"A handful of misguided prophets are predicting a dark future for the agency system. I believe they are wrong, and for a very basic reason. The error in their judgment was best expressed by Isaac Kibrick at the 1962 NALU convention. He was asked why at age 78, when he was financially secure, did he continue to work so hard. His reply says it all: 'I work because the people need me.' Isaac was right—the people need us—and we need each other."

—Jack E. Bobo

The American College and the MDRT Celebrate their 50th Anniversaries
The NALU could point with pride to two of its younger companions celebrating their fiftieth anniversaries in 1977: The American College of Life Underwriters and the Million Dollar Round Table. Like the industry they served—and like the NALU itself—these institutions were experiencing unprecedented growth, new influences, and a greatly accelerated extension of activity.

Owing to its expanded and diversified curriculum, the agents' premier educational institution had dropped the phrase "of Life Underwriters" from its original name and assumed the more general, if somewhat vague title, The American College. In his committee report on agent education for 1977, Robert L. Rose noted, "The American College has received authority form the department of Education of the Common wealth of Pennsylvania to grant the degree of Master of Science in Financial Services through its Graduate School of Financial Sciences. Over 1,100 persons throughout the nation have thus far applied for admission to the master's program and more than 900 have been accepted as degree candidates."

Another instance of the College's broadening program was the announcement in 1978 of the establishment of the Charles Lamont Post Chair of Ethics and the Professions through an endowment of $500,000. Post, who was a member of 1929 CLU class, said that he established the fund "in order that the College might expand its teachings and research in the area of professional ethics." As the news release stated, "It will enable the College to strengthen its curriculum offerings, and through teaching, research and publications to respond directly to the growing expectations of consumers, a purpose for which the College was originally founded."

Through the generosity of the chartered life underwriters and others who pledged to give $100 for ten years, the College's Golden Anniversary Fund reached its $20 million goal by 1979. By 1980 The American College had two hundred full-time employees. Its Bryn Mawr campus had expanded to forty acres with seven buildings, and a new graduate studies center was under construction.

With permanent office at Des Plaines, Illinois, by 1977, the MDRT was firmly established as the most prestigious international organization for highly successful marketers of life insurance. There were 4,814 members and guests at the organizations annual meeting that summer in Atlanta, including 631 members form twenty-eight foreign countries. Total worldwide membership had risen to 12,782. There was a growing feeling among the leading members, however, that entry qualifications ought to be more stringent. Consequently, production requirements were raised ton $1.5 million for 1979. Marshall I. Wolper, the organization's president, explained the increased volume requirement was necessary "to keep membership in our organization meaningful and to maintain the MDRT as the international standard of sales performance in the life insurance business." By 1981, production requirements had been set at $1.9 million.

This insistence on high standards reflected an industry-wide sentiment for excellence. Among both the life insurance companies and their field forces there was widely felt urgency to improve the offerings, upgrade the services and enhance the public image of the business. The consumerist movement had created a wary generation of selective, critical shoppers in the financial service market. This does not mean that the majority of the population were really all that well informed on the relative merits of various types of financial vehicles for protection and investment. The point is people thought they were. Certainly, their expectations had been raised. They had become more conscious of the choices and had developed a discriminating attitude toward the insurance business and its marketers.

As the eighteenth-century poet Alexander Pope pointed out, however, "A little learning is a dangerous thing." The ease with which so many people allowed themselves to be persuaded to replace their whole life policies with term insurance during this period suggests they were not always discerning. By 1980, replacement activity of this kind was becoming pervasive. The success of the Atlanta-based A.L. Williams organization, which quickly trained thousands of part-time agents in sales techniques calculated to induce people to "buy term and invest the difference," provides illustration enough of popular thinking on the subject. A large segment of the population never bought permanent insurance at all. Even fairly affluent and educated heads of families often exhibited a decided preference for term insurance.

Commensurate with the rise of the putative "informed consumer" was the industry's development of complex, sophisticated products. Competing with more traditional insurance plans were the new interest –sensitive financial vehicles such as variable annuities and variable life insurance. Also on the horizon was "universal life"—more investment-oriented than whole life insurance, these were flexible premium life insurance policies with varying interest rates. Governmental intrusion, constricting tax laws and mounting inflation had also contributed to the competitive pressures felt everywhere in the financial services market. The high cost of living, the increased number of working mothers, the enormous rise in the divorce rate (which made the single-parent home commonplace), and competition from money matches and other investment schemes created a marketing scene never envisioned by Edward A. Woods, John Newton Russell and the agents of their generation. In addition, companies continued experimenting with alternate systems of distribution, such as direct mailing and solicitation of business through television, radio, magazines and newspapers.

