Insurance Program
The Order offers a modern, professional insurance operation with more than $80 billion of life insurance policies in force and $15.6 billion in assets as of June 2012. Products include permanent and term life insurance as well as annuities, long term care insurance and disability insurance. The insurance program is not a separate business offered by the Order to others but is exclusively for the benefit of members and their families. The order paid over $243 million in death benefits in 2009 and $1.7 billion in the last decade as of August 2010. This is large enough to rank 49th on the A.M Best list of all life insurance companies in North America. According to the 2011 Fortune 1000 list, the Knights of Columbus ranks 900 in total revenue. Only two other insurers in North America have received the highest ratings from both A. M. Best and Standard & Poor's. The Order is certified by the Insurance Marketplace Standards Association for ethical sales practices. Standard & Poor's downgraded the insurance program's financial strength/credit rating from AAA to AA+ in August 2011 due to its lowering of the long-term sovereign credit rating of the United States to AA+.
Read more about this topic: Kof C
Famous quotes containing the words insurance and/or program:
“Women hock their jewels and their husbands’ insurance policies to acquire an unaccustomed shade in hair or crêpe de chine. Why then is it that when anyone commits anything novel in the arts he should be always greeted by this same peevish howl of pain and surprise? One is led to suspect that the interest people show in these much talked of commodities, painting, music, and writing, cannot be very deep or very genuine when they so wince under an unexpected impact.”
—John Dos Passos (1896–1970)
“Lead bullets flattened by human teeth have been found on the camp site. Soldiers who had been caught stealing food from nearby farms customarily chewed on a bullet as the lash was laid on their bare backs.”
—For the State of New Jersey, U.S. public relief program (1935-1943)