Anna Rappaport

  • 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

  • Everybody has been talking a lot about a paper by James Anderson on the so-called universal life insurance policy which was an annuity-term combination.
  • So you have to bring the annuity into this. 
    • [paper = 1975 (originally) - SOA - The Universal Life Insurance Policy, James C.H. Anderson, Society of Actuaries - 10p]

--  Anna Rappaport, (2023 - The Actuarial Foundation, Emeritus Trustee)

1976 - SOA - Economic Role of Life Insurance, Society of Actuaries - 16p

  • I think we need to focus more on building a knowledge base.
    • It seems to me our knowledge base is what we live or die on.

--  Anna Rappaport, (2023 - The Actuarial Foundation, Emeritus Trustee)

1990 06 - SOA - The Actuary Magazine, Society of Actuaries - 5p

  • 1972 - SOA - Life Insurance and the Buyer, by Anna Rappaport, Society of Actuaries - 2p-Article
  • 1974 - SOA - Consumerism and the Compensation of the Insurance Agent, Society of Actuaries - 68p
    • [Bonk: Referenced in the 1979 - Federal Trade Commissioner Report - Life Insurance Cost Disclosure - 460p]
  • 1976 - SOA - Economic Role of Life Insurance, Society of Actuaries - 16p
  • 1987 - SOA - Value of the Actuary, Society of Actuaries - 3p
  • 1990 06 - SOA - The Actuary Magazine, Society of Actuaries - 5p
  • 2019 - SOA - An Interview With Perspectives From Anna’s Anna Rappaport, by Josh Bank, Society of Actuaries - 7p
  • 3 E. J. Moorhead, "The Hart Hearings in Perspective," Best's Review, January, 1974, p. 16:
    • "First is the massive ignorance of policyholders about their life insurance.
    • It is hard to believe that people know as little about their life insurance property as the surveys show."
  • 4 Ibid.. p. 70. Mr. Moorhead points to five probable thrusts of the Hart hearings:
    • (1) price and quality of our products,
    • (2) freedom of the agent,
    • (3) sales practices,
    • (4) sales interference, and
    • (5) efficiency of state regulation.

1974 - SOA - Consumerism and the Compensation of the Life Insurance Agent, by Anna Maria Rappaport - 68p

  • The product is complex and confusing.
  • The following factors must be considered in the rational selection of life insurance:
    • (1) Amount of coverage needed.
    • (2) Understanding of the basic workings of various products, and a rational evaluation of death benefit and savings priorities.
    • (3) Choice between various types of products.
    • (4) Choice between companies-- based on different product features, cost and service.
    • (5) Choice between agents.
  • The purchaser may be unable to make a rational choice for the following reasons.
    • Selection of a suitable amount of insurance is a part of long-term financial planning for contingencies.
      • It is difficult for most people to do such planning.
    • The individual buyer does not really understand the use of the product, and has not defined the need which the insurance will meet.
  • Until the buyer understands how the product works, attempts to compare price are essentially meaningless.
    • Further, meaningful price comparisons are difficult to make, and the knowledge and information to make them are usually not available to the consumer.

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