The variety of plans made available by the companies required that anyone hoping to compete in the current marketplace had to be very well informed, indeed. There were also other expectations. Business ethics had to be above-board, and agent's persuasive powers had to be polished to a high sheen. General agents and managers were getting strong and unmistakable signals to recruit selectively and train thoroughly. Certainly, in the more sophisticated areas of the marketplace the one-policy-fits-all peddler with a simplistic approach to people's financial problems had no place. In this atmosphere of high expectations and competition it is not surprising that even the combination companies, which traditionally relied on a basic approach to solving modest problems, found it necessary to develop more varied product lines and insist upon having better–informed agents (in some cases they had to be bilingual) to represent them in the field.

Along with these market-driven incentives, reflected in the MDRT's stress on high-quality performance and the American College's diverse and advanced courses, was the NALU's reassertion of the value of agent education which also helped generate a resurgence of interest in advancing the individual agent's knowledge and skill. It's widely distributed Your Career Path booklet had gone into a second printing and its continuing education requirements had stimulated the agents to learn more about their business. Enrollments in some 1,500 LUTC classes swelled to 28,335 in the 1976-77 school year. "Approximately 19,000 men and women sat for more than 25,000 CLU examinations in June 1977," the NALU's committee on education reported, explaining that the exams were administered at some 300 colleges and universities throughout the country and in centers abroad. The next year the LUTC reported having 29, 610 students enrolled in its courses. By 1978, Loran E. Powell, president of the LUTC, announced that the Council's Diploma in Life Insurance Marketing had been granted to a total of 117,554 graduates.

The scramble for knowledge and the search for excellence were also manifested by the large attendance at company seminars, sales congresses and association meetings. The 1977 NALU annual convention in Dallas, for example, attracted 2,700 paid registrants and 1,250 voting National Council delegates. That year the Association also tabulated a record of over 132,000 local association members, led by the California Association's 10,000 plus. California won national approval of another kind, too, when the new C. Carney Smith Association Executive Award went to California executive vice president R. Scott Sherman.

Americans purchased $321.2 billion in new life insurance in 1977 and their total coverage reached $2,343 billion in force. Such figures were proof enough of the viability of legal resource life insurance and the effectiveness of the agency field force as its chief marketing system. And although it appeared that at last the NALU had succeeded in getting an industry to accept the model of a well-informed, ethical career agent, There were still many men and women in America selling life insurance and related products on a full-time basis who remained, if not completely oblivious, at best indifferent, to the influence of the association movement. In 1977 a special task force on membership planning, headed by NALU trustee H. Kirke Lewis of Memphis, made a number of interesting observations regarding the future growth of membership in life underwriters associations. Among other proposals, the group recommended that:

NALU aggressively seek more representation in multiple-line exclusive agent companies, fraternal companies, and combination companies. To that end, brochures addressing membership advantages for individuals affiliated with such companies should be available to state and local associations.

NALU encourage better membership promotion through home offices by means of a "membership promotion kit" sent to companies to provide guidelines on promoting membership, along with a new company recognition/award program for companies that excel in membership.[i]

During the 1970's, the national economy continued on a generally inflationary course. Rising costs, coupled with numerical growth and the NALU's expansion of services, necessitated an increase in revenue. In his 1977 report to the Association, executive vice president C. Carney Smith reminded the delegates that fourteen years before, when he first took office, there was only 82,000 members in 889 local associations. "We are performing a multitude of services that we did not even contemplate fourteen years ago," he said. "That we have been ale to meet the test lies in the dedicated work by many of the staff people who literally spend evenings and Saturdays working on your behalf." The source of the pressure was largely financial, he explained:

While this is a remarkable achievement, it is not all on the plus side. There are many services that we ought to be doing that we are not; and there are many that we should be doing better than we are. Our personnel have been stretched to the breaking point, and so have our financial resources.

Were it not for the outstanding work done by the staff of the Life Association News, we would not be organizationally solvent. Nic Preston and his associate, Dave Carson, assisted as they are by Marge Hartley, have continued to increase our advertising revenue year by year. In any event, up to now the Life Association News has kept us afloat. While the Life Association News and its advertising department have been a boon to us financially, it is the dedicated work of the other staff members that have enabled us to keep our personnel at a minimum even while meeting most of our needs. In all candor, we can no longer do the job that has to be done with out additional help.[ii]

Smith made his point. The National council's approval of a $10 increase in dues meant the National Association would receive $23 for each local member.

As the delegates were aware, threat of government encroachment into the business of life and health insurance had not abated. In fact it seemed on the increase. There was reason to believe that in some instances the industry had invited the situation. In his review of the current legislative atmosphere, Smith warned, "Perhaps the most dangerous situation that has come out of the Carter Administration has been the revival of the old idea that the Internal Revenue Service should tax the inside buildup on cash value life insurance." The idea had a long story, he explained:

This was prominent fifteen years ago when a man named Stanley S. Surrey, a Harvard professor, was Assistant Secretary of the Treasury for tax purposes under Kennedy and Johnson. This is an example of how the government is really out of its way to try to play havoc with our business. This kind of taxation would hit hardest against the low income and middle income classes.

