Word: funded
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Dates: during 1960-1969
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...Illinois' freshman Senator Charles Percy last week wrote to three Chicago friends: "It was a mistake on my part not to realize that your well-intentioned desire to help would be subject to misunderstanding and misinterpretation." With that, Chuck dissolved the controversial "Percy Group," a six-month-old fund-raising campaign intended to help the Senator defray his considerable office expenses...
...Though he ranks a lowly 97th in Senate seniority, Percy is deluged daily with some 1,500 letters and 200 telephone calls. Having exhausted his Senate office allowance of $279,306, he has had to dig into his own pocket for $80,000 to run his official business. The fund, led by the three Chicagoans, had as its goal $100,000 a year to meet Percy's expenses...
...year ago, some 20 U.S. life-insurance companies were in the mutual-fund business. Today, the number exceeds 50. Last month Boston's John Hancock became the biggest insurance company to get into the act by announcing its own mutual fund. Last week Illinois-based Franklin Life Insurance Co. said it plans to acquire control of California's Channing Financial Corp., a holding company with properties in both mutual funds and insurance...
...face of those statistics, the mutual-fund business is a welcome new sideline for insurance firms. A case in point is the relatively small Life Insurance Co. of Virginia: in the first ten months after launching its own First Fund of Virginia, its agents sold $900,000 worth of shares. Besides opening new markets, Michigan-based Federal Life & Casualty Co., a Channing subsidiary, has found that the mutual fund helps agents sell more insurance. Much of it, to be sure, is of the low-cost term variety that expires when the policyholder reaches a specified age. The fact that such...
Although it has no plans to sell fund shares, Prudential, the nation's biggest life-insurance company, is considering making available variable annuities, which are presently sold only through group-pension plans, to individuals as well. Unlike the ordinary annuity, an in vestment that pays off in regular fixed payments after a certain age, the return on a variable annuity is affected by fluctuations in the market value of the securities on which it is based. For the inflation-wary investor, such annuities thus figure to hold many of the same attractions as mutual funds...