June 7, 1992 |
Insurance is America's fourth-largest household purchase--after food, housing and taxes--yet those who buy insurance "are among the least knowledgeable consumers" in the United States, according to the National Insurance Consumer Organization. That's not entirely the consumer's fault. Insurance, particularly life insurance, is a complicated product sold by thousands of companies nationwide in nearly limitless variations. There are no federal disclosure standards. And the U.S.
CALIFORNIA | LOCAL
September 5, 1995
Longtime Oxnard resident Bastiaan (Barry) VandenBerg died early Monday of pancreatic cancer, a few hours into his 70th birthday. "Against all odds, he made it to today," said his daughter, Nan Duffly of Belmont, Mass. "He told people that he was going to be here until he was 70." VandenBerg was a Dutch immigrant who arrived in the United States in 1956, working briefly in the lumber industry in Oregon before coming to Oxnard to take a job at a frozen-food factory.
June 24, 1986 |
In a move aimed at reducing its debt, Houston-based Tenneco said Monday that it will sell its life insurance businesses to ICH, an insurance holding company headquartered in Louisville, Ky., for $1.5 billion. The two firms jointly announced the signing of the agreement in principle. The deal would give ICH ownership of Tenneco companies that accounted for 6% of the energy-oriented company's 1985 profit of $431 million. It had revenue of $15.3 billion last year.
May 1, 1988 |
Australians seeking life insurance may have to undergo an AIDS test if they admit to being homosexual, using drugs or having had a blood transfusion in the early 1980s. Health Minister Neal Blewett told Parliament last week that the Australian life insurance industry had agreed to a voluntary code of practice on acquired immune deficiency syndrome, believed to be the first in the world.
April 30, 2001 |
Need cash to carry your business through the coming months? Take a look at those old cash-value life insurance policies listed as assets on your balance sheet. Policies insuring your key managers or guaranteeing pensions, for example, might prove more valuable than you think. The real value of such a policy might exceed its cash value. And if you surrender it in exchange for that cash value, you might leave money on the table.
CALIFORNIA | LOCAL
June 19, 1992
Metropolitan Water District General Manager Carl Boronkay has withdrawn a proposal that the district buy $150,000 in life insurance policies for himself and another top official. The MWD board of directors had rejected the fringe benefit proposal last week as they also turned down proposed 6% pay raises for other managers. Boronkay, along with chief counsel Fred Vendig, were to receive the tax-sheltered insurance policies in lieu of pay raises. Boronkay earns $189,000 and Vendig $149,100.
September 13, 1992 |
Few consumers were concerned about the health of their life insurance companies a few years ago. That's because life insurers were generally considered big, strong and dull. Far too dull to fail. However, all that changed last year when six of the nation's biggest life companies fell like a handful of dominoes. Within a matter of months, more than a million consumers who had insurance policies and annuities with Executive Life Insurance Co.
October 2, 1986 |
Hundreds of AIDS victims purchased life insurance apparently knowing or suspecting they had been infected with the lethal virus, an insurance industry survey has found. But the survey also suggested that most insurers now have taken measures to exclude potential AIDS patients, using such controversial methods as relying on blood tests to identify exposure to the AIDS virus. Critics also allege that some insurers are turning down applicants who live in predominantly gay neighborhoods.
July 14, 1988 |
Ohio Suzuki dealers, in an attempt to restore confidence in the Samurai, are offering a $1-million life insurance policy free to people who buy or lease the vehicle deemed dangerous by Consumer Reports. "You can't run enough ads to erase the cloud that all of this has put over the car," Robert Reichert, president of the Kenwood Dealer Group, said. Reichert said he worked with other Ohio Suzuki dealers on the plan. "We decided that we needed something emphatic," he said.
September 24, 1992 |
State insurance regulators have devised a national system for measuring the financial strength of life insurers, but experts warn that the information could be misunderstood by consumers. After more than two years of debate, the National Assn. of Insurance Commissioners has proposed a plan that evaluates insurers based on the riskiness of their investments and products.