Agents – Consumer Interaction

Sad to say there are large numbers of producers – including big earners – who are screwing the insurance buying public through their own ignorance.  (p161)

—  Arthur Shievitz, Letter 

1991 0613 – GOV (House) – Insurance Competitive Competitive Pricing Act of 1991 – [PDF-237p-GooglePlay, 

  • Larry Gorski of the Illinois department mentioned that in states that do not regulate advertising or promotional materials, misleading statements can be rampant in those materials even if the illustrations are made pure.

—  Benjamin J. Bock, Transamerica Occidental

1992 – SOA – Life Insurance Sales Illustrations, Society of Actuaries – 16p

  • I think any way that we can make illustrations more understandable to the public is certainly going to help us.
    • We’ve seen the problems that have occurred when Senator Howard Metzenbaum (D-OH) was given an illustration with a vanishing premium, and he had absolutely no idea that he had bought a policy that was not paid up in four years.
    • It caused many problems for the industry; it caused many problems because the press got involved, and the press doesn’t understand the products as well as it thinks it does.

—  Linda M. Lankowski

1995 – SOA – Practical Illustrations and Nonforfeiture Values, Society of Actuaries – 14p

  • [Bonk: Connect with:
    • Legal Case – Video – 15-16740 Kamies Elhouty v. Lincoln Benefit Life Company –  Judge: there used to be cases…]
    • 1995 – SOA – Practical Illustrations and Nonforfeiture Values, Society of Actuaries – 14p
      • Susan Oberman Smith: I think that one problem, even with the illustration disclosure, is that you are still not controlling what the agent actually says to the client, even when he or she sees that illustration. 
        • I’ve been in many situations where our agent says, “I sold them a ten-pay contract and it was paid up in ten years,” and I say, “It’s not paid up.”
        • I don’t know how you can handle the idea of the agent telling somebody that it’s a paid-up contract when it really was a vanishing-premium-concept contract.

Agents - Recruiting

  • It could be said that there are two basic ways to acquire a sales force-
    • one is to build your own
    • and the other is to buy trained manpower.

--  C. David Silletto

1967 - SOA - New Company Problems, Society of Actuaries - 38p

  • N. T. FUHLRODT, speaking on section A, said that recruiting and development of a field force is one of the big problems of all companies, the cost of which is measured not only by the level of commissions paid, but by the morale and turnover rate of agents.  
    • A successful company must maintain a proper balance between the agent's compensation, policyholder's cost, and the company's profit.
    • Overstressing term insurance, he said, results in inadequate income to the agent in spite of high volume of sales, poor persistency, and, if such insurance is not properly sold and understood, loss of future business to the agent. 

1953 - SOA - Agency Problems--Resulting From Special Policies, Society of Actuaries - 3p

  • 1986 - AP - Explanatory Style as a Predictor of Productivity and Quitting Among Life Insurance Sales Agents, by Martin E. P. Seligman - 7p

Agent – Training

  • Focus on professional sales training. Insurance carriers have not focused on training for years, Weber said, and there is a whole generation that does not know how to sell professionally.
  • [Bonk: Weber = Richard Weber]

2012 1116 – ThinkAdvisor – 11 ways to sell IUL more ethically, By Bill Coffin – [link]

  • (p18) – The home office people who came to the Sioux City, IA, office said:
    • Don’t try to become a Ph.D. in variable life insurance; just learn enough to sell it and go.
    • This is what they told the whole office, and this was how I trained any new men that I hired:
      • Just sell it; do not worry about it.

—  Jerry C. Keating, Training Manager, John Hancock, Iowa

1993 0525 – GOV (Senate) – When Will Policyholders Be Given The Truth About Life Insurance?, Howard Metzenbaum (D-OH)  —  [BonkNote]

  • Mr. Higgins agreed that there was a problem with lack of education of the agents.

