10-16
84
NY
2008-02-07
52
6,000,000
5.10%
540,597
5.3%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2008-03-03
AVS
100
1.25
2007-09-13
21st
103
1.24
ACM- 1922
M
1931-03-16
81
CA
2008-03-15
50
5,000,000
5.00%
297,310
4.3%
UL
SLS
aa-
A+
2B+
A+
Lincoln Benefit Life Company
2007-10-04
AVS
127
1.25
2007-09-26
21st
123
1.71
ACM- 1968
M
1927-02-05
85
CA
2008-06-17
47
10,000,000
3.00%
980,266
6.1%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2008-01-21
AVS
105
1.00
2008-01-03
21st
97
1.37
ACM- 1972
M
1929-04-29
83
NJ
2008-05-15
48
10,000,000
5.10%
898,031
4.8%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2008-02-01
AVS
105
1.00
2008-01-23
21st
95
2.50
ACM- 2293
M
1928-09-28
83
NY
2007-09-21
56
5,000,000
4.25%
304,746
5.0%
UL
SLS
aa-
A+
2B+
AA-
AXA Equitable Life Insurance Company
2009-02-25
21st
98
3.24
2009-02-25
AVS
119
1.25
NY
2007-11-28
54
2,000,000
5.00%
129,182
4.4%
UL
SLS
a-
A-
100-250M
A-
Security Mutual Life Insurance Company of NY
2009-03-02
21st
115
1.70
2009-02-25
AVS
119
1.25
NY
2007-12-13
54
4,000,000
4.55%
198,313
5.0%
UL
SLS
aa
A+
2B+
AA-
John Hancock Life Insurance Company
2009-03-09
21st
87
4.46
2009-03-03
AVS
130
1.25
ACM- 2297
M
1929-04-25
83
ACM- 2299
F
1927-12-03
84
CA
2007-12-14
54
7,500,000
5.00%
520,288
4.8%
UL
SLS
aa-
A+
2B+
A+
Lincoln Benefit Life Company
2009-03-05
21st
96
5.15
2009-02-25
AVS
122
1.75
CA
2008-05-21
48
3,000,000
4.70%
159,938
3.8%
UL
SLS
aa-
A+
2B+
A
Principal Life Insurance Company
2009-03-02
21st
97
3.99
2009-04-13
AVS
138
1.50
ACM- 2300
M
1932-03-01
80
ACM- 2313
M
1933-07-14
78
CA
2008-07-24
46
8,000,000
5.30%
525,766
4.7%
UL
SLS
aa-
A+
2B+
A+
Pacific Life Insurance Company
2008-09-09
21ST
86
3.99
2008-09-11
AVS
108
1.50
SC
2008-02-27
51
5,000,000
4.50%
323,840
4.5%
UL
SLS
a+
A
2B+
A
Hartford Life Insurance Company
2007-10-08
21st
110
1.61
2007-10-08
AVS
124
1.00
Lincoln National Life Insurance Company
2010-07-25
21st
108
3.10
2010-07-26
AVS
143
1.25
Hartford Life Insurance Company
2010-06-14
21st
91
2.77
2010-06-16
AVS
108
1.00
5.59
1.75
ACM- 2420
M
1931-04-03
81
ACM- 2489
F
1925-08-25
86
ACM- 2506
M
1932-12-25
79
FL
2008-04-24
49
7,000,000
4.80%
323,068
3.1%
UL
SLS
aa-
A+
2B+
AA-
ACM- 2514
F
1925-08-02
86
VA
2007-11-25
54
5,000,000
4.50%
302,600
4.2%
UL
SLS
a+
A
2B+
A
ACM- 2606
M
1932-08-24
79
NY
2008-01-18
52
7,000,000
4.80%
433,263
5.4%
UL
SLS
a
A
2B+
A-
ING Life Insurance and Annuity Company
2010-06-15
21st
80
ACM- 2614
M
1922-08-12
89
NY
2007-06-19
59
5,000,000
5.00%
347,971
5.0%
UL
SLS
aa-
A+
2B+
AA-
Jefferson-Pilot Life Insurance Company
2008-03-26
21st
85
ACM- 2683
F
1931-04-05
81
FL
2007-10-04
56
5,000,000
4.00%
195,000
3.3%
UL
SLS
aa-
A+
2B+
AA-
Transamerica Life Insurance Company
2007-05-16
Reed
152
FL
2007-11-20
54
4,000,000
3.80%
235,086
3.8%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2007-08-16
Reed
131
TX
2008-01-13
53
5,200,000
3.80%
232,169
2.8%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2007-12-11
21st
115
2010-06-21
AVS
115
2008-04-14
AVS
130
3.11
2007-12-20
AVS
130
ACM- 2686
M
1932-03-05
80
ACM- 2711
M
1935-07-16
76
CA
2008-03-28
50
5,000,000
3.80%
293,570
3.8%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2008-02-23
21st
109
2.25
2008-02-29
AVS
140
CA
2008-03-12
51
8,000,000
3.80%
432,100
3.7%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2008-02-26
21st
116
1.56
2008-02-23
AVS
122
1.75
ACM- 2727
M
1932-04-05
80
ACM- 2731
M
1930-05-25
82
FL
2008-01-28
