Price

  • Until the buyer understands how the product works, attempts to compare price are essentially meaningless.

1972 - SOA - Life Insurance and the Buyer by Anna Rappaport, Society of Actuaries - 2p-Article

  • I believe that there is an urgent need for the life insurance industry to answer the accusations of its critics who say that its failure to disclose accurately the price of its products to its policyholders has led to a noncompetitive situation detrimental to the interests of policyholders and the public.

--  Michael B. Hutchison, [Bonk: Crown Life]

1969 - SOA - Life Insurance Net Cost Comparisons, Society of Actuaries - 34p

  • 1972 - LR - What Price “Price Disclosure"? The Trend To Consumer Protection In Life Insurance, By Spencer L. Kimball and Mark S. Rapaport - 29p
    • Meaningful price disclosure at the point of sale in life insurance would help to implement one major objective of insurance regulation, protection of consumers against unreasonably high prices.
  • William L. HUNGATE (D-MO-House): Mr. Speaker, the State of Pennsylvania is taking what may be a leader's role in analyzing State insurance problems.
    • The following article should be of interest to all who purchase life insurance:
    • A national shopper's guide for life insurance shows that some major companies charge more than twice as much as others for similar policies, and that some of the best known firms charge the most for coverage.
    • NP - Variation in Surety Cost Charges Can Double From Firm to Firm, By Bob Woodward
      • A national shopper's guide for life insurance shows that some major companies charge more than twice as much as others for similar policies, and that some of the best known firms charge the most for coverage.
      • Among the life insurance firms doing business in the Washington area, for example, average annual cost for the same $10,000 straight life policy from Connecticut Mutual Life is $22.40 compared to $53.10 a year from Travelers Insurance Co.
        • This means that over 20 years it takes to pay off such a policy, the Counnecticut Mutual subscriber would pay $448, compared to $1,062 paid by a subscriber of Travelers. (p25109) 

1972 0724 - Federal Register - [38p]