ACORD
Short Company Name:
ACORD
Long Company Name:
ACORD
Company Type:
Trade Association
Web Site:
Phone Number:
845-620-1700
Fax Number:
845-620-3600
Year Founded:
1970
Ownership:
Public
Insurance
A contract that involves the insured paying a premium to an insurance company in exchange for protection against the risk of a large loss.
A.M. Best
Short Company Name:
A.M. Best
Long Company Name:
A.M. Best Company, Inc.
Company Type:
Rating Agency
Web Site:
Phone Number:
908-439-2200
Year Founded:
1899
Key Phrases:
The Pitfalls of Using Group Annuities as a Wrapper for 401k Plans
A very good article in Forbes magazine discusses the many downsides of using group annuity contracts as a wrapper for 401k plans. This is not to be confused with 401k or defined contribution plans that offer an annuity option within their plans or an annuity option outside of the plans to participants who are retiring or leaving the company. In fact, most of the group annuity wrappers provide no ability to annuitize . The practice is especially common among 401k plans offered by smaller...
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Is it Time for a Paradigm Shift to Life-Cycle Investing?
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A.M. Best Report Suggests Light at the End of the Tunnel for Life and Annuity Companies
Insurance Company rating agency A.M. Best released a report on the state of the industry for life and annuity insurance companies. The report is somewhat optimistic given the carnage the industry has experienced over the past year or so. The industry as a whole managed to eke out a small amount of net income --$91.5 million--for 2008. However, capital losses for 2008 reached $19.6 billion. Companies such as Allstate Corporation and The Hartford Financial Services have been hit hardest. However...
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