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+.
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Famous quotes containing the words insurance and/or program:
“In taking out an insurance policy one pays for it in dollars and cents, always at liberty to discontinue payments. If, however, woman’s premium is a husband, she pays for it with her name, her privacy, her self-respect, her very life, “until death doth part.””
—Emma Goldman (1869–1940)
“Wags try to invent new stories to tell about the legislature, and end by telling the old one about the senator who explained his unaccustomed possession of a large roll of bills by saying that someone pushed it over the transom while he slept. The expression “It came over the transom,” to explain any unusual good fortune, is part of local folklore.”
—For the State of Montana, U.S. public relief program (1935-1943)