“Life insurance in America has traditionally been dominated by mutual insurers. Twelve of the fifteen largest life insurers are mutuals.”

— Andrew Tobias

Source: The Invisible Bankers, Everything The Insurance Industry Never Wanted You To Know (1982), Chapter 3, You Can't Tell the Players, p. 39.

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "Life insurance in America has traditionally been dominated by mutual insurers. Twelve of the fifteen largest life insur…" by Andrew Tobias?

Andrew Tobias photo

Andrew Tobias 19

American journalist 1947

Related quotes

“The first American insurance company was the Friendly Society for the Mutual Insurance of Houses Against Fire, founded in Charles Town in South Carolina, in 1735.”

Andrew Tobias (1947) American journalist

Source: The Invisible Bankers, Everything The Insurance Industry Never Wanted You To Know (1982), Chapter 5, Not Invented Here, p. 87.

“In short: Readily available low-cost life insurance would be a threat to the industry, and whatever threatens the life insurance industry threatens America.”

Andrew Tobias (1947) American journalist

Source: The Invisible Bankers, Everything The Insurance Industry Never Wanted You To Know (1982), Chapter 13, Gerber Life: Like Taking Candy From A Baby, p. 239.

“The first known life insurance contract was written in 1536 on the life of a British merchant, William Gybbons, for a term of one year. Gybbons died shortly before the policy was to expire, but the insurers refused the claim. They held that that Gybbons had indeed survived "twelve months" - twelve lunar months (of 28 days). The insurers were taken to court and ordered to pay.”

Andrew Tobias (1947) American journalist

Source: The Invisible Bankers, Everything The Insurance Industry Never Wanted You To Know (1982), Chapter 7, The Battle II, p. 112.

“Life insurance is a commodity.”

Andrew Tobias (1947) American journalist

Source: The Invisible Bankers, Everything The Insurance Industry Never Wanted You To Know (1982), Chapter 13, Gerber Life: Like Taking Candy From A Baby, p. 235.

“The first life insurance societies where formed in England in the years between 1692 and 1720. In America, life insurance became available to the clergy through the Presbyterian Ministers Fund, founded in 1759(still in existence), and the Episcopal Corporation, founded ten years later”

Andrew Tobias (1947) American journalist

subsequently merged
Source: The Invisible Bankers, Everything The Insurance Industry Never Wanted You To Know (1982), Chapter 14, Too Many Salesman, p. 250.

“The larger the deductible you choose, the less insurance you are buying. Insurers want to sell insurance.”

Andrew Tobias (1947) American journalist

Source: The Invisible Bankers, Everything The Insurance Industry Never Wanted You To Know (1982), Chapter 9, Too Much Insurance, p. 155.

“What the insurance companies have done is to reverse the business so that the public at large insures the insurance companies.”

Gerry Spence (1929) American lawyer

As quoted in Humanscape : Environments for People (1987), by Rachel Kaplan and Stephen Kaplan, p. 97

“Thus social insurance, in sharp contrast with actuarial insurance, can cover not only risk but also uncertainty.”

Nicholas Barr (1943) British economist

Source: Economics Of The Welfare State (Fourth Edition), Chapter 5, Insurance, p. 117

“There are worse things in life than death. Have you ever spent an evening with an insurance salesman?”

Woody Allen (1935) American screenwriter, director, actor, comedian, author, playwright, and musician

“Insurance companies nowadays apply the principle of so-called 'selection by insurance'; this means that they take into consideration the fact that persons who enter early into insurance contracts are on the average of a different type and have a different distribution of death ages from persons from persons admitted to the insurance at a more advanced age.”

Richard von Mises (1883–1953) Austrian physicist and mathematician

First Lecture, The Definition of Probability, p. 18
Probability, Statistics And Truth - Second Revised English Edition - (1957)

Related topics