52
10,000,000
4.80%
558,819
4.3%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2008-02-28
21st
115
2008-02-29
AVS
131
IL
2007-10-09
56
5,000,000
4.00%
215,500
3.7%
UL
SLS
aa-
A+
2B+
AA-
Transamerica Life Insurance Company
2008-03-26
21st
131
1.26
2008-07-29
AVS
138
1.00
2008-02-04
52
5,000,000
3.00%
245,660
3.8%
UL
SLS
a
A
2B+
A+
American General Life Insurance Company
2008-03-26
21st
107
2.85
2008-05-03
AVS
134
1.25
ACM- 2733
F
1927-01-13
85
ACM- 2749
F
1928-04-10
84
1933-01-14
79
ACM- 2753
M
5. Policy Matrix
FL
1.25
Policy Group Selection Matrix $1,020.9M - 167 pol - 113 mo (-) 76 yr (+)
Policy ID
Gender
ACM- 2775
F
DOB
Current Age
State Issued
Policy Issue Date
Months frm Issue Date
1932-03-12
80
TX
2007-09-09
57
5,000,000
Current Policy Crediting Rate 4.90%
Face Value
Projected Estimated Policy Level COI Policy Org. Premium to Premium % Type Method Maturity of Face 200,500 2.9% UL SLS
ICR
AM BEST FSR
S&P FSR
Insurance Company Name
LE Cert Issue Date #1
Mortality LE Cert 50% Multiplier Source #1 LE #1 #1
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2008-03-28
21st
105
LE Cert Issue Date #2
Mortality LE Cert 50% Multiplier Source #2 LE #2 #2
2008-05-02
AVS
142
ACM- 2880
M
1934-06-30
77
FL
2007-12-27
53
10,000,000
3.00%
631,358
3.0%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2007-09-27
21st
111
3.00
2007-11-02
Reed
113
ACM- 2889
M
1932-01-29
80
MI
2007-12-19
53
10,000,000
4.10%
864,425
4.5%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2007-07-31
21st
90
4.10
2007-07-30
AVS
134
1.25
ACM- 2903
F
1929-11-05
82
NY
2007-05-04
61
1,000,000
4.30%
41,789
4.2%
UL
SLS
aa
A+
2B+
AA-
John Hancock Life Insurance Company
2009-07-20
21st
133
2.12
2009-07-17
AVS
133
1.50
ACM- 2905
F
1929-11-14
82
NY
2007-07-28
58
1,250,000
4.65%
56,215
3.7%
UL
SLS
aa-
A+
2B+
AA-
Lincoln Life & Annuity Company of NY
2009-06-08
21st
121
2.77
2009-06-10
AVS
153
1.15
ACM- 2909
F
1935-10-19
76
NY
2007-04-18
61
10,000,000
3.00%
298,431
3.0%
UL
SLS
aa+
A++
2B+
AA+
Massachusetts Mutual Life Insurance Company
2009-08-19
21st
109
5.62
2009-08-18
AVS
96
6.20
ACM- 3292
F
1928-07-18
83
CA
2007-09-01
57
6,000,000
4.55%
199,774
3.3%
UL
SLS
aa
A+
2B+
AA-
John Hancock Life Insurance Company
2009-08-07
21st
110
2.76
2009-08-05
ISC
135
1.00
ACM- 3296
F
1931-09-15
80
NJ
2007-05-16
60
5,000,000
4.65%
193,627
3.3%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2009-08-03
21st
127
3.12
2009-08-07
AVS
125
2.00
CA
2007-09-01
57
5,000,000
4.55%
166,502
3.3%
UL
SLS
aa
A+
2B+
AA-
John Hancock Life Insurance Company
2009-08-07
21st
110
2.76
2009-08-07
AVS
143
1.00
NY
2007-08-28
57
5,000,000
3.00%
153,485
3.1%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2009-08-21
21st
111
3.24
2009-09-01
EMSI
126
1.75
ACM- 3300
F
1928-07-18
83
ACM- 3332
F
1929-11-05
82
VA
2007-05-18
60
5,000,000
3.00%
191,987
3.8%
UL
SLS
aa-
A+
2B+
AA-
Jefferson-Pilot Life Insurance Company
2009-05-21
21st
137
1.80
2009-04-30
AVS
130
1.50
CA
2007-09-01
57
2,000,000
4.55%
65,064
3.3%
UL
SLS
aa
A+
2B+
AA-
John Hancock Life Insurance Company
2009-08-07
21st
110
2.76
2009-08-07
EMSI
130
1.50
ACM- 3350
M
1931-09-18
80
ACM- 3361
F
1928-07-18
83
ACM- 3368
M
1929-08-31
82
NY
2007-04-19
61
2,500,000
4.00%
165,157
5.6%
UL
SLS
a+
A
750M-1B
A+
Union Central Life Insurance Company
2009-07-31
21st
125
1.80
2009-08-05
AVS
119
1.25
ACM- 3389
F
1929-11-05
82
NY
2007-05-04
61
1,000,000
4.30%
41,789
4.2%
UL
SLS
aa
A+
2B+
AA-
