Exhibit_C9_-_SecurianExperience_01-01-2020through12-31-2020.pdf
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- Attached to
- RFP 25-02 Life Insurance Benefit Plans
- Solicitation number
- 0000036099
- Issued by
- San Bernardino County, California
About this file
This document is a Financial Experience Report from Minnesota Life Insurance Company for the Superior Court of California, covering life insurance and accidental death & dismemberment (AD&D) policy performance from January 1, 2020 through December 31, 2020. The report details the financial experience across multiple coverage types, including Basic Term Life, Supplemental Term Life, Variable Universal Life (VGUL), Spouse Life, Child Life, Employee Voluntary AD&D, and Employee & Family Voluntary AD&D.
The report provides comprehensive claims and premium data, showing total earned premiums of $247,243 for life coverages and $22,762 for AD&D coverages, with total incurred claims of $335,317 for life coverages and negative $178 for AD&D coverages. Notable highlights include a 535.2% loss ratio for Basic Term Life, primarily due to three death claims totaling $85,000, and a 118.2% loss ratio for Supplemental Term Life. The document includes detailed monthly breakdowns, claim statistics by coverage, and analyses of waiver of premium and port charges, offering a granular view of the insurance policy's financial performance for the Superior Court of California during 2020.
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Text version
Policy Numbers: 33849, 33850 & 55056
Submitted by
FINANCIAL EXPERIENCE REPORT
Superior Court of California
Minnesota Life Insurance Company
January 1, 2020 through December 31, 2020
© 2021 Securian Financial Group, Inc. All rights reserved.
Financial Experience Report Superior Court of California
Experience by Coverage
For the Period January 1, 2020 through December 31, 2020
Basic Term Life $15,853 $84,840 535.2%
Supplemental Term Life 200,916 237,430 118.2%
VGUL 1,305 9 0.7%
Spouse Life 23,311 13,038 55.9%
Child Life 5,858 0 0.0%
Total Life Coverages $247,243 $335,317 135.6%
Employee Voluntary AD&D $2,812 ($28) (1.0)%
Employee & Family Voluntary
AD&D 19,950 (150) (0.8)%
Total AD&D Coverages $22,762 ($178) (0.8)%
Ported Coverage $6,630 $0 0.0%
Notes: Incurred Claims = Paid Claims + Interest + Current Reported Life Reserve - Prior Reported Life Reserve + Current Reported Waiver Reserve - Prior Reported Waiver Reserve + Current Waiver IBNR Reserve - Prior Waiver IBNR Reserve + Conversion Charges + Port Charges
Coverage Earned
Premium* Incurred Claims
Incurred Loss Ratio
* Earned Premium for VGUL is the Cost of Insurance applied to each insured's account
© 2021 All Rights Reserved Minnesota Life Insurance Company A Securian Company
Claim Statistics by Coverage
For the Period January 1, 2020 through December 31, 2020 Based on the Number of Paid Claims in the Period
* The Average Paid Claim Amount is the average face amount of insurance for claims which had a final claim payment in the reporting period.
Coverage Average Paid
Claim Amount * Number of
Paid Claims Average Age at Claim
Basic Term Life $42,500 2 56
Supplemental Term Life 115,000 2 56
Spouse Life 13,000 1 71
© 2021 All Rights Reserved Minnesota Life Insurance Company
Cumulative Experience by Coverage
Basic Term Life
01/01/20 - 12/31/20 $15,853 $84,840 535.2%
01/01/19 - 12/31/19 37,558 35,130 93.5%
01/01/18 - 12/31/18 36,819 35,534 96.5%
08/01/10 - 12/31/17 183,236 30,783 16.8%
