Wading Through Life Insurance Officialism

by David Jenyns on June 16, 2008

For just one company, in 1956, the Unique Manual lists 76 basic policies. Cash surrender values, per $1,000 death value, vary as premiums do with the kind of policy and the beginning age of an insured person; they also vary with each year that an insured person continues a policy. The company seems to have something like 200,000 cash-surrender rates.

But it is on dividends that a mutual life-insurance company really shines. In one-year dividend rates per $1,000 death value vary about as much as cash values do. A dividend is supposed to reflect a company’s actual experience each year, especially the difference between the excessive mortality rate included in the premium and the actual rate. So if a company carries out the theory, it refigures all these dividend rates every year.

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