John Hancock Life Insurance Company
2009-07-20
21st
133
2.12
2009-07-17
AVS
133
1.50
ACM- 3420
M
1934-12-27
77
IN
2007-09-19
56
5,000,000
5.45%
245,379
3.3%
UL
SLS
aa-
A+
2B+
A+
Pacific Life Insurance Company
2009-08-19
21st
108
4.83
2009-08-19
AVS
154
1.50
ACM- 3421
M
1934-12-27
77
IN
2007-09-19
56
7,000,000
5.45%
346,548
3.3%
UL
SLS
aa-
A+
2B+
A+
Pacific Life Insurance Company
2009-08-19
21st
108
4.83
2009-08-19
AVS
154
1.50
ACM- 3426
M
1933-08-11
78
CA
2007-07-12
59
3,000,000
4.50%
159,796
3.4%
UL
SLS
aa-
A+
2B+
A+
Nationwide Life Insurance Company
2009-05-07
21st
128
2.76
2009-05-07
AVS
141
1.65
ACM- 3431
F
1929-01-15
83
NY
2007-05-21
60
10,000,000
4.30%
349,214
3.5%
UL
SLS
aa
A+
2B+
A-
Sun Life Assurance Company of Canada (US)
2009-08-12
21st
105
3.06
2009-07-29
AVS
125
1.50
ACM- 3432
F
1929-01-15
83
NY
2007-05-22
60
10,000,000
3.00%
386,508
3.9%
UL
SLS
aa-
A+
2B+
AA-
Lincoln Life & Annuity Company of NY
2009-04-28
21st
112
3.02
2009-04-29
AVS
139
1.25
FL
2007-05-14
61
3,500,000
5.35%
163,300
4.7%
UL
SLS
a+
A
1.5-2B
A
American National Insurance Company
2009-01-08
21st
128
1.91
2009-01-07
AVS
130
1.25
IL
2007-06-10
60
10,000,000
3.35%
338,938
3.4%
UL
SLS
aa-
A+
2B+
A
Principal Life Insurance Company
2009-04-07
21st
134
2.91
2009-04-08
AVS
130
1.75
2009-06-08
Fasano
158
1.06
ACM- 3434
F
1927-11-28
84
ACM- 3452
M
1932-12-10
79
NJ
2007-09-10
57
1,500,000
4.55%
63,468
2.9%
UL
SLS
aa-
A+
2B+
AA-
Lincoln Life & Annuity Company of NY
2009-06-03
21st
110
3.87
CA
2007-05-18
60
4,000,000
3.95%
199,924
3.6%
UL
SLS
aa-
A+
2B+
AA-
AXA Equitable Life Insurance Company
2009-06-01
21st
113
3.70
ACM- 3463
F
1931-04-13
81
ACM- 3473
M
1933-01-28
79
MS
2007-08-28
57
1,500,000
4.25%
73,292
3.9%
UL
SLS
aa-
A+
2B+
AA-
Transamerica Life Insurance Company
2009-08-03
21st
120
2.47
2009-08-05
AVS
143
1.00
MD
2007-10-16
55
2,600,000
4.18%
189,000
7.3%
UL
SLS
aa-
A+
2B+
AA-
Transamerica Life Insurance Company
2009-08-30
21st
148
0.90
2009-09-01
AVS
104
1.25
ACM- 3495
F
1928-10-29
83
ACM- 3498
M
1927-06-03
85
ACM- 3510
M
1931-02-17
81
NJ
2007-08-15
57
10,000,000
5.45%
730,274
5.5%
UL
SLS
aa-
A+
2B+
A+
Pacific Life Insurance Company
2009-07-06
21st
120
2.80
2009-07-01
AVS
123
1.50
ACM- 3521
F
1928-06-12
84
PA
2007-07-06
59
5,000,000
3.00%
245,077
3.9%
UL
SLS
aa-
A+
2B+
AA-
AXA Equitable Life Insurance Company
2009-08-03
AVS
143
1.00
2009-04-17
21st
111
2.00
ACM- 3522
M
1927-06-22
84
PA
2007-05-02
61
1,867,683
3.00%
120,700
5.7%
UL
SLS
aa-
A+
2B+
A
ACM- 3523
F
1928-06-12
84
PA
2007-07-11
59
5,000,000
4.55%
226,056
4.5%
UL
SLS
aa
A+
2B+
AA-
ACM- 3525
F
1925-10-31
86
NY
2008-04-24
49
10,000,000
5.90%
517,200
5.2%
UL
SLS
a-
A-
500-750M
A-
Principal Life Insurance Company
2009-04-13
AVS
114
1.00
2009-04-17
21st
110
2.00
John Hancock Life Insurance Company
2009-08-03
AVS
143
1.00
2009-04-17
21st
111
2.00
AIG Life Insurance Company
2008-10-07
21st
109
2.39
2008-12-30
AVS
113
1.25
Lincoln National Life Insurance Company
2009-06-03
21st
112
2.94
2009-06-03
ISC
103
1.75
United States Life Insurance in the City of New York
2007-10-01
AVS
128
1.50
2009-01-13
21st
141
1.95
ACM- 3587
F
1928-05-29
84
NY
2007-07-28
58
10,000,000
4.05%
317,816
3.2%
UL
SLS
aa-
A+
2B+
AA-
ACM- 3605
F
1929-09-05
82
NY
2008-03-03
51
10,000,000
4.55%
627,353
4.2%
UL
SLS
a-
A-
500-750M
A-
ACM- 3607
M
1929-11-11
82
CA
2007-05-08
61
4,000,000
3.00%
344,441
5.0%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2007-11-02
AVS
115
1.25
