Word: premiums
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Continental, which is seeking the approval of insurance commissions in every state, and Puerto Rico besides, already has received 35 O.K.s. For a $7 monthly premium, Continental offers to insure oldsters against hospital room and board expenses up to $25 a day, and against other hospital costs, such as X rays and medicine (but no physicians' or surgeons' bills), up to a total of $5,000, once the policyholder has paid the first $500. A policy goes into effect at once except in the case of already diagnosed illnesses. In that event the policyholder must wait six months...
...requires no physical examination, costs $6.50 per month. To trim the costs of handling policies, Continental relies on a giant IBM 705 computer to do the figuring, pays only a $1.75 commission on new policies (v. an industry-wide average of 20-30% of the first year's premiums), depends chiefly on newspaper ad coupons that prospects clip out and send in. Continental lumps all applicants in a state together, in effect handles the individual policies as if they were members of a group plan, thus spreading the risk and reducing the premium cost by as much...
...affairs. After losing $5,400,000 in 1959 and $33.8 million in 1958, said Colbert, "in the first quarter of 1960 we are definitely in the black." The company got off to a slow start on the 1960-model run. had run into heavy expenses in buying premium steel during last fall's strike, spent millions tooling up to produce the Valiant compact and to convert body shops to the new unibody construction. But now sales are climbing, reported Colbert, and all divisions, even high-priced Chrysler Imperial, are operating at a profit. Chrysler's share...
...visible effect in reducing crime. Quite the opposite. Whereas the Royal Prison Board in 1944 predicted there would never be more than 2,300 prisoners at a time, today there are 5,268, with 13,000 more on parole or given suspended sentences because prison space is at a premium, even with considerable doubling up. Even so, the board stoutly insists that this is not the fault of lax punishment but the inevitable result of wartime relaxation of morality, slacker liquor laws, etc. Sweden's reported crime rate of 0.297% is still among the world's lowest (comparable...
...Depression. Because of Cuba's close relationship and U.S. investments in sugar companies there, the island was put in a privileged position. Today Cuba supplies 33% of all U.S. sugar, sells more than half its annual 6,000,000-ton crop to the U.S. at a premium price that brings over $100 million more than the world market price...