Word: mutuals
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Dates: during 1950-1959
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...really have serious bargaining in mind, they must give at least as much ground as they gain. The juggling by Western planners involves a study of which factors most distress Russia, how much Russia should be prepared to pay for an accommodation, and which bargains, if any, are of mutual advantage. The mood is of being pressed, but not of panicking...
...year history, Mutual of Omaha has pioneered in many a new form of individual health and accident insurance, while making itself the largest such insurance company in the world. Last week Mutual, which has paid out more than $1 billion in benefits, took steps to grow even bigger. It launched a new hospital-surgical Senior Security Policy for people 65 and over. For $8.50 a month the Mutual policy will pay up to $1,600 in hospital or nursing-home costs, plus surgical fees. Already tried out in four states (Oklahoma, Louisiana, Texas and Georgia), the coverage is similar...
...Mutual's rise is one of the success stories in U.S. insurance history. But like many an old-line company, Mutual sowed some financial wild oats on the way up. It was frequently accused of giving policyholders a false sense of security with its promises, then yanking the bed sheet from under them when they got sick, citing the fine print of the contract. The company has also been involved in policyholder suits. One rose out of a decision by the company's officers in 1926 to set up a parallel life insurance company, using Mutual...
Sweeten the Benefits. When V. (for Vestor) J. Skutt took over the presidency of Mutual in 1949 from the late founder Dr. C. C. Criss, he set about building up-and drastically changing-the company. South Dakota-born Skutt studied law at Omaha's Creighton University, and in 1924 entered Mutual's legal department. When he rose to president, Skutt found that nobody could keep straight the legal name, Mutual Benefit Health and Accident Association, copyrighted a nickname-Mutual of Omaha. He plugged it widely in ads, was delighted when a Buffalo, N.Y. school pupil, asked to identify...
...real way to build up the company was to sweeten the benefits. He did this by making policies noncancellable by the company, writing income-protection policies to cover the whole family, and liberally interpreting the policy clauses in paying claims. In the 40 years before Skutt's presidency Mutual paid out $250 million in claims. In his ten years on the job it has paid out $750 million. The rise in premium income was equally dramatic: $187 million last year, against $77 million...