2007-07-11
21st
110
1.80
ACM- 3611
M
1931-08-19
80
WI
2008-02-05
52
4,000,000
5.00%
391,069
4.9%
UL
SLS
a-
A-
250-500M
A
Beneficial Life Insurance Company
2008-02-11
AVS
127
1.25
2008-12-18
21st
109
3.99
ACM- 3616
M
1934-09-08
77
CA
2008-04-01
50
10,000,000
5.50%
1,366,775
3.0%
UL
SLS
a+
A
1.5-2B
A
American National Insurance Company
2008-01-14
AVS
147
1.25
2008-12-16
21st
118
4.77
ACM- 3620
F
1930-02-16
82
NY
2008-04-01
50
10,000,000
4.25%
778,749
4.5%
UL
SLS
aa-
A+
2B+
AA-
AXA Equitable Life Insurance Company
2008-04-28
AVS
142
1.25
2009-01-13
21st
133
2.35
ACM- 3685
F
1930-05-17
82
UT
2007-08-16
57
4,000,000
4.25%
145,688
3.0%
UL
SLS
aa-
A+
2B+
AA-
AXA Equitable Life Insurance Company
2009-10-26
21st
125
2.49
2009-11-06
ISC
127
1.50
ACM- 3686
F
1930-05-17
82
UT
2007-08-16
57
6,000,000
4.25%
218,473
3.0%
UL
SLS
aa-
A+
2B+
AA-
AXA Equitable Life Insurance Company
2009-10-26
21st
125
2.49
2009-11-06
ISC
127
1.50
ACM- 3707
F
1926-08-25
85
NY
2008-02-22
51
4,000,000
5.20%
291,486
4.6%
UL
SLS
a-
A-
500-750M
A-
AIG Life Insurance Company
2008-05-01
AVS
131
1.00
2008-04-24
21st
109
1.82
CA
2009-01-23
40
3,000,000
4.55%
244,960
5.0%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2008-11-25
AVS
143
1.00
2009-02-04
21st
113
2.76
CA
2007-10-03
56
5,000,000
4.55%
230,127
4.6%
UL
SLS
aa
A+
2B+
AA-
John Hancock Life Insurance Company
2009-03-31
21st
126
1.31
2009-03-25
AVS
125
1.00
ACM- 3716
F
1927-08-20
84
ACM- 3718
F
1926-01-12
86
CA
2007-09-10
57
2,000,000
4.65%
121,515
4.9%
UL
SLS
aa-
A+
2B+
AA-
Jefferson-Pilot Life Insurance Company
2009-10-19
21st
117
1.38
2009-10-07
AVS
104
1.25
NY
2007-04-16
61
6,000,000
4.85%
353,991
3.9%
UL
SLS
aa-
A+
2B+
A+
Lincoln Benefit Life Company
2009-08-29
21st
100
4.16
2009-09-03
AVS
107
2.00
ACM- 3720
M
1927-08-23
84
ACM- 3727
M
1931-08-19
80
HI
2007-11-05
55
10,000,000
4.85%
374,671
3.7%
UL
SLS
aa-
A+
2B+
A+
Lincoln Benefit Life Company
2009-10-27
21st
132
2.93
NC
2007-05-21
60
5,000,000
4.55%
203,710
4.1%
UL
SLS
aa
A+
2B+
AA-
John Hancock Life Insurance Company
2009-10-31
21st
111
2.22
ACM- 3733
F
1931-06-05
81
ACM- 4249
F
1926-05-01
86
ACM- 4251
M
1928-09-21
83
TX
2007-11-16
54
1,500,000
4.25%
91,497
5.1%
UL
SLS
aa-
A+
2B+
AA-
AXA Equitable Life Insurance Company
2009-10-21
21st
103
2.74
2009-10-28
AVS
122
1.00
ACM- 4252
F
1928-10-07
83
OH
2007-11-05
55
1,500,000
4.55%
62,222
3.2%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2009-10-21
21st
121
2.22
2009-10-14
AVS
130
1.25
ACM- 4254
M
1931-05-13
81
AR
2007-08-02
58
2,500,000
5.35%
158,200
4.8%
UL
SLS
a+
A
1.5-2B
A
American National Insurance Company
2009-05-20
21st
133
1.91
2009-05-18
AVS
123
1.50
ACM- 4258
F
1927-02-21
85
CA
2007-08-19
57
5,000,000
4.10%
319,014
5.4%
UL
SLS
a
A
2B+
A-
ING Life Insurance and Annuity Company
2009-10-23
21st
103
2.73
2009-10-15
AVS
122
1.25
ACM- 4259
F
1927-02-21
85
CA
2007-08-19
57
5,000,000
4.10%
319,098
5.4%
UL
SLS
a
A
2B+
A-
ING Life Insurance and Annuity Company
2009-10-23
21st
103
2.73
2009-10-15
AVS
122
1.25
NY
2007-10-15
55
3,000,000
5.40%
254,824
5.3%
UL
SLS
a+
A
750M-1B
A+
Union Central Life Insurance Company
2009-01-05
21st
118
1.55
2007-08-13
AVS
127
1.00
NY
2007-11-03
55
1,500,000
5.60%
136,060
5.8%
UL
SLS
a+
A
750M-1B
A+
Union Central Life Insurance Company
2008-12-17
21st
112
2.84
2007-12-14
AVS
122
1.50
ACM- 7095
M
1929-04-17
83
ACM- 7098
F
1928-05-05
84
CA
2007-11-14
54
3,000,000
5.40%
253,409
5.6%
UL
SLS
a+
A
750M-1B
A+
