inform – [BonkNote]

Information Asymmetry 1970 – AP – The Market for ‘Lemons’: Quality Uncertainty and the Market Mechanism, by George Akerlof – 15p Thirty-one years ago, Mark S. Dorfman (1972) concluded that workable competition did not exist in the market for life insurance products because of industry marketing practices that tended to exacerbate the insurance consumer’s ignorance and…

Informed Policymakers We believe it is very important for the subcommittee, and other committees in Congress with jurisdiction over insurance, to have a sound understanding of how our industry operates… …, I would like to focus my remarks this morning on why the ACLI believes that the new Federal Insurance Office, FIO, is an extremely…

Q: Does Anyone Know Anything? (p87) – Gustavus Smith (Kentucky – Insurance Commissioner): We have got a vast deal to learn. While on this subject, I may allude to what I consider the great trouble in life insurance. It is, in my opinion, an undoubted fact that educated, intelligent, influential business men of this country, as…

Truth To quote from Josh Billings: ” Tis better not to know so much, than to know so much that ain’t so.” If life insurance truths have not been widely disseminated and assimilated, life-insurance untruths have. Lack of knowledge as to what is so about life insurance has been offset by excess information coined and…

Reliance Justified Reliance Reasonable Reliance Reliance Insurance Company 1999 – LC – Zarrella v. Minnesota Mutual Life Ins., 96-2782 – Opinion – 26p (p10) – More importantly, however, plaintiff could not have prevailed on the misrepresentation claims because the statement did not induce plaintiff to act on them in the manner that Minnesota Mutual intended. The statements were part…

Consumer Buying Process Judy Faucett responded that people spend more time buying a microwave than they do an insurance policy. 1994-1, NAIC Proceedings 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…

Misleading Misleading Illustrations Why is this flimflammery allowed to continue? Where are the laws to prevent companies from misleading people? — Senator Howard Metzenbaum (D-OH) 1993 0525 – GOV (Senate) – When Will Policyholders Be Given The Truth About Life Insurance?, Senator Howard Metzenbaum (D-OH) — [BonkNote] (Northwestern Mutual Life: A Century of Trusteeship by…

Stock Company Information Group 1983 0510, 0511 and 0728 – GOV (House) – Tax Treatment of Life Insurance, Pete Stark (D-CA) — [BonkNote] 1988 0325 – GOV (Senate) – Tax Treatment of Single-Premium Life Insurance, aka Single Premium Life Insurance – [PDF-199p, The Stock Company proposal also would make permanent the provisions of TEFRA relating to:…

NAIC – Life Insurance Information – BonkNote (p14) – Terri Vaughan – (NAIC, CEO / IA): So what we try to do is educate consumers about the critical importance of this issue. We spend a lot of money on consumer education. We created a Web site, Insure U Web site, for consumers to go to…

FOIA – Freedom of Information Act foiaproject.org/ GAO gao.gov/foia-requests Information Requests: govinfo.gov/content/pkg/CFR-2022-title4-vol1/pdf/CFR-2022-title4-vol1-sec81-3.pdf GovernmentAttic home.treasury.gov/footer/freedom-of-information-act judicialwatch.org/ judicialwatch.org/files/documents/2009/558_treasuryAIG.pdf scribd.com/publisher/72250156/Judicial-Watch-Inc/lists publicintelligence.net/ TheBlackVault John Moss 2005 – NY – FOIL’S SUBJECT MATTER LIST REQUIREMENT: ARE AGENCIES COMPLYING? – https://nyassembly.gov/comm/Oversight/20050810/ The most basic of FOIL’s requirements regarding subject matter lists is that each agency must have one. Therefore, it is troubling…