In the life insurance business, equal tax rates has long been a tradition carefully protected
Any amount of insurance, a man of purchase, it pays the same price per thousand, like any other customer with the same age and health status rating. But recently a wave of price cutting swept by the life insurance business, procedure, as shocking to note that many men, such as insurance were the houses discount on most retailers. What happens is that most large insurance companies began, the quantity discount on what they see as “Specials”. New York Life Insurance Co. and Equitable Life Assurance Society “, for example, approximately 15% discount on the policy of $ 10000 or more. Travelers Insurance Co., John Hancock Mutual Life Insurance Co.
and others are the limits of their own specific characteristics, in order to preserve competition. Hartford, an insurance executive said: “We are competing with General Motors and Westinghouse for the average dollar-man, and we admit the average man can not provide the kind of insurance he needs.” The trend has shaken the insurance business of its deep and respectable foundations. Beiderseitigen benefits Life Insurance Co. (No. 11 in USA) strongly against the Specials. In life insurance Courant Institute, New York Underwriter Halsey D. Josephson complains: “… The waiver of any issue quickly Specials … May is the beginning of the end of the American life insurance as we know, [because breakage es] the tradition of equality for all. “measures are not new (Metropolitan has since 1909). But until recently, large companies hesitated to provide discounts on major policies, because they believed that small customers, or the Federal Trade Commission, accuses They would be discriminated against.
Most large companies have now established that the amount of discounts and other specific measures, such as group insurance to the business world. From New York Life began promoting specific policies in March total turnover rose an astonishing 40%, reaching $ 1.4 billion in nominal policies in 1954. Equitable reported that its total turnover increased very significantly “because of lower prices and elements argue in favour of a best seller.
In New England Mutual 30% of all life insurance sales are now of politics. But while specific measures cost less, they are difficult to obtain. Most companies require more stringent medical examinations and one year’s advance payment of premiums. One justification for lower tax rate is the lowest cost of administration. The cost of processing an application in writing and policy, for example, is the same as the policy is $ 1000 or $ 10,000 (A company has even started tacking an additional processing fee policy 3000 $) In addition, said an actuary Boston: “Size is not the only decisive factor; mortality are higher among men, buy $ 1000 and $ 2000 policies than in those who buy big politics.” Main reason : Those with a standard of living can make an improvement in the supply of their health.
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