Union Central Life Insurance Company
2009-03-17
21st
118
1.55
2007-11-27
AVS
120
1.00
NY
2007-11-28
54
3,000,000
5.40%
263,633
6.3%
UL
SLS
a+
A
750M-1B
A+
Union Central Life Insurance Company
2008-12-18
21st
99
3.00
2007-11-09
AVS
120
1.00
2008-02-05
52
4,000,000
5.00%
379,750
4.3%
UL
SLS
a-
A-
250-500M
A
Beneficial Life Insurance Company
2008-12-18
21st
109
3.99
2008-02-11
AVS
127
1.25
ACM- 7101
M
1928-06-07
84
ACM- 7105
M
1928-03-01
84
1931-08-19
80
ACM- 7119
M
5. Policy Matrix
WI
Policy Group Selection Matrix $1,020.9M - 167 pol - 113 mo (-) 76 yr (+)
Policy ID
Gender
ACM- 7129
F
DOB
Current Age
State Issued
Policy Issue Date
Months frm Issue Date
1929-09-05
82
NY
2008-03-03
51
10,000,000
Current Policy Crediting Rate 4.55%
NY
2008-04-01
50
10,000,000
4.25%
750,418
3.9%
UL
CA
2008-04-01
50
10,000,000
5.50%
1,308,942
3.4%
UL
Face Value
Projected Estimated Policy Level COI Policy Org. Premium to Premium % Type Method Maturity of Face 616,111 4.0% UL SLS
ICR
AM BEST FSR
a-
A-
SLS
aa-
SLS
a+
S&P FSR
500-750M
A-
A+
2B+
A
1.5-2B
Insurance Company Name
LE Cert Issue Date #1
Mortality LE Cert 50% Multiplier Source #1 LE #1 #1
LE Cert Issue Date #2
Mortality LE Cert 50% Multiplier Source #2 LE #2 #2
United States Life Insurance in the City of New York
2009-01-13
21st
141
1.95
2007-10-01
AVS
128
1.50
AA-
AXA Equitable Life Insurance Company
2009-01-13
21st
133
2.35
2008-04-28
AVS
142
1.25
A
American National Insurance Company
2008-12-16
21st
118
4.77
2008-01-14
AVS
147
1.25
ACM- 7142
F
1930-02-16
82
ACM- 7143
M
1934-09-08
77
ACM- 7173
F
1927-12-28
84
NJ
2008-01-11
53
10,000,000
4.30%
364,909
3.6%
UL
SLS
aa
A+
2B+
AA-
John Hancock Life Insurance Company
2009-03-30
21st
135
1.72
2009-04-02
AVS
143
1.00
ACM- 7270
F
1929-12-20
82
MD
2007-09-21
56
1,500,000
4.15%
57,675
3.8%
UL
SLS
a+
A
1.5-2B
A
American National Insurance Company
2010-02-10
21st
118
2.97
2010-02-10
AVS
139
1.25
ACM- 7403
F
1927-04-04
85
0
2008-04-01
50
5,000,000
4.25%
282,783
4.5%
UL
SLS
aa-
A+
2B+
AA-
AXA Equitable Life Insurance Company
2010-06-17
21st
106
2.19
2010-06-16
AVS
125
1.00
ACM- 7416
M
1930-05-02
82
GA
2007-10-28
55
10,000,000
5.30%
1,228,779
6.2%
UL
SLS
aa-
A+
2B+
A+
Pacific Life Insurance Company
2007-11-15
21st
100
2.20
2008-02-19
AVS
127
1.00
ACM- 7421
F
1927-08-04
84
0
2008-02-01
52
9,500,000
4.80%
419,140
3.0%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2010-06-29
21st
115
1.94
2010-07-06
AVS
125
1.00
0
2008-02-03
52
8,000,000
4.55%
354,787
4.4%
UL
SLS
aa
A+
2B+
AA-
John Hancock Life Insurance Company
2010-05-26
21st
121
0.90
2010-05-24
AVS
106
1.00
0
2008-03-09
51
2,000,000
4.55%
188,571
4.4%
UL
SLS
aa-
A+
2B+
A
Principal Life Insurance Company
2007-10-26
21st
90
4.57
2007-11-13
AVS
140
1.25
ACM- 7437
M
1927-08-04
84
ACM- 7438
M
1933-09-09
78
TX
2008-03-06
51
10,000,000
5.20%
804,588
5.0%
UL
SLS
a-
A-
500-750M
A-
AIG Life Insurance Company
2008-06-26
21st
114
2.23
2008-06-26
AVS
127
1.25
0
2008-03-06
51
10,000,000
4.55%
502,694
4.7%
UL
SLS
aa
A+
2B+
AA-
John Hancock Life Insurance Company
2010-08-02
21st
93
3.67
2010-08-10
AVS
143
1.00
ACM- 7443
M
1932-01-10
80
ACM- 7455
F
1929-09-07
82
ACM- 7456
M
1929-06-03
83
0
2008-06-01
48
8,000,000
4.00%
583,750
4.1%
UL
SLS
aa
A+
2B+
AA-
John Hancock Life Insurance Company
2008-04-08
21st
124
1.04
2008-04-18
AVS
120
1.00
ACM- 7463
M
1931-09-08
80
0
2008-07-11
47
5,225,000
3.00%
433,500
4.9%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2008-05-15
