Market conduct issues and the transformation of the U.S. life insurance business
Article Abstract:
The crisis and turmoil in the US life insurance business reflects worldwide changes resulting in a major transformation of what life insurance is and how it is sold. This transformation is already well under way in Europe and parts of Asia. US companies must recognize the changes in the environment and start to respond appropriately, both in their own practices and in what they encourage the industry and the state and federal governments to do. A more market-based approach to regulation suits the coming specialized market.
Publication Name: Journal of the American Society of CLU & ChFC
Subject: Law
ISSN: 1052-2875
Year: 1995
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Life insurance illustrations: the problem or the solution?
Article Abstract:
Illustrations are the best tool for clearly and, with appropriate emphasis, explaining the nonguaranteed elements of a life insurance plan to would-be buyers. Guaranteed results alone create an unstable insurance market, but the use of nonguaranteed ones demands a balanced presentation to best serve the customer and avoid later unhappiness or even legal action. Important client questions regarding nonguaranteed elements include how low the death benefit can drop, and what annual reporting can be expected.
Publication Name: Journal of the American Society of CLU & ChFC
Subject: Law
ISSN: 1052-2875
Year: 1995
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Bancassurance in the United States: effects on consumers
Article Abstract:
The banking industry's entry into the life insurance market should benefit consumers because the traditional delivery system fails to address the needs of middle- and lower-income Americans. Agents and brokers are concerned about banks selling insurance because they fear the added risk will undercut bank stability, unfair competition, that consumers will be coerced and that quality of service will decline. However, the experience of other countries shows increased efficiencies and convenience.
Publication Name: Journal of the American Society of CLU & ChFC
Subject: Law
ISSN: 1052-2875
Year: 1997
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