Armstrong Investigation
Definition of "Armstrong investigation"
Inquiry conducted by a committee of the legislature of the State of New York in 1905 that looked at abuses of life insurance companies operating in the state. This study led to stricter supervision by New York and other state insurance departments. For example, many of the policies sold at that time contained language that made the receipt of benefits very difficult to obtain. As a result of the investigation, standard provisions were introduced into life insurance policies. While actual language is not dictated word for word by state regulatory authorities, a policy must provide minimum benefits (such as nonforfeiture provisions) expressed in acceptable language.
Popular Insurance Terms
Organization having as its objective the education of the general public concerning items of national concern of member property and casualty insurance companies. ...
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Mortality table, morbidity table that does not include current statistical experience. ...
Termination of premium payments by an employer on behalf of an employee to an employee benefit plan. ...
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Means of paying the cost of benefits of pension plan participants including retirement, death, and disability. ...
Cost of an annuity. Annuities are often paid for in a lump sum rather than annual or other periodic payments. This sum, which guarantees an income, usually for life, is called the purchase ...
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