21st
105
2.56
2008-05-19
AVS
140
1.00
ACM- 7465
M
1931-04-17
81
GA
2008-05-27
48
2,000,000
5.45%
245,827
6.5%
UL
SLS
aa-
A+
2B+
A+
Pacific Life Insurance Company
2008-04-01
21st
123
1.71
2008-04-04
AVS
122
1.25
ACM- 7468
F
1927-07-07
84
0
2008-08-27
45
3,000,000
3.00%
189,767
4.9%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2008-03-17
21st
106
2.15
2008-09-23
AVS
118
1.25
ACM- 7469
M
1933-10-26
78
0
2008-03-05
51
10,000,000
4.50%
472,500
4.0%
UL
SLS
a
A
2B+
A-
Security Life of Denver Insurance Company
2010-07-30
21st
104
4.50
2010-08-10
AVS
122
1.75
ACM- 7470
M
1929-04-29
83
NJ
2008-06-13
48
10,000,000
5.10%
898,031
4.8%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2008-01-23
21st
95
2.50
2008-02-01
AVS
105
1.00
ACM- 7472
F
1925-07-27
86
0
2008-07-21
46
9,000,000
4.80%
825,996
6.0%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2010-10-21
21st
99
2.37
2010-10-28
AVS
108
1.00
0
2008-06-02
48
2,500,000
4.60%
241,831
4.0%
UL
SLS
a
A
750M-1B
A
National Western Life Insurance Company
2008-06-03
21st
104
2.17
2008-05-29
AVS
127
1.00
0
2008-07-21
46
5,000,000
3.00%
383,182
3.7%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2011-01-10
21st
101
4.67
2010-01-26
AVS
138
1.50
10,000,000
4.70%
1,263,109
7.4%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2010-08-31
21st
93
2.73
2010-09-10
AVS
106
1.00
10,000,000
4.45%
337,373
3.2%
UL
SLS
aa
A+
2B+
AA-
John Hancock Life Insurance Company
2010-08-23
21st
131
2.36
2010-09-01
AVS
92
2.75
ACM- 7474
M
1930-06-03
82
ACM- 7479
M
1933-07-24
78
ACM- 7481
M
1927-09-14
84
0
2008-07-03
47
ACM- 7486
M
1932-05-16
80
0
2008-07-01
47
ACM- 7491
M
1935-09-04
76
0
2008-10-14
43
6,000,000
4.70%
791,398
5.6%
UL
SLS
aa-
A+
2B+
A
Principal Life Insurance Company
2008-10-15
21st
123
4.78
2008-10-21
AVS
118
1.90
ACM- 7494
F
1928-10-19
83
0
2008-10-08
44
10,000,000
4.70%
850,135
4.5%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2008-10-02
21st
123
2.61
2008-07-29
AVS
125
1.25
ACM- 7497
F
1930-05-15
82
0
2008-11-12
43
5,000,000
4.70%
235,825
3.1%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2008-10-07
21st
107
4.00
2008-11-25
AVS
134
1.75
ACM- 7500
M
1930-10-28
81
0
2008-12-12
42
10,000,000
4.70%
1,118,456
5.5%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2008-10-03
21st
120
2.68
2008-12-22
AVS
115
1.75
ACM- 7511
F
1926-11-29
85
NY
2007-05-28
60
10,000,000
4.35%
448,323
3.5%
UL
SLS
aa-
A+
2B+
AA-
Jefferson-Pilot Life Insurance Company
2009-04-08
AVS
134
1.00
ACM- 7512
M
1931-01-16
81
NJ
2007-05-30
60
3,000,000
5.15%
197,838
4.4%
UL
SLS
a+
A
750M-1B
A+
Union Central Life Insurance Company
2010-07-13
21st
87
3.98
2009-02-16
AVS
135
1.40
ACM- 7528
M
1934-11-08
77
CT
2007-09-14
57
10,000,000
4.20%
466,910
2.7%
UL
SLS
aa-
A+
2B+
AA-
AXA Equitable Life Insurance Company
2009-09-17
21st
111
4.65
2009-09-01
AVS
117
2.50
2009-08-11
AVS
130
1.25
2009-12-15
AVS
125
2.00
ACM- 7549
F
1928-02-25
84
FL
2007-11-06
55
5,000,000
4.20%
278,484
4.2%
UL
SLS
aa-
A+
2B+
AA-
AXA Equitable Life Insurance Company
2009-08-26
21st
111
2.81
ACM- 7556
F
1929-06-04
83
OH
2007-12-04
54
2,500,000
4.45%
105,117
4.2%
UL
SLS
aa
A+
2B+
AA-
John Hancock Life Insurance Company
2007-08-02
21st
117
2.21
ACM- 7561
F
1931-06-12
81
CA
2007-12-09
54
4,000,000
4.05%
145,000
3.6%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2009-12-09
21st
84
5.89
ACM- 7566
F
1929-11-26
82
FL
2007-12-24
53
5,000,000
4.05%
238,000
