Inconsistencies

  • 2008 0313 – email – AIG – Bob. We should discuss tomorrow if you are available. This is clearly inconsistent with what Martin told the Board, and “inconsistent” is a kind characterization. Thanks. Mike (FRBNY-TOWNS-R1-193865) – 2p
    • 2008 0313 – FT (Financial Times) – AIG Urges ‘Fair Value’ Rethink – 

AIDS - Acquired Immunodeficiency Syndrome

Document Destruction

  • 1996 – LC – Metropolitan Life Insurance Company v. Haney, Charles G.
    • 14-96-01096-CV
    • Date Filed: 09/06/1996
    • https://search.txcourts.gov/Case.aspx?cn=14-96-01096-CV&coa=coa14
      • 08/11/2014 – Case file was destroyed per retention schedule
    • ACLI – AMERICAN COUNCIL OF LIFE INS. – Appellant – Jane Webre, Steve McConnico, Phillip E. Stano
    • 2000 – LR – Deceptive Trade Practices – Consumer Protection Act, by A. Michael Ferrill and Leslie Sara Hyman – 35p
      • In Metropolitan Life Insurance Co. v. Haney,8 a life insurance agent brought DTPA claims against MetLife complaining of inaccurate policy illustrations generated by computer software that MetLife sold to its agents.

Smoking

  • 1996 – LC- Towne v. Metropolitan Life Ins.
    • CV-96-37-SD 08/13/97
    • UNITED STATES DISTRICT COURT FOR THE DISTRICT OF NEW HAMPSHIRE
    • 1997/08/13 – 1996-1997 – LC- Towne v. Metropolitan – Order – 11p
      • Agent – James Anctil

Withdrawal Rate

Privacy

  • (p71) – Edward J. Markey (D-MA) – And when you drop by your insurance agent a few days later to take out a new life insurance policy, will he, after a few clicks of the mouse on his computer, look over to you and ask, so, can you tell me what all those recent charges are for sky-diving lessons?
    • Well, if we allow all of this to be mixed into one company, each one of these people will have access to your file whether or not they have any basis to have access to it.
    • Now, your friendly banker or broker or insurer in that one company wouldn’t be foolish enough to actually reveal to you that they have gathered all of this sensitive information about you because they know that if they ever did, you would reach right across the desk and throttle them for their insolence in prying into your personal affairs and talking about your daughter, your wife, your mother in those terms. But they do have the file right in front of them even though you didn’t go to them, that broker or that insurance agent or any other part of that affiliate for those services.
    • Under current law, there is nothing, absolutely nothing to prevent them from taking your family secrets and selling or transferring them to their affiliates all in the name of synergies. H.R. 10 does very little to stop the principal harm done by those much touted synergies, the taking of an individual’s most precious private property right, their right to privacy.
    • We are going to form a Congressional privacy caucus. We need one.

1999 0428 and 0505 – GOV (House) – The Financial Services Act of 1999, Michael G. Oxley (R-OH)  —  [BonkNote]

Wars

  • Illustration Wars
    • 1989 – SOA – Illustration Wars, Society of Actuaries – 14p
    • 2023 0705 – BetterWealth – Expert Reviews Whole Life Insurance, IUL’s, and Annuities – [Bobby Samuelson]  —  [BonkNote]  —  [VIDEO-YouTube-01:14:13]
      • 30 – Bobby Samuelson – Agnostic on Product.  Product vs Illustration.  Story – IUL Sales History, What is good IUL? Before, later….no rules for illustrating IUL.. Helped create AG49. LoopHole…PACLife, Illustration Wars,
  • Term Wars

FlimFlam

  • Why is this flimflammery allowed to continue?
  • Where are the laws to prevent companies from misleading people?  

—  Senator Howard Metzenbaum (D-OH)

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

  • (p1) – …American consumers pay a bill without having more than a somewhat vague idea of what they are buying.
    • If this were the result of flimflam, enforcement agencies would have been all over the sellers years ago.
      • But this is not intentional flimflam it is as the man in “Fiddler on the Roof” explained away so many things- “tradition.”
  • These 140 million consumers, at an outlay of about $23 billion a year, are buying life insurance policies. 

—  Senator Philip Hart (D-MI)

1973 0220 – GOV (Senate) – The Life Insurance Industry, Philip Hart (D-MI) – Part 1 of 4  —  [BonkNote]

  • Warren Buffett – Pampered Chef is based on selling to the end user.  If I was a regulator … selling millions and millions of people on a dream that was not fulfilled. 
  • Charlie Munger – I think there is more likely to be more flim-flam and selling magic potions than pots and pans.

2022 0819 – [2013] – Warren Buffett: Pampered Chef is not a pyramid scheme – [VIDEO-YouTube-03:19]

  • Always Marco
  • Robert Fitzpatrick