1993-4, NAIC Proceedings

  • If your training process for your agents is to sell at target premium, for example, and target premium carries the policy to maturity at a 7 percent rate, if you’re only crediting 6, it’s not making it there.
  • So keep an eye on how you’re training your agents to sell your products and try to avoid problems up front in the product performance before they become a premium risk problem.

—  Joseph E. Paul, Clarica Life Insurance Company, Vice President and Pricing Actuary

2001 – SOA – Investment Strategies to Maximize Investment Yield, Society of Actuaries – 25p

  • Training – you train for this as you would train for any other product.
  • Actually in some ways it is simpler.
  • You do not have to talk about a lot of different products, you merely talk about the policyholder providing a sum of money, whatever he likes one to provide us with, and we make certain deductions and the balance is accumulated.
  • [Bonk: This = Universal Life Insurance]

—  Alan Richards, Fellow of the Society of Actuaries and is Chairman, President and CEO of the Life Insurance Company of California, soon to be known as the E.F. Hutton Life Insurance Company

1980 – SOA – Product Innovation – Response to Consumer Needs in the 1980’s, The Society of Actuaries – 14p

  • Mr. DeAngelo said he did not recall seeing incorrect or misleading training materials, so this is somewhat a theoretical question.
  • Mr. Hanson responded that he had seen misleading materials in market conduct examinations.
  • What the regulators really want to say is that the agent training materials should not be misleading or incomplete.

1999-4, NAIC Proc.

  • (p460) – Jay Shaffer, Subcommittee Counsel: 
    • Advertisements for agent training materials appear frequently in the National Underwriter magazine.
    • One such ad states, “Selling is 98 percent understanding human beings; 2 percent product knowledge.”
      • Wouldn’t you agree that a salesman should put more than 2 percent of his effort into understanding the product?

1978 0807, 0814 and 0815 – GOV (House) – Life Insurance Marketing and Cost Disclosure, John Moss (D-CA)   —  [BonkNote]

 

  • Mr. DeAngelo responded that the New Jersey Unfair Trade Practices Act on false advertising is only one paragraph long and the department has been criticized for not telling the industry in its regulations what is false and misleading, for example.
    • No other regulators spoke in support of the ACLI suggestion, so it will not be included in the next draft.
  • Mr. DeAngelo said there had been a suggestion that Section 2A(1)(c) be revised.
    • He said if materials for agents are misleading or incomplete, then agents may in turn mislead the public.
    • He asked if regulators were interested in deleting the language that says “which is designed to be used or is used to induce the public… .”
  • Mr. Hanson said he would like to see all training materials included and Mr. Burch said he was also in favor of deleting the language.
  • Mr. DeAngelo said he did not recall seeing incorrect or misleading training materials, so this is somewhat a theoretical question.
  • Mr. Hanson responded that he had seen misleading materials in market conduct examinations.
  • Diana Marchesi (Transamerica) said this language would then be broad enough to include material designed to inspire agents to sell more for the company.
    • All of the information in the regulation would then need to be included in that inspirational brochure.
  • Mr. DeAngelo asked if there is a middle ground, such as requiring the regulation to apply to material that describes to the producer the features, advantages or disadvantages of an insurance product.
    • The regulators agreed that was an appropriate compromise.
  • What the regulators really want to say is that the agent training materials should not be misleading or incomplete.
  • Mr. Burch said that he has been convinced that the requirement for agent training materials should be deleted and the rest of the regulators agreed.

