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 0411, 0503, 0510, 0628, 0913 – GOV (House) – Competition in the Insurance Industry, Peter W. Rodino, Jr. (D-NJ) – [PDF-755p-GooglePlay]

  • 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

  • LC – Walker vs LSW – One Fee 
  • _____________________  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)