TILI – Truth In Life Insurance

1973 / 1974 - GOV (Senate) - The Life Insurance Industry - Philip Hart (D-MI) - 4 Parts --- [BonkNote]
SOA - Committee on Truth in Life Insurance of the Society of Actuaries
- Bartley Munson, Chairman
Stanley Durose, NAIC, Wisconsin Insurance Commissioner
1981 0319 -The Galveston Daily News - Direct response ad AGAINST whole life insurance, p11, by Corwin Randolph, Financial Consultant and Publisher, Lisbon, Ohio newspapers.com/article/1781080/direct_response_ad_against_whole_life/
- Tracey Oehlbeck, working as an independent life insurance consultant and financial planner, led a crusade for "truth in life insurance."
- 1975 0101 - Book - The consumer's guide to life insurance, by J. Tracy Oehlbeck

Media
- 1971 0119 - The Free Lance-Star - 'Truth in Life Insurance' May Be Next Rallying Cry (TILI) -
- 1973 0220 - Sarasota Journal - Congress Opens Insurance Probe (TILI) -
- 1973 0605 - Lodi News-Sentinel - Truth in Insurance Sought (TILI) -
- 1973 0605 - The Milwaukee Sentinel - Nixon Backs State Insurance Rules (TILI) -
  - "Bamboozled"
- 1975 0707 - Toledo Blade - Help for Life Insurance Buyer Urged (TILI) -
- 1979 0612 - The Washington Post - MONEY: An Argumentative, Elementary Guide to Buying Life Insurance, By James T. Yenckel - [link]
  - Dean Sharp - ... assistant counsel to the late Sen. Philip A. Hart's antitrust and monopoly subcommittee for 11 years, he conducted public hearings on life insurance.
    - That's when he became familiar with what he calls the "life insurance industry's abuse of its public trust."

1973 - SOA - The Actuary - Editorial by ACW (Andrew C. Webster), p2 - 3p
- A distinguished member of the Senate is agitating for a "truth in life insurance" law and this provoked the following Comment from one newspaper; [Bonk: What Newspaper article?]
  - "Probably what most insurance policies could use is a terse and lucid summary of precise coverage and options, enabling the purchaser to understand the benefits and recognize the limitations....
  - (Senator) Hart Speaks of a possible 'truth in life insurance' law.
    - Our hunch is that the problem isn't so much truth as clarity."

You have all received a notice with the Society mailing on these later spring meetings regarding the appointment of an Ad Hoc Committee on Truth in Life Insurance.
- In it our charge from the Executive Committee was quoted, namely, to recommend to them whether or not the Society or a committee of the Society should express an opinion on one or more of the areas being investigated by Senator Hart's subcommittee -- if not, to state why not, and if so, to stipulate in what area, by whom and to whom, and how the Society should organize to prepare that opinion.
- The charge, I believe we all recognize, is not limited to a consideration of the cost disclosure/cost comparison subject being discussed here; not surprisingly, however, our committee's discussions and thoughts have centered primarily on that subject.
- During the past couple of months, since our committee was formed, the National Association of Insurance Commissioners Task Force on Life Insurance Cost Comparisons has been very active in considering this subject, in an effort to propose a model regulation on this subject...

-- Bartley L. Munson

1973 - SOA - Price Disclosure and Cost Comparison, Society of Actuaries - 186p

Actuarial
- 1973 - SOA - The Actuary - Editorial by ACW (Andrew C. Webster), p2 - 3p
  - A distinguished member of the Senate is agitating for a "truth in life insurance" law and this provoked the following Comment from one newspaper; [Bonk: What Newspaper article?]
    - "Probably what most insurance policies could use is a terse and lucid summary of precise coverage and options, enabling the purchaser to understand the benefits and recognize the limitations....
    - (Senator) Hart Speaks of a possible 'truth in life insurance' law.
      - Our hunch is that the problem isn't so much truth as clarity."
  - references: 1973 0224 - NYT- Insurance Called ‘Consumer Fraud’, by Richard D. Lyons - [link]
  - <WishList: “The Baleful and Baneful Influence of Elizur Wright on American Life Insurance”>
- 1973 - SOA - Price Disclosure and Cost Comparison, Society of Actuaries - 186p
- 1975 - SOA - Relationship of the Actuary to the Policyholder, Society of Actuaries - 30p
- 1975 - SOA - Insurance Company Regulation Resulting from Consumerism. Society of Actuaries -10p
- 1976 - SOA - Consumer/Consumerist Trends and their Actuarial Implications, Society of Actuaries - 20p
- 1978 - SOA - Current Topics, Society of Actuaries - 14p
- 1980 - SOA - Impact of the 1980's on the Financial Position of Stock Companies, Society of Actuaries - 18p

NAIC
- 1972 0221 - NAIC to Senate - Stanley Durose (WI Insurance Commissioner) - TILI, Truth in Life Insurance - [link]
  - 1972 0221 - NAIC to Senate - Stanley Durose (WI Insurance Commissioner) -TILI, Truth in Life Insurance - 64p
  - 1972 0221 - NAIC to Senate - Stanley Durose (WI Insurance Commissioner) -TILI, Truth in Life Insurance - 56p

Senate - Subcommittee on Antitrust and Monopoly Legislation

The consumerists are having a fine time these days with the life insurance industry about which it seems there is nothing favorable to be said.
A distinguished member of the Senate* is agitating for a “truth in life insurance” law and this provoked the following comment from one newspaper:
- “Probably what most insurance policies could use is a terse and lucid summary of precise coverage and options, enabling the purchaser to understand the benefits and recognize the limitations. . . .
- (Senator) Hart* speaks of a possible ‘truth in life insurance’ law.
  - Our hunch is that the problem isn’t so much truth as clarity.”
- Another doughty** champion*** of the consumer is reported to have said: “ . . . . it should surprise no one that the standard family auto policy is substantially less readable than Einstein’s basic work on relativity.”
  - The speaker*** is a lawyer and an insurance commissioner and he should be well aware that it is the lawyers and the insurance commissioners who have made the insurance policies what they are today.....

*Senator Hart

**doughty = brave and persistent

*** Herb Denenberg, Pennsylvania Insurance Commissioner

1973 - SOA - The Actuary - Editorial by ACW (Andrew C. Webster), page 2 - 8p

Federal interest in disclosure has extended into the automobile business (price stickers in windows), lending (truth-in-lending laws), drugs (truth in labeling), etc.
- Such things can be stated with certainty, e.g. the price of an automobile or accessories, the rate of interest being charged on a loan, or the amount of certain ingredients in drugs.
But, we have seen that a life insurance cost illustration is different.
- No one knows or can predict with certainty what the results will be.
- We have seen that refining the illustration for that is what the various proposals over the years have undertaken to do -- cannot add to their certainty. (p17)

1972 0221 - NAIC to GOV (Senate) - Stanley Durose (Wisconsin Insurance Commissioner) - TILI, Truth in Life Insurance - [link]

Senate - Subcommittee on Antitrust and Monopoly Legislation