1999-4, NAIC Proc. – Unfair Trade Practices 

  • (p13-14) – Prudential’s efforts to ensure that its agents understood and explained to consumers the effect of the change in dividend practices were largely unsuccessful and may have resulted in many cases, in an expectation that illustrated dividends would be paid. 
  • (p15) – A review of company records reveals· that the company, through its internal complaint system, knew of cases of alleged misrepresentation and other improper sales practices by its agents, and in many instances failed to adequately investigate and impose effective discipline. 
    • Prudential is responsible for the behavior of its agents and managers and, therefore, where misrepresentations have resulted in harm to its customers, the company should provide appropriate compensation commensurate with the nature and amount of the harm and  misrepresentation.
  • (p17-18) – Given the fact that it is difficult to ascertain who was harmed and the extent of that harm, the company concluded that the best approach to remediation would ·be to reach out to all potentially affected policyholders. Prudential, therefore, is prepared to contact 10.7 million policyholders nationwide…. 
  • (p173) – There appeared to be little if any awareness of guidelines and any consistency in agent training. 
    • Prudential must issue written directives to appropriate staff which would establish the following improvements to its training program:
  • (p222) – Training shall also cover areas of potential misrepresentation.

1996 – Report of The Multi-state Life Insurance Task Force and Multi-state Market Conduct Examination of The Prudential Insurance Company of America

Agent – Knowledge

I do not think agents understand the product.

—  Robert D. Hogue, Senior Vice President and Chief Individual Actuary at Maccabees Mutual

1982 – SOA – The Universal Life Update (rsa82v8n22), Society of Actuaries – 16p

  • For a company such as Prudential with thousands of agents, most of whom are not very sophisticated, getting the agent to understand the new products and how these products can be used is essential to the success of a new product.

—  Phillip J. Grigg, PRUCO Life / Prudential

1987 – SOA – Product Development Process — Bringing New Products To Market Quickly And Efficiently, rsa87v13n4a15 – Society of Actuaries – 22p

  • I’d like to stress that agents don’t pretend to know the answers.
  • It is our intent to ask for your help because we’re currently living with problems that lack solutions.
    • (your = actuaries)

—  Robert Nelson, chairperson of the National Association of Life Underwriters (NALU) Task Force on Illustrations

1993 – SOA – Sales Illustrations: We Can’t Life With Them, But We Can’t Live Without Them!, Society of Actuaries – 28p

  • …key issues … perceived by the CLUs and ChFCs responding to the survey as causing the greatest problems for those working in the life insurance industry at the time.
    • #1 – Lack of knowledge or skills to competently perform one’s duties
  • Public trust in business is commonly viewed as having two dimensions-integrity-based trust and competence-based trust.
  • An integrity violation occurs when a person acting on behalf of an organization intentionally violates an agreed-upon practice or principle and thus is perceived as dishonest, whereas a competence violation occurs when an individual lacks the skills or knowledge to adequately perform a job.

2011 – JFSP –  The Ethical Environment of the Life Insurance Industry: The Impact of the Recession and Slow Recovery, by Robert W. Cooper, PhD and Garry L. Frank, PhD – Journal of Financial Service Professionals – 15p

  • [re:  Policy Cash Flow Mechanics]
  • These previous comments remind me of a little story.
  • It also relates to one of the comments Judy made, that agents sometimes do not understand the policies.
  • My mother was thinking of buying an insurance policy on my father, and she asked me to speak to her agent.
    • I spoke to him, and it was a Universal Life policy being proposed.
    • I asked about the crediting rate, and then I said, “What kind of cost-of-insurance (COl) deductions are there?”
  • He didn’t understand what I was talking about.
  • I said,
    • “Well if you think of this Universal Life policy as a box, then you pour in premiums and your interest credited, and then pull out the cost of insurance.
    • You could credit a high rate, but then at the same time be taking out a high COl, so you would be giving with one hand and taking with the other.”
  • And he said,
    • I didn’t realize that out of this account you’re actually pulling out an amount every month to pay for the insurance, and that could vary between companies.
    • I’ll have to talk to the company about that, because I never realized that before.

—  Alan L. Igielski

1992 – SOA – Life Insurance Sales Illustrations, Society of Actuaries – 16p

  • Let’s go back to the question of understandability.
    • With no standardized format being utilized, many of the illustrations currently in use are far too complex for the average consumer or applicant to understand.
    • In many cases the selling agent does not understand what he is presenting, and this needs to be addressed.