3.2%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2010-05-20
21st
115
3.02
ACM- 7575
F
1925-07-25
86
NY
2008-01-24
52
10,000,000
4.45%
580,343
5.8%
UL
SLS
aa
A+
2B+
AA-
John Hancock Life Insurance Company
2010-06-22
21st
108
1.74
2010-04-01
AVS
117
1.00
ACM- 7576
F
1925-07-25
86
NY
2008-01-24
52
10,000,000
4.45%
580,343
5.8%
UL
SLS
aa
A+
2B+
AA-
John Hancock Life Insurance Company
2010-06-22
21st
108
1.74
2010-04-01
AVS
117
1.00
ACM- 7577
M
1930-07-29
81
TX
2008-01-26
52
5,000,000
5.15%
278,191
4.5%
UL
SLS
a+
A
750M-1B
A+
Union Central Life Insurance Company
2010-10-15
21st
119
1.45
2010-10-15
ISC
116
1.25
ACM- 7579
M
1930-02-07
82
NY
2008-01-28
52
10,000,000
4.45%
431,745
4.3%
UL
SLS
aa
A+
2B+
AA-
John Hancock Life Insurance Company
2010-10-04
21st
110
1.75
2010-03-05
AVS
131
1.00
ACM- 7581
M
1929-08-03
82
TX
2008-02-02
52
10,000,000
4.45%
385,020
3.9%
UL
SLS
aa
A+
2B+
AA-
John Hancock Life Insurance Company
2010-05-10
21st
102
2.50
ACM- 7594
M
1930-12-04
81
TX
2008-02-25
51
4,000,000
4.35%
252,743
4.7%
UL
SLS
a
A
2B+
A-
ING Life Insurance and Annuity Company
2010-11-30
21st
96
2.53
2010-04-23
AVS
127
1.25
ACM- 7596
M
1929-03-03
83
MN
2008-03-02
51
2,000,000
4.65%
143,660
5.2%
UL
SLS
aa-
A+
2B+
A+
Lincoln Benefit Life Company
2010-01-27
21st
92
3.33
2010-01-27
AVS
122
1.00
ACM- 7606
M
1930-05-04
82
NJ
2008-03-19
50
10,000,000
4.20%
628,610
4.4%
UL
SLS
aa-
A+
2B+
AA-
AXA Equitable Life Insurance Company
2008-04-25
21st
100
2.51
ACM- 7609
M
1927-09-25
84
TX
2008-03-24
50
10,000,000
4.45%
471,421
4.7%
UL
SLS
aa
A+
2B+
AA-
John Hancock Life Insurance Company
2010-10-04
21st
128
0.90
2010-10-04
AVS
106
1.00
ACM- 7615
M
1930-11-14
81
VA
2008-04-15
49
6,250,000
4.90%
363,450
4.8%
UL
SLS
a-
A-
500-750M
A-
AIG Life Insurance Company
2010-06-23
21st
114
1.90
2010-12-03
ISC
127
1.00
ACM- 7633
M
1930-09-10
81
NY
2008-05-16
48
10,000,000
4.55%
649,957
5.2%
UL
SLS
aa-
A+
2B+
A
Principal Life Insurance Company
2010-01-28
21st
105
3.10
2010-02-01
AVS
127
1.25
ACM- 7634
M
1930-09-10
81
NY
2008-05-16
48
10,000,000
4.55%
649,957
5.2%
UL
SLS
aa-
A+
2B+
A
Principal Life Insurance Company
2010-01-28
21st
105
3.10
2010-02-01
AVS
127
1.25
ACM- 7642
M
1930-12-13
81
NJ
2008-06-10
48
6,000,000
4.05%
375,512
4.3%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2010-06-17
21st
113
2.71
ACM- 7652
F
1929-12-25
82
NJ
2008-06-22
47
10,000,000
4.05%
707,959
4.0%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2008-06-24
21st
110
2.38
ACM- 7653
F
1929-12-25
82
NJ
2008-06-22
47
10,000,000
4.05%
707,959
4.0%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2008-06-24
21st
110
2.38
ACM- 7654
F
1929-12-25
82
NJ
2008-06-22
47
10,000,000
4.05%
707,959
4.0%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2008-06-24
21st
110
2.38
CA
2008-06-25
47
3,000,000
4.30%
162,248
4.5%
UL
SLS
aa-
A+
2B+
AA-
Transamerica Life Insurance Company
2010-07-19
21st
100
4.80
2010-06-07
AVS
151
1.25
CA
2008-06-25
47
3,000,000
4.30%
162,248
4.5%
UL
SLS
aa-
A+
2B+
AA-
Transamerica Life Insurance Company
2010-07-19
21st
100
4.80
2010-06-07
AVS
151
1.25
ACM- 7655
M
1934-01-08
78
ACM- 7656
M
1934-01-08
78
NY
2008-07-03
47
10,000,000
4.45%
425,000
4.1%
UL
SLS
aa
A+
2B+
AA-
John Hancock Life Insurance Company
2008-05-21
21st
98
3.47
NJ
2008-07-17
46
4,000,000
4.05%
233,052
4.5%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2010-08-03
21st
99
2.91
2010-11-23
AVS
117
1.00
2008-08-01
46
2,500,000
4.05%
103,550
3.0%
UL
SLS
aa-
