Universal Life - First Policy

  • 1981 0511 - Ventura County Star / NYT - 'Universal' insurance making gains - newspapers.com/article/ventura-county-star/146622810/
    • The Life Insurance Co. of California was the first to sell the universal policies, in January 1979. Its name later was changed to Hutton Life.
  • Alan RICHARDS.
    • My name is Alan Richards, president and chief executive officer of E. F. Hutton Life Insurance Co., headquartered in La Jolla, California.
      • It is a wholly owned subsidiary of the securities brokerage firm of E. F. Hutton of New York.
      • I, too, have submitted written testimony which I would appreciate being entered into the record.
    • Hutton Life is the originator of the universal life product which we first introduced in 1978.
      • It now accounts for somewhere between 15 and 20 percent of the total life insurance market in this country.
    • I am here to describe universal life and to explain why its development was inevitable, and why it is so consumer oriented.  (p448)

--  Statement of Alan Richards, Chairman, Chief Executive Officer, And President, E. F. Hutton Life Insurance Co., La Jolla, Calif.

1983 0510, 0511 and 0728 - GOV (House) - Tax Treatment of Life Insurance - [PDF-991p-GooglePlay, VIDEO-?] 

  • In fact, it is accurate to describe Universal Life as a generalized version of the actuarial formulas underlying traditional life insurance products.
    • In other words, it is possible to produce any traditional plan of insurance from the generalized formulas underlying universal life.  (p448)

--   Alan Richards, president and chief executive officer of E. F. Hutton Life Insurance Co.

1983 0510, 0511 and 0728 - GOV (House) - Tax Treatment of Life Insurance - [PDF-991p-GooglePlay]