Fairness

Now we want to make sure that the consumers are treated fairly and reasonably and have sufficient information upon which to make a decision. (p318)

-- James P. Corcoran. , Superintendent of Insurance, State of New York

1984 - {April 11, May 3, 10, June 28, September 13} - GOV - Competition in the Insurance Industry

There has been a failure on the part of the Judiciary to apply reasonable standards of fairness and equity while dealing with disputes against the insurance companies.
The end result is a policy that is extremely uncommunicative to the consumer.

-- Frederick W. Kilbourne

1981 - The Life Insurance Business---The View of Consumerists (rsa81v7n17), Society of Actuaries - Daphne Bartlett- Moderator - 16p

I do think that analogy could lead you to some very incorrect conclusions.
The principal one that I would address is the question of "honesty".
There are advertisements for back-end loaded Universal Life products which say things such as,

"A product in which there is no expense charge to the persisting policyholder".
That language is artfully worded to convince the person who buys that there is no expense charge.
That is obviously not the case in actuarial pricing.
There are expenses and they will be amortized one way or another.

-- Thomas Eason

1983 - INDIVIDUAL LIFE INSURANCE, Society of Actuaries

_____________________ is concerned about defining the fair treatment of consumers as being different from or in addition to legally prescribed standards.

-- 51. Global Federation of Insurance Association (GFIA)

-- 52. American Property Casualty Insurance Association ((APCIA)