A+
2B+
AA-
Lincoln National Life Insurance Company
2010-08-16
21st
128
3.13
2010-08-20
AVS
125
2.00
ACM- 7663
F
1931-07-06
80
ACM- 7665
F
1926-10-08
85
1932-05-27
80
ACM- 7676
F
5. Policy Matrix
NJ
The Secured Convertible Debenture Offering
Forum National Investments Ltd., a publicly listed Company (trading symbol: FMNL), is offering its corporate security the Secured Convertible Debenture and has secured it by way of a Life Settlement Investment.
The security is a structured note issued by the Company that is underwritten by an interest in the death benefit payable under in-force non-variable US life insurance policies.
Investment Performance
The Company’s Secured Convertible Debenture is an investment with a fixed term allowing for an early redemption in the event of a maturity of the underlying insurance policies or conversion into common shares of the company
As an uncorrelated investment, it offers diversification within an accredited investor’s typical portfolio.
Debentures secured by Life Settlements are less sensitive to general drivers of global market turmoil and instabilities of the stock, bond, commodity and real estate markets.
Liquidity occurs upon conversion into common stock, or as the policies mature and insurance companies pay the death benefit claims, or upon the completion of the term.
Markets
Secured Convertible Debentures are available to accredited investors and institutional investors.
Available through the Company or its authorized representatives.
Ideal for estate planning, retirement funds, pension funds, endowment funds, and other similar institutional holdings.
Risk Investors risk is mitigated by the following:
Fractional interest – the subscriber is not depending on one policy as security for the debenture – the investor does not have the risk of a single insured living beyond their life expectancy.
Multiple life expectancies –risk is spread over a number of life expectancies.
Seasoned underwriting assets – all policies are over the legal 2 year contestability stage.
Larger policy face amounts, ranging from $1M to $6M ensure that most insureds of polices are in higher net worth categories.
All policies securing the debenture are issued by US life insurance companies with long histories of financial stability rated “A” or better by AM Best at time of purchase.
Risk Investors risk is further mitigated by the following:
Forum National Investments Ltd. uses well respected medical underwriting actuarial firms for life expectancy projections on which it bases its purchases (AVS Underwriting, 21st Services, Fasano and Associates and ISC Services).
Forum National Investments Ltd. engages life settlement industry professionals and actuaries to evaluate economic benefit of the life insurance illustration, and potential medical impairments of the insured
Forum National Investments Ltd. conducts due diligence of the legal documents to safeguard against any potential irregularities.
The Investor has multiple “exit strategies” to suit an individual’s changing financial conditions.
Investment performance has little correlation to traditional market investments.
Investment performance is not directly impacted by downturns in the economy, foreign currency fluctuations or volatility in global markets.
17
Forum National Investments Ltd.
•
Secured Convertible Debenture Offering secured by way of a Life Settlement Investment.
•
Trading symbol is: FMNL.
