Econo-master

  • Aetna
    • 1981 0921 – GOV (House) – Insurance Agent Commission Deregulation, John LaFalce (D-NY) – [PDF-109p-GooglePlay, VIDEO-?]
  • American General
  • Phoenix Mutual
    • (p2781) - Economaster
  • American National
    • National series whole life (PN).. National series econ-o-life
  • What has happened in the past 2 years-even more than 2 years-in the life insurance industry has been very dramatic.
  • The products have changed considerably, mainly because of high inflation.
    • There are new products now that offer money market rates on the cash value portion of the so-called traditional whole life policy and that blows apart the old disclosure system.
    • The old indices do not accommodate that kind of product. In fact, that even came up in the trial 2 years ago vis-a-vis my proposed system.
  • The Aetna, one of the plaintiffs in the trial, argued that the current cost disclosure indices would not be suitable for their Econo-master policy which has variable aspects to it.
    • So I think that the NAIC is going to have to relook at the whole issue of life cost disclosure.
    • It is an issue that will not go away.
    • ⇒  As long as the internal benefits of a policy are not reflected in the premium, people need help in measuring those benefits.
    • ⇒  That is, in a nutshell, what cost disclosure systems have tried to do. (p10-11)

—  Susan Mitchell, Wisconsin Commissioner of Insurance

1981 0921 – GOV (House) – Insurance Agent Commission Deregulation, John LaFalce (D-NY) – [PDF-109p-GooglePlay, VIDEO-?]