WSJ: Some Life Insurers Play by Different Rules

[question everything]

The Wall Street Journal

May 30, 2006

Some Life Insurers Play by Different Rules

State Laws Allow Unilateral, Retroactive Changes in Policies Issued by Fraternal Societies
By THEO FRANCIS
May 30, 2006; Page D1

Faced with the daunting prospect of buying life insurance, many Americans turn to someone they believe they can trust: a representative of a fraternal organization, often associated with their church. But the people who own such policies, or are considering buying one, may be unaware that these organizations, such as Thrivent Financial for Lutherans or Woodmen of the World Life Insurance Society, play by different rules than other insurers -- rules that critics say can put buyers at a disadvantage.

A series of disputes involving some of the biggest fraternal benefit societies, which together have millions of clients, underscores the problems that consumers can encounter with these policies. Unlike other insurance companies, fraternal organizations can unilaterally -- and retroactively -- change many terms of their policies. State courts and regulators have recognized these organizations' right to operate under different rules, and an effort by Missouri regulators to rein in one of them was rejected by a state court there in 2004.


(snip)
URL for this article:
http://online.wsj.com/article/SB114894924020665840.html (subscription)

[Hestia]

1. Is this in today's hardcopy?

[question everything]

2. Yes, see above Section D Page 1

This is the Personal Journal section

[Hestia]

3. Well, I can't because I am not a subscriber.

and I couldn't read the article. That's why I need to know if I need to go buy the hardcopy.
Thanks!

[question everything]

5. The answer is still YES

If you get today's hard copy look for the section called: Personal Journal, on the first page.

I also PMed you the complete article

[Supersedeas]

4. the Repubby law of Contracts -- unilateral modification after execution