—  Robert E. Wilcox, Utah Insurance Commissioner and Chairman of the Life Disclosure Working Group (NAIC)

1994 – SOA – Problems and Solutions for Product Illustrations, Society of Actuaries – 28p

Confusion

  • After receiving these notices, John (Policyowner) contacted Glasgow (Agent) who had retired in 2000, to inquire why his policies would be terminating, even though he had timely paid the premiums on the policies for approximately 18 years. (p5)

2010 – LC – Maloof v John Hancock – 60 So. 3d 263 – Ala: Supreme Court – Alabama Supreme Court Opinion – 39p

  • He (Michael Lovendusky – ACLI) said consumers are mostly confused about options, guarantees and riders.
    • The ACLI work group was considering asking the Life Insurance and Annuities (A) Committee to narrow the charge to look at only products with options, guarantees and riders, but Ms. Cude said she thinks that it is important to consider how the disclosures for all products could be improved.
  • (Mr. Lovendusky – ACLI) said the ACLI work group thinks that most confusion for consumers involves complex products like Universal Life, and not Simple products like term life.

2016 0403, NAIC Proceedings – LIIIWG – Life Insurance Illustrations Working Group 

  • In my experience very smart people don’t really know what all the components mean. 
    • I mean I feel like it does lead to confusion. 
    • So, I think if you can refer to the eventual illustration and just show the cash value.

— Teresa Winer (GA)

2019 0917, NAIC – LIIIWG – Life Insurance Illustrations Working Group, [Bonk]

  • Gary Sanders (NAIFA):
    • And that leads to my second concern which is that consumer confusion I think, and we fear, in large part is going to be translated into a lack of confidence or a lack of trust in their advisor.
    • And in some way or another, the consumer is going to end up with the feeling that the advisor did some form of misrepresentation initially to the consumer and now the truth is coming out.
    • And I think that is a very big concern and not only would it harm the consumer’s confidence in the producer, but it could have a lot of reputational damage to producer’s as well.

2019 1115, NAIC – IULISG – IUL Illustration Subgroup – Conference Call, [Bonk]

  • (p8) – LIIIWG Next Steps Summary Comment Chart
    • Question 1 – Do you support the development of a short policy overview document for the working group to achieve its charge? Yes or No.
    • ACLI – NO – The working group has fulfilled its charge.
      • The Working Group was created from concerns raised when the Indexed Universal Life (IUL) Illustrations (A) Subgroup under the Life Actuarial (A) Task Force was working on guidance for IUL policy illustrations that would result in consumers being better able to understand the product performance and interest variability of IUL products.
      • A review of sample disclosures for all types of life insurance policies revealed that additional disclosures to those now required are likely to confuse consumers, which would be the opposite of the Working Group’s goal.
      • Moreover, the additional disclosures could create liability traps for insurers regarding required versus supplementary disclosures and undermine well respected NAIC models enabling the availability of affordable insurance protection to millions of Americans.

2021 0811 – NAIC Proceedings – LIAC – Life Insurance (A) Committee – Summer National Meeting – 43p

  • Focus Groups / Consumer Testing
  • A great deal of the confusion seems to stem from a lack of understanding of how cash value insurance products work and a lack of understanding of insurance terminology.
  • Also, because most people presume that if you pay your premium continuously, your policy will remain in effect, quite a few people had a hard time understanding how or why the policy would terminate in policy year 31.
    • This was simply foreign to their way of thinking.
  • One person was so confused that he said that the maturity age and endowment benefit were moot points, since the policy was going to end at year 31 anyway.

1990-1A, NAIC Proceedings – NAIC / LIMRA – Universal Life Disclosure Form Focus Group Summary, Consumer Issues Disclosure Working Group – NAIC  —   [BonkNote]  —  10p

  • Complaints and inquiries related to life insurance and annuity products … generally concerned consumer dissatisfaction with, or confusion regarding, universal life insurance policies.  (p90)

2018 – Wisconsin OCI – Wisconsin Insurance Report – 219p

  • William Albus (National Association of Life Underwriters – NALU) commented that:
    • …the requirement for disclosing sales commissions is unnecessary because it is superfluous and would only confuse consumers.
    • …the purpose of disclosure is to provide information for making an informed decision and the disclosure of sales commissions has nothing to do with making this decision.