Total $273,466 $186,287 68.1%
Supplemental Term Life
01/01/20 - 12/31/20 $200,916 $237,430 118.2%
01/01/19 - 12/31/19 188,211 212,967 113.2%
01/01/18 - 12/31/18 181,674 253,561 139.6%
08/01/10 - 12/31/17 1,012,866 211,318 20.9%
Total $1,583,667 $915,276 57.8%
VGUL
01/01/20 - 12/31/20 $1,305 $9 0.7%
01/01/19 - 12/31/19 1,074 16 1.5%
01/01/18 - 12/31/18 670 10 1.5%
08/01/10 - 12/31/17 3,571 17 0.5%
Total $6,620 $52 0.8%
Spouse Life
01/01/20 - 12/31/20 $23,311 $13,038 55.9%
01/01/19 - 12/31/19 20,957 0 0.0%
01/01/18 - 12/31/18 17,994 10,050 55.9%
Total $62,262 $23,088 37.1%
Earned Premium
Incurred Claims
Incurred Loss Ratio
© 2021 All Rights Reserved Minnesota Life Insurance Company
Cumulative Experience by Coverage
Child Life
01/01/20 - 12/31/20 $5,858 $0 0.0%
01/01/19 - 12/31/19 7,883 0 0.0%
01/01/18 - 12/31/18 7,666 0 0.0%
Total $21,407 $0 0.0%
Employee Voluntary AD&D
01/01/20 - 12/31/20 $2,812 ($28) (1.0%)
01/01/19 - 12/31/19 3,781 (6) (0.2%)
01/01/18 - 12/31/18 3,980 15 0.4%
08/01/10 - 12/31/17 21,091 101 0.5%
Total $31,664 $82 0.3%
Employee & Family Voluntary AD&D
01/01/20 - 12/31/20 $19,950 ($150) (0.8%)
01/01/19 - 12/31/19 25,046 (22) (0.1%)
01/01/18 - 12/31/18 25,802 123 0.5%
08/01/10 - 12/31/17 138,155 26,005 18.8%
Total $208,953 $25,956 12.4%
Earned Premium
Incurred Claims
Incurred Loss Ratio
© 2021 All Rights Reserved Minnesota Life Insurance Company
Appendix
Summary of Incurred Claims
Life Claims Waiver of Premium
Reported Reserves Reported Reserves IBNR
Coverage
Insurance
Amount Paid
Interest
Paid
Current Reserve
Prior
Reserve
Current Reserve
Prior
Reserve
Current Reserve
Prior
Reserve
Conv/Port
Charge Incurred Claims
Basic Term Life $85,000.00 $364.93 $17,500.00 $17,500.00 $0 $0 $1,512 $2,037 $0 $84,840
Supplemental Term Life 230,000.00 1,006.02 125,000.00 125,000.00 0 0 16,388 12,464 2,500 237,430
VGUL 0.00 0.00 0.00 0.00 0 0 52 43 0 9
Spouse Life 13,000.00 38.47 0.00 0.00 0 0 0 0 0 13,038
Employee Voluntary
AD&D 0.00 0.00 0.00 0.00 0 0 82 110 0 (28)
Employee & Family Voluntary AD&D 0.00 0.00 0.00 0.00 0 0 581 731 0 (150)
Total $328,000.00 $1,409.42 $142,500.00 $142,500.00 $0 $0 $18,615 $15,385 $2,500 $335,139
© 2021 All Rights Reserved Minnesota Life Insurance Company A Securian Company A1
Basic Term Life Claims Experience
Death Claims
Claim Number D e t
Age at Death Gender
Date of Death
Date Notice Received Date Paid
Insurance Amount Paid Interest Paid
Current Reserve
Prior Reserve
Incurred Claims
1329172 46 F 05/11/2018 05/14/2018 $0.00 $0.00 $17,500.00 $17,500.00 $0.00
1446368 61 F 01/01/2020 01/07/2020 02/10/2020 50,000.00 219.18 0.00 0.00 50,219.18
1466753 50 F 04/06/2020 04/16/2020 05/14/2020 35,000.00 145.75 0.00 0.00 35,145.75
3 Total Claims $85,000.00 $364.93 $17,500.00 $17,500.00 $85,364.93
A Securian Company A2
Basic Term Life Claims Experience
Waiver of Premium Claims
Claim Number Age at Onset Gender
Date of Onset
Amount of Insurance
Current Reserve
Prior Reserve
Incurred Claims
IBNR $1,512 $2,037 ($525)
0 Total Claims $1,512 $2,037 ($525)
A Securian Company A3
Supplemental Term Life Claims Experience
Claim Number D e t
Age at Death Gender
Date of Death
Date Notice Received Date Paid
Insurance Amount Paid Interest Paid
Current Reserve
Prior Reserve
Incurred Claims
1329172 46 F 05/11/2018 05/14/2018 $0.00 $0.00 $125,000.00 $125,000.00 $0.00
1446368 61 F 01/01/2020 01/07/2020 02/10/2020 220,000.00 964.38 0.00 0.00 220,964.38
1466753 50 F 04/06/2020 04/16/2020 05/14/2020 10,000.00 41.64 0.00 0.00 10,041.64
