American Life InsuranceUS life insurance
The IA American Life Insurance Company markets life insurance products, including life insurance, end costs, maturities, group maturities, universal life and annuities.
Life-insurance | Supplementary health insurance
Influence your home and your fellowship with your new American Income Life careers.
US income life insurance company
The American Income Life Insurance ( formerly NASDAQ: AINC ) is an insurance corporation headquartered in Waco, Texas, that provides additional life insurance to trade union, cooperative and federation customers. AIL was established in 1951. The American Income Life is incorporated in 49 states, the District of Columbia, Canada, and is regulated for the conduct of New Zealand operations.
The National Income Life Insurance Company, incorporated in the State of New York, and Union Heritage Life Assurance Limited, incorporated in the Republic of Ireland. In 1951, the story of the business began under the name American Income. The American Income was charters as a reciprocal valuation federation in Indiana with 25,000 dollars of debt financing.
In March 1951, it was re-insured via the American Standard Insurance Company as a new reserves corporation. In May 1951, the American Revenue Insurance Company was formally established by its Chairman, Harold Goodman, and Managing Director, Bernard Rapoport (Goodman's nephew). Amerindian Revenue initially sells inexpensive medical insurance. In its first year, the business recorded approximately $95,000 in premiums.
In 1953, the corporation achieved insurance premium values of $1 million. Until 1954, the enterprise received 6,000 insurance claims per year. Goodman and Rapoport founded a new corporation in September 1954, American Income Life Insurance ( "AIL"), with a $200,000 equity and a $100,000 excess. America Income Life re-insured the American Income insurance and was converted from a reciprocal reserves corporation into a public limited corporation.
America Standard, the company's initial underwriter, fused with American Income Life, and the business earned approximately $400,000 in premium income. From 1954 to 1955, the AIL' s wealth had increased by twofold, its net reserves had trebled, its equity and surpluses had more than tripled and some 15 million dollars of insurance had entered into effect.
3 ] In 1956 Rapoport wanted to take over the Indiana-based firm nationalist. At the end of 1956 American Income Life was active in thirteen countries with 300 external service agents in 96 general agents. AIL began in 1961 to provide supplementary insurance for trade unions members and care for tradeunion insured in a way unknown to the sector.
During an authorised industrial dispute, for example, the AIL did not pay bonuses to trade unions members, a service that was still available in 2017. The AIL also set up a collegiate bursary programme for the kids of trade-unionists, and the factory participated in the funds of trade-unionists involved in legitimate industrial disputes. It was the only 100% trade union insurance corporation positioning the enterprise and calling it "Be Union-Buy Union".
" By 1963, AIL's revenue was about $6 or $7 million. 3 ] By 1973, incomes had risen to 31.5 million dollars. The International Trade Union of Office and Occupational Workers (OPEIU) organised the office workers in June 1966 and made the only insurance agency with all trade unions members the OPEIU. The AFL-CIO awarded the firm the title Association Label Enterprise in October 1973.
The AIL was one of only two insurance carriers throughout the United States with the Union Label formal.