1973 0604 / 05 - NYT - Real Cost Methods Urged - [link]
The Administration today urged state insurance commissioners to find a better way to let consumers know how much they are really paying for life insurance.
Virginia Knauer, President Nixon's consumer adviser, said life insurance customers are “buying blind” and being “bamboozled” by the methods life insurance salesmen have traditionally used to explain how much insurance costs.
1972 - AP - An Empirical Investigation of Attitudes Toward the Life Insurance - Marketing, by O. C. Ferrell Jr. - 181p
(p18) - 30William MacFarlane, "Knauer Office Unit Meets With Industry Group," The National Underwriter, VII, (February 12, 1972), p. 1.
(p18) - 31Blake T. Newton, Jr., Personal Correspondence to Mrs. Virginia H. Knauer, (March 3, 1972), p. 1
(p122) - 1MacFarlane, William, "Knauer Office Unit Meets with Industry Group." The National Underwriter, VII, (February 12. 1972), pp. 77-86.
1980 - LC - Phoenix Mut. Life Ins. Co. v. Insurance Department of the State of New York, and Albert B. Lewis, As Superintendent of Insurance of the State of New York, Defendants. - [link]
No. 80 Civ. 1051 (Jmc)
US District Court for the Southern District of New York - 500 F. Supp. 2 (S.D.N.Y. 1980), March 31, 1980
The facts are largely undisputed. On January 11, 1980, the defendant Insurance Department of the State of New York ["the Department"] promulgated the following proposed regulation:
The use of the phrase "low cost" or a similar term shall not be used [sic] to categorize a company's operations or policy *3 portfolio.
A particular policy form may be referred to as being "low cost" only when this is capable of being demonstrated to the satisfaction of the Superintendent. Companies using the phrase "low cost" in their advertisements must be prepared to demonstrate such "low cost" to any consumer requesting substantiation.
The Phoenix Mutual Philosophy.
We paid Virginia Knauer to give us her consumer point of view on the subject of whole life insurance.
Unquestionably Phoenix Mutual meets her criteria for a consumer-oriented company.
A company that gives the consumer the opportunity to buy the most whole life insurance at the lowest possible cost.