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- Title
THE CASE FOR INCREASING THE SAVINGS BANK LIFE INSURANCE POLICY LIMIT IN CONNECTICUT.
- Authors
Rapp, Walter E.
- Abstract
This article deals with the issue of increasing policy limits for savings bank life insurance in Connecticut. Mutual savings banks in Connecticut, like those in Massachusetts and New York State, have been in the life insurance business for many years. They have been direct writers exclusively because the law authorizing them to sell life insurance provides that they may not employ solicitors or house-to-house premium collectors. There is also a statutory limitation placed on the amount of savings bank life insurance that may be issued on one life under ordinary forms of policies. The savings banks have never sought unlimited policies, but as public service thrift institutions they regard it to be their function, indeed their responsibility, to meet the needs of people in a meaningful way. And they reject flatly any notion that their sole purpose in life insurance is to furnish burial policies to the public. Legal limitations, particularly dollar limitations, are subject to changes, both economic and social, that affect the needs of the public and the ability of a business organization to meet those needs in a reasonable way. The savings banks' insurance system has been forced to operate under unrealistic limits since its beginning, and this has been due principally to the heavy opposition and influence exerted by the insurance industry.
- Subjects
CONNECTICUT; MASSACHUSETTS; NEW York (State); SAVINGS bank life insurance; LIFE insurance; SAVINGS banks; INSURANCE
- Publication
Journal of Risk & Insurance, 1967, Vol 34, Issue 4, p621
- ISSN
0022-4367
- Publication type
Article
- DOI
10.2307/251430