3 Total Claims $230,000.00 $1,006.02 $125,000.00 $125,000.00 $231,006.02
A Securian Company A4
Claim Number Age at Onset Gender
Date of Onset
Amount of Insurance
Current Reserve
Prior Reserve
Incurred Claims
IBNR $16,388 $12,464 $3,924
0 Total Claims $16,388 $12,464 $3,924
A Securian Company A5
Port Charges
Name Age at Port Gender Effective
Date Amount Ported
Port 1 43 F 04/01/2020 $250,000
1 Total Ported Lives $250,000
Port Charge: $2,500
A Securian Company A6
VGUL Claims Experience
Claim Number Age at Onset Gender
Date of Onset
Amount of Insurance
Current Reserve
Prior Reserve
Incurred Claims
IBNR $52 $43 $9
0 Total Claims $52 $43 $9
A Securian Company A7
Spouse Life Claims Experience
Claim Number D e t
Age at Death Gender
Date of Death
Date Notice Received Date Paid
Insurance Amount Paid Interest Paid
Current Reserve
Prior Reserve
Incurred Claims
1450328 71 M 01/28/2020 01/28/2020 02/24/2020 $13,000.00 $38.47 $0.00 $0.00 $13,038.47
1 Total Claim $13,000.00 $38.47 $0.00 $0.00 $13,038.47
A Securian Company A8
Employee Voluntary AD&D Claims Experience
Claim Number Age at Onset Gender
Date of Onset
Amount of Insurance
Current Reserve
Prior Reserve
Incurred Claims
IBNR $82 $110 ($28)
0 Total Claims $82 $110 ($28)
A Securian Company A9
Employee & Family Voluntary AD&D Claims Experience
Claim Number Age at Onset Gender
Date of Onset
Amount of Insurance
Current Reserve
Prior Reserve
Incurred Claims
IBNR $581 $731 ($150)
0 Total Claims $581 $731 ($150)
A Securian Company A10
Show
January 2020 $1,320.80 $0.00
February 2020 1,329.44 50,219.18
March 2020 1,328.48 0.00
April 2020 1,323.52 0.00
May 2020 1,334.72 35,145.75
June 2020 1,331.52 0.00
July 2020 1,330.56 0.00
August 2020 1,317.28 0.00
September 2020 1,317.60 0.00
October 2020 1,316.96 0.00
November 2020 1,303.52 0.00
December 2020 1,298.88 0.00
Month Paid Premium
Paid Claims
Total $15,853.28 $85,364.93
Change in Life Reserves 0.00 0.00
Change in Waiver Reserves 0.00 0.00
Change in Waiver IBNR Reserves 0.00 (525.00)
Conversion Charges 0.00 0.00
Earned Premium Incurred Claims
Total Basic Term Life $15,853.28 $84,839.93
Basic Term Life Experience by Month
For the Period January 1, 2020 through December 31, 2020
Port Charges 0.00 0.00
© 2021 All Rights Reserved Minnesota Life Insurance Company
A11
January 2020 $16,608.75 $0.00
February 2020 16,583.90 220,964.38
March 2020 16,509.05 0.00
April 2020 16,391.45 0.00
May 2020 16,391.45 10,041.64
June 2020 16,807.11 0.00
July 2020 16,994.72 0.00
August 2020 16,901.90 0.00
September 2020 17,090.27 0.00
October 2020 17,018.45 0.00
November 2020 16,776.72 0.00
December 2020 16,842.27 0.00
Month Paid Premium
Paid Claims
Total $200,916.04 $231,006.02
Change in Life Reserves 0.00 0.00
Change in Waiver Reserves 0.00 0.00
Change in Waiver IBNR Reserves 0.00 3,924.00
Conversion Charges 0.00 0.00
Earned Premium Incurred Claims
Total Supplemental Term Life $200,916.04 $237,430.02
Supplemental Term Life Experience by Month
For the Period January 1, 2020 through December 31, 2020
Port Charges 0.00 2,500.00
© 2021 All Rights Reserved Minnesota Life Insurance Company
A12
January 2020 $101.63 $0.00
February 2020 101.63 0.00
March 2020 106.25 0.00
April 2020 106.25 0.00
May 2020 106.25 0.00
June 2020 106.25 0.00
July 2020 106.25 0.00
August 2020 106.25 0.00
September 2020 116.04 0.00
October 2020 116.04 0.00
November 2020 116.04 0.00
December 2020 116.04 0.00
Month Paid Premium
Paid Claims
Total $1,304.92 $0.00
