Randy Barkacs

  • Randy Barkacs, Western Southern:
    • ...  said many consumers cannot distinguish between universal life and whole life.
    • ...  said a narrative explanation was needed because many did not understand the numbers or the fact that a universal life policy might drain the cash value until there was no coverage left.

1994-3, NAIC Proceedings

  • Randy Barkacs (Western Southern) asked the working group if it had considered banning illustrations altogether.
  • Mr. Wright responded that it was not a consideration at the present time.  (p565)

1994-3, NAIC Proceedings

  • 1996 05 - AP - Cost disclosure Versus Concept Disclosure: A Personal Perspective, by Randy Barkacs, Journal of the American Society of CLU & ChFC; Bryn Mawr Vol. 50, Iss. 3, (May 1996): 62. - 5p
    • Article Abstract:
    • Cost disclosure is generally considered the way to present insurance policies to consumers, allowing them to make cost comparisons.
    • However, this approach leads to consumer misunderstandings over aspects such as limited terms and vanishing premiums and fails to meet consumer needs.
      • A better approach is concept disclosure where costs, possibilities, promises and policy purposes are presented together, including essential aspects such as whether permanent or temporary coverage is needed and what duration is needed for temporary coverage.
  • 1997 - AP - An Analysis of Consumer Knowledge and Decision Making in Life Insurance, by Randy Barkacs, Cleveland State University - 122p
    • Recent and numerous class-action lawsuits against major United States life insurance companies, with charges of misrepresentation and deception, provide an impetus for
      exploring consumer knowledge and the decision making process in that industry for applications to consumer education theory.

      • Consumers are claiming they were misled and did not understand the contracts they signed and maintained, in many cases, for ten years or longer.
      • There is an irony in that the contracts in question were purchased at a time when life insurance disclosure information had never been more open, regulated and detailed.
      • ⇒   What went wrong?