North Carolina Insurance Commissioner Mike Causey today announced that the Wake County Superior Court has approved the petition to liquidate North Carolina Mutual Life Insurance Co. (“NC Mutual”) effective Oct. 31. Founded in Durham in 1898 as North Carolina Mutual and Provident Association, NC Mutual was once one of the largest African American owned insurance companies in the United States. NC Mutual wrote business in 48 states and the District of Columbia and has approximately 241,500 policyholders. The company ceased writing new business in 2016. On Dec. 3, 2018, NC Mutual was placed into rehabilitation and a moratorium on surrenders and loans became effective. “I have tremendous...
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The company started in 1898 by seven Black men. It became the largest and oldest Black-owned insurance company in the country. “The liabilities have exceeded its assets by at least $78 million-plus,” said Dan Johnson with the Attorney General’s Office. In September 2021, the company filed a motion for an order of liquidation. The company was in too much debt and ran out of money. North Carolina Mutual Life gave insurance to Durham’s Black residents when white-owned operations would not. It is credited for helping to give Durham its nickname and reputation as “Black Wall Street.” The company was also known for its office building along 411 West Chapel Hill St., which is now occupied by other...
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Of course, there is no best insurance, only what’s best for you. Whether you are looking for whole-of-life insurance, need insurance that covers you without a medical examination, or are looking to protect your mortgage, there’s a wide variety of policies to choose from. What is life insurance and who’s it for? Life insurance financially protects your loved ones in the event of your death. It gives peace of mind, in that if you are no longer around, your family will benefit from an amount of money which can aid their financial security. It’s important for people with children, dependant relatives, a partner or family looking for financial security. Types of life insurance Level insurance –...
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The first phase of the digital transformation will enhance agent and customer user experience, by delivering seamless illustration and intuitive enrollment functionality. June 9, 2021 – Sapiens Americas, a wholly owned subsidiary of Sapiens International Corporation, (NASDAQ and TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today that Illinois Mutual Life Insurance (IML), a company that services 47 U.S. states and serves over 8,600 independent agents, has implemented two Sapiens’ life solutions as part of its digital transformation project. Sapiens IllustrationPro for Life & Annuities and Sapiens ApplicationPro for Life &...
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CANTON, Mass., Aug. 18, 2021 /PRNewswire/ -- Boston Mutual Life Insurance Company, a national provider of insurance solutions for individuals and at the workplace, today recognizes its 130 anniversary. Boston Mutual has served working Americans since its founding in 1891, initially serving just the community in Massachusetts and eventually expanding to serve policyholders from coast to coast. Throughout industry shifts, changing times and even two global pandemics, the company has evolved and transformed while continually remaining focused on the mission and values established at its founding. Throughout 130 years, the company has only had seven presidents, reflecting Boston Mutual's...
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The new department will support the life insurance carrier's continued strategic growth by focusing on the creation of a more streamlined customer journey from end to end, creating more efficiencies and seamless inter-department alignments. The department will also play a key role in supporting the company's strategic path and enabling future opportunities as it enhances customer experience through the analysis, assessment, and development of processes and technology that sync well with the company's focus on its customers. "We have established a department that better aligns with one of our key objectives - to create a state of organizational readiness to help support a best-in-class...
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Types of Life Insurance Sold by Northwestern Mutual Variable universal life Northwestern Mutual’s term life insurance Term life insurance is life insurance that offers set rates for a level term period. For example, if you want life insurance to cover the mortgage if you die and have 30 years left before it is paid off, a 30-year term policy would be an option. After the level term expires, you can renew or buy a new policy, but be prepared for a significant increase in premiums. Term life insurance does not build cash value and, as a result, is generally the cheapest type of life insurance to purchase. Northwestern offers Term 80, Term 10. Both policies have premiums that increase...
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NEW YORK, April 26, 2022 /PRNewswire/ -- Mutual of America Financial Group announced today that it has entered into a Stock Purchase Agreement to acquire Landmark Life Insurance Company, a widely licensed Texas life and annuity insurance company ("Landmark Life"). The transaction is expected to close during the third quarter of 2022, subject to customary closing conditions, including regulatory approval. "The acquisition of Landmark Life represents another positive step toward achieving Mutual of America's strategic growth plans in the guaranteed retirement income space," said John R. Greed, Chairman, President and CEO of Mutual of America Financial Group. Simpa Baiye, Executive Vice...
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We recommend products and services based on unbiased research from our editorial team. We make money via affiliate links, which means if you click a link on our site, we may earn a commission. Any commissions we receive do not affect our recommendations; if you want to know more about how that works, read more. Northwestern Mutual is a company you want to go for if you care about customer service. It has an A+ rating by the Better Business Bureau (BBB), as well as the highest rating in the industry on the J.D. Power 2019 Life Insurance Satisfaction Study. Northwestern Mutual is a respected company by its customers and states that 96% of its customers stay with the company year after year....
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Mutual Company (Life Insurance) Conversion Regulations His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to sections 236.1 Footnote and paragraph 703(b) of the , hereby makes the annexed Interpretation 1 The following definitions apply in these Regulations. conversion means the conversion of a life company that is a mutual company into a company with common shares. ( transformation ) converted company means a life company that was a mutual company and that has been converted into a company with common shares and, except for the purposes of paragraphs 4(1)(j) and 5(1)(p), includes a holding body corporate of that company. (...
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