1988-2, NAIC Proc.

Meaningful Disclosure

  • Teresa Winer (GA) said that disclosure is helpful, but only if it is meaningful.

2019 0917 –  NAIC Proceedings (Fall, 6-77) – LIIIWG – Life Insurance Illustrations Working Group

  • …. would they know what that really means in terms of the risk to them and how it would interact with……

—  Brian Brosnahan, Plaintiff Attorney

LC – Walker v LSW – Case 2:10-cv-09198-JVS-JDE Document 813 Filed 07/06/15 Page 84 of 224

  • Ed Zimmerman, American Council of Life Insurers, expressed his concern about meaningful disclosures
    • stating that the ACLI did not believe the proposed amendments to the Rules Governing the Advertising of Life Insurance and the Life Insurance Disclosure Model Regulation provide meaningful disclosure.

1991-1A, NAIC Proceedings

  • Another key issue is something that we’re calling real disclosure.
    • I would like you to think in terms of a friend or a cousin or someone who is not in this business but who reads our disclosure document.

—  Thomas C. Foley (State Regulator)  

1997 – SOA – Keeping Current on Fixed Annuities, rsa97v23n255pd – Society of Actuaries – 12p

  • Section 10B(1). George T. Coleman (Prudential) asked for modification to this subparagraph to accommodate both additional premium and actuarial discount designs.
    • He said that the words “benefits accelerated” are susceptible to two different interpretations and the correct interpretation would be that they mean the gross amount accelerated to produce the actual accelerated benefit

1991-1A, NAIC Proceedings – Accelerated Benefits Working Group of the Life Insurance (A) Committee – Life Insurance Committee

  • First, he will find that the usual notions of lapse, select mortality, maintenance expenses and the like begin to lose their meaning when applied to the ALI “class.”
    • Is reduction of premium a partial lapse?
    • What about reduction of face amount, or reduction of the coverage period? 
    • ⇒ [Bonk: ALI = Adjustable Life Insurance]

—  J. Peter Duran

1979 – SOA – The Adjustable Life Decisions, Society of Actuaries – 18p

Reputational Risk

  • I sincerely believe we have a flawed instrument in today’s sales illustrations.
    • …we did not communicate the impact of change as well as  …we should have.
    • Our biggest mistake would be to delay.
    • I don’t believe the consumer will tolerate or forgive us, let alone the regulators, if we do nothing.

— Robert Nelson, chairperson of the National Association of Life Underwriters (NALU) Task Force on Illustrations – [Bonk: Currently NAIFA]

1993 – SOA – Sales Illustrations: We Can’t Life With Them, But We Can’t Live Without Them!, Society of Actuaries – 28p

  • (p78) – And doubts about the value of AIG life insurance products could have generated doubts about similar products provided by other life insurance companies, feeding the panic that was crippling the economy.
  • (p79) – People do not buy insurance products from firms they do not believe have the financial capacity to make good on those commitments over the long term- firms that they do not believe will pay out a life insurance policy…

—  Tim Geithner

2009 1210 – COP – Hearing – Hearing With Treasury Secretary Timothy Geithner – [PDF-98p,  VIDEO-CSPAN]  —  [BonkNote]

  • Life insurance is especially an outgrowth of public confidence in the good management and integrity of officers and directors, and anything which shocks this faith on the part of policy-holders is vastly detrimental to the interests of a company.