Change in Life Reserves 0.00 0.00
Change in Waiver Reserves 0.00 0.00
Change in Waiver IBNR Reserves 0.00 9.00
Conversion Charges 0.00 0.00
Earned Premium Incurred Claims
Total VGUL $1,304.92 $9.00
VGUL Experience by Month
For the Period January 1, 2020 through December 31, 2020
Port Charges 0.00 0.00
© 2021 All Rights Reserved Minnesota Life Insurance Company
A13
January 2020 $1,904.35 $0.00
February 2020 2,005.81 13,038.47
March 2020 1,929.75 0.00
April 2020 1,929.75 0.00
May 2020 1,971.58 0.00
June 2020 1,966.46 0.00
July 2020 1,977.30 0.00
August 2020 1,944.80 0.00
September 2020 1,955.14 0.00
October 2020 1,955.14 0.00
November 2020 1,879.98 0.00
December 2020 1,891.32 0.00
Month Paid Premium
Paid Claims
Total $23,311.38 $13,038.47
Change in Life Reserves 0.00 0.00
Conversion Charges 0.00 0.00
Earned Premium Incurred Claims
Total Spouse Life $23,311.38 $13,038.47
Spouse Life Experience by Month
For the Period January 1, 2020 through December 31, 2020
Port Charges 0.00 0.00
© 2021 All Rights Reserved Minnesota Life Insurance Company
A14
January 2020 $495.55 $0.00
February 2020 491.70 0.00
March 2020 489.50 0.00
April 2020 489.50 0.00
May 2020 491.70 0.00
June 2020 491.70 0.00
July 2020 491.70 0.00
August 2020 484.55 0.00
September 2020 484.55 0.00
October 2020 484.55 0.00
November 2020 481.25 0.00
December 2020 481.25 0.00
Month Paid Premium
Paid Claims
Total $5,857.50 $0.00
Change in Life Reserves 0.00 0.00
Conversion Charges 0.00 0.00
Earned Premium Incurred Claims
Total Child Life $5,857.50 $0.00
Child Life Experience by Month
For the Period January 1, 2020 through December 31, 2020
Port Charges 0.00 0.00
© 2021 All Rights Reserved Minnesota Life Insurance Company
A15
January 2020 $247.52 $0.00
February 2020 244.14 0.00
March 2020 239.59 0.00
April 2020 233.09 0.00
May 2020 233.09 0.00
June 2020 233.09 0.00
July 2020 233.09 0.00
August 2020 229.71 0.00
September 2020 229.71 0.00
October 2020 229.71 0.00
November 2020 229.71 0.00
December 2020 229.58 0.00
Month Paid Premium
Paid Claims
Total $2,812.03 $0.00
Change in Life Reserves 0.00 0.00
Change in Waiver Reserves 0.00 0.00
Change in Waiver IBNR Reserves 0.00 (28.00)
Conversion Charges 0.00 0.00
Earned Premium Incurred Claims
Total Employee Voluntary AD&D $2,812.03 ($28.00)
Employee Voluntary AD&D Experience by Month
For the Period January 1, 2020 through December 31, 2020
Port Charges 0.00 0.00
© 2021 All Rights Reserved Minnesota Life Insurance Company
A16
January 2020 $1,698.07 $0.00
February 2020 1,687.07 0.00
March 2020 1,674.97 0.00
April 2020 1,663.97 0.00
May 2020 1,669.47 0.00
June 2020 1,663.97 0.00
July 2020 1,663.97 0.00
August 2020 1,640.87 0.00
September 2020 1,640.87 0.00
October 2020 1,634.27 0.00
November 2020 1,659.35 0.00
December 2020 1,652.75 0.00
Month Paid Premium
Paid Claims
Total $19,949.60 $0.00
Change in Life Reserves 0.00 0.00
Change in Waiver Reserves 0.00 0.00
Change in Waiver IBNR Reserves 0.00 (150.00)
Conversion Charges 0.00 0.00
Earned Premium Incurred Claims
Total Employee & Family Voluntary
AD&D $19,949.60 ($150.00)
Employee & Family Voluntary AD&D Experience by Month
For the Period January 1, 2020 through December 31, 2020
Port Charges 0.00 0.00
© 2021 All Rights Reserved Minnesota Life Insurance Company
A17
| Cover Page |
| Loss Ratio |
| Claim Statistics by Coverage |
| Cumulative Page |
| Appendix |
| Incurred Claims |
| Claims Detail |
| Monthly Premium and Claims - Standard |
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