• 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:  <WishList>
  • “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 Philip Hart (D-MI)
  • **doughty = brave and persistent
  • *** Herb Denenberg, Pennsylvania Insurance Commissioner

1973 - SOA - The Actuary - Editorial by ACW (Andrew C. Webster), p2 - 8p