1872 – New York State – GOV – Report and Testimony of the Committee on Insurance on Resolution of the Assembly, to Investigate Into the Conduct of George W. Miller, Superintendent of the Insurance Department, Relative to His Receiving Fees and Perquisites for His Use and Emolument, Etc – [GooglePlay – link

  • (p175) – 484. Institute of International Finance
    • Altering a company’s sales practices, imposing large exposure limits, restricting the transfer of assets, restricting the activities of a subsidiary, freezing assets, imposing stays on surrenders, or lowering the maximum rate of guarantees would likely result in grave harm to an insurer’s franchise and to the entire industry through the abrogation of contracts and reduced market and policyholder confidence
  • (p180) – 501. International Actuarial Association International
    • The IAA notes that the exercise of any power to implement a stay on surrenders may have a cost to the reputation of the insurance industry and may result in conflicting positions between the prudential and conduct supervisors if they are separate.  

2018 – IAIS – Compiled Comments on Holistic Framework for Systemic Risk in the Insurance Sector 14-Nov-18 to 30-Jan-19 – 264p

  • 39 – Comment on paragraph 39:
    • We suggest to mention that the appearance of conflict of interest can be as harmful to the reputation risk to the insurer or the industry than the conflict of interest itself.

— Autorite des marches financiers (Quebec) – lautorite.qc.ca/grand-public

2015 – IAIS – Compiled Comments on Consultation Document: Issues Paper on Conduct of Business Risk and its Management – Comments as compiled on 15 August 2015

  • The analyst should have a firm understanding of the following risk classifications:
    • Reputational-Negative publicity, whether true or not, causes a decline in the customer base, costly litigation and/or revenue reductions.  (p37)
  • Procedure #17 guides the analyst through the assessment of any legal risk the insurer or group may have.
    • The analyst should ensure that a thorough understanding of the litigation and potential financial impact is documented.
    • Further, the analyst should communicate with the insurer’s management regarding the impact of reputation risk on continuing operations.
    • The analyst should understand the insurer’s plan to address the reputational risk and track the progress.  (p113)

2012 – NAIC – NAIC Financial Analysis Solvency Tools, Financial Analysis Handbook: Life/A&H/Fraternal Edition. 2012 Annual/2013 Quarterly – 398p

  • Financial Market Regulation and Practices, Panel 1
    • [VIDEO-CSPAN]
    • 00:24:25 – Luigi Zingales – Professor – University of Chicago – Graduate School of Business
    • These managers were also hoping that if a shock occurred, all their competitors would face the same problem, thereby reducing their (reputational?) costs and possibly triggering a government support.
    • The September 19 decision to ensure all money market funds validated this gamble, forever destroying money market managers’ incentives to be careful in regarding to the risks they take.
  • Life insurance is especially an outgrowth of public confidence in the good management and integrity of officers and directors, and anything which shocks this faith on the part of policy-holders is vastly detrimental to the interests of a company.

1872 – New York State – GOV – Report and Testimony of the Committee on Insurance on Resolution of the Assembly, to Investigate Into the Conduct of George W. Miller, Superintendent of the Insurance Department, Relative to His Receiving Fees and Perquisites for His Use and Emolument, Etc – [GooglePlay-link]

Fri__Oct_27__1995
  • madoff/ SEC/ Ackerman part 2 of 3
  • 199x GOV – Metzenbaum – good biz, why would they do this?
  • GOV Video – ?? 1st COP Hearing – Sununu
  • GOV – Vaughan – perspectives / Systemic Risk
  • We have served countless millions of American families in helping to provide an important means of family financial security.
  • We are also a major source of long-term financing to American business and industry.
  • The life insurance business has earned a reputation for integrity, reliability, and service for the good of society.
  • It therefore, comes as a shock indeed to find it necessary to have to defend this industry’s record and refute the charges recently made to this committee that in effect we have been employing deceptive practices to sell shoddy merchandise.
  • We feel it is important to set the record straight.  (p32) 

 —  ACLI – John Filer, chairman of the Aetna Life & Casualty Co.  …spokesman for the life insurance industry and its major trade association, the American Council of Life Insurance 

1979 0710 and 1017 – GOV (Senate) – FTC Study of Life Insurance Cost Disclosure, Howard Cannon (D-NV)   —   [BonkNote] 

  • IN RECOGNITION OF JOHN TURNER, CHAIR, AMERICAN COUNCIL OF LIFE INSURERS – HON. JIM RAMSTAD OF MINNESOTA IN THE HOUSE OF REPRESENTATIVES – Thursday, November 16, 1995
  • Mr. RAMSTAD. Mr. Speaker, I rise to recognize the efforts of an outstanding Minnesotan, John Turner, chief executive of Reliastar Financial and the new chair of the American Council of Life Insurers [ACLI].
    • In his role as chair of the ACLI, John Turner will continue to work to improve the image of the life insurance industry by encouraging the Nation’s life insurers to adopt a code of ethical market conduct.
    • By imposing strict standards on itself, in addition to those State insurance regulators used to police the industry, life insurers will take strides in improving their standing with the public and their customers.
    • While scandals have damaged the reputation of some life insurance companies and agents in recent years, with John Turner at the helm, Reliastar’s image has remained unblemished.
    • In addition, Turner helped the company through some tough financial times in the early 1990’s, and its financial position is solid.
    • I wish John Turner the best as he works with life insurers across the country in the coming months, urging them to embrace higher standards and increased accountability.
    • If his track record is any indication, John Turner’s latest endeavor is sure to be a resounding success.

govinfo.gov/content/pkg/CREC-1995-11-16/pdf/CREC-1995-11-16.pdf

Service

  • First of all, I believe there is cause for concern arising from the repeated inferences, both in this paper and elsewhere, that the agent is somehow obligated to provide “service” long after the sale on the policies that he has sold.
    • Certainly the insurer has an obligation to provide such service, but I cannot agree with the rationale that it must be done through the agent.
    • No other industry expects its salesmen to double as servicemen and technicians. 
  • The normal agent’s contract authorizes him to do three things:
    1. submit applications,
    2. deliver policies, and
    3. collect the initial premium thereon.
  • In no way is he authorized to do such things as secure policy loans for the insured, let alone to answer questions about policy provisions and dividends, which he probably is not qualified to do.

—  Albert Easton

1974 – SOA – Consumerism and the Compensation of the Life Insurance Agent, by Anna Maria Rappaport, Society of Actuaries – 68p

  • Crosby and Stephens find that though relationship marketing adds value to the life insurance package, it is not a substitute for having a strong, up-to-date core service.
  • Readers interested this line of research should see Anderson and Sullivan (1993), Bearden and Teel (1983), Bolton (1991), Boulding, Kalra, Staelin, and Zeithaml (1993), Boulding, Kalra, and Staelin (1998), Churchill and Suprenant (1982), LeBarbera and Mazursky (1983), Oliver (1980), Oliver and Swan (1989), Tse and Wilton (1988), and Westbrook (1980).

2007 – AP – Ignoring Your Best Customer? An Investigation of Customer Satisfaction, Customer Retention and Their Financial Impact, by Baohong Sun, Cheung Kong, Graduate School of Business (New York) – 34p-link

Orphaned Policyholders

  • C. What methods are used for providing service to policyholders, particularly on orphaned business?

1966 – SOA – Digest of Reports on Topies of Current Interest – Agency Matters, tsa66v18pt2dn516 – Society of Actuaries – 23p 

Agents - Snippets

  • Q Well, the focus on income payments, what he would get after retirement --

  • A You mean policy loans is what we're talking about.

  • Q All right. The letter refers to income payments, correct?

  • A Um hum. Yes.

  • Q Is there any reference there to policy loans?

  • A No. But that's what they were.

--  Transcript of Testimony of James Barrett, Agent

2009 1201 - LC - 3 00-cv-06293 - National Security Systems vs. Robert L. Iola, Jr. - D375 - James Barrett - Deposition - 117p