The idea undoubtedly has grown out of abuses of cash value life insurance, which have occurred. It is also grown out of the fact that too many of us merchandise life insurance as both a savings plan and life insurance. Too many of us do not realize that the cash value is an accidental benefit of the level premium life insurance contract.[iii]

As NALU general counsel H. James Douds pointed out, "One of the melancholy facts of association affairs is that, in the case of legislation, success is more often than not measured in terms of proposals that do not become law, rather than those that do." It was in this sense that the life insurance community considered it a legislative victory when a proposed tax on the inside buildup (the accruing saving element in the whole life policy) was not included in the Tax Reform Act of 1978. "Because of the efforts of NALU, the American Council of Life insurance, and others in the industry who took the time to state their views…to the President, the Treasury, and members of congress," Douds wrote in December 1978, "the most potentially damaging proposal to face the life insurance business in twenty years was turned back."

Meanwhile with a new tax will under consideration, a Federal Trade Commission investigation of the business pending, and another Congressional election approaching, neither the NALU nor the American Council of Life Insurance could afford to relax its vigilance on the legislative front. Both organizations expended considerable energy in cultivating friendships in state legislatures and in Washington during this period. In the spring of 1978, for instance, state association officers who participated in five NALU President's Area Conferences entertained some 160 senators and congressmen at receptions on Capitol Hill. The Life Underwriters Political Action Committee continued to enjoy the generous support of the agents, which contributed immensely in helping make their voices heard. Clearly the industry had grasped the point of Dr Samuel Johnson's dictum, delivered two centuries before, to "keep friendships in constant repair."

In this politically charged atmosphere, Jack E. Bobo succeeded Robert Forker as president of the national organization. It was a popular choice. He was a successful life underwriter, know in the industry and well-respected in the Phoenix business community. The fifty-two-year-old Bobo, who had joined the New York Life as an agent in 1956 had devoted considerable energy and time to the associated life underwriters, both in Arizona and in Washington. His persuasive forthrightness had attracted industry attention and earned the respect of everyone during his recent appearances before various Congressional committees.

A native of South Carolina and a World War II veteran, Bobo had enlisted in the U.S. Army Air Corps immediately after graduating from his school and seen extensive service as an advanced flight instructor. Life Association News noted he had "gained a wide reputation as an astute and convincing spokesman within the life underwriter association movement and the life and health insurance business." Describing the new president in more personal terms, the editor commented, "he is low-key, lucid in thought and expression, warm and personable, always totally prepared, [and] businesslike," adding that he exuded "an unmistakable and contagious sense of personal responsibility, characterized by prudence and restraint."

Few questioned the efficacy of the NALU's efforts to raise the educational level of agents and impose stricter professional standards on the field force as a proper response to consumerism. Over the long term, everyone knew these reforms would diffuse a lot of criticism and go far in helping agents to be seen as trusted representatives of a respected business. Bobo, however, believed the attacks of the consumerist needed to be counteracted with more direct and aggressive strategies, as well. He saw an urgent need for a better informed public on the whole subject of insurance, but particularly in the controversial area of health care. Shortly after assuming office, he announced a publicity campaign to enlighten the public about the financial realities of providing adequate health care coverage. Public understanding of the insurance principle of sharing the risk, Bobo insisted, was indispensable. Spiraling health care costs and mushrooming liability insurance premiums, he said, were substantially attributable to a mistaken notion that "someone else is paying the bill." In an article appearing in the December issue of Life Association News, Bobo said:

In the current and expanding discussions about health care costs, one chief problem is that few people are making proper distinction between the providers of health care services and financing mechanisms through which the costs for those services are paid. The providers of health care services are the medical personnel and hospitals, which set the cost for these services. The principal financing mechanisms in this country are the private health insurance industry and various government agencies. Even some life underwriters seem to be unaware of this vital distinction.

Association members and the general public must clearly understand these separate elements in the health care delivery and the financing system to identify ways to control costs effectively….

The health insurance industry bears the brunt of the attack against high health care costs as though it were responsible for the rising costs. This is because the only notice most Americans get that health care costs have risen is when companies tell their insureds that health insurance premiums must be increased.[iv]

Pointing out "the messenger of bad news is usually blamed and punished as though he were the creator of the circumstance which generated the bad news," Bobo said that one reason people didn't understand the nature of risk sharing was the industry's failure to educate them on the subject. It was to fill this need, he informed the agents, that the NALU was launching a health care information program. In November, speaking at the annual "Tom Grant" breakfast at the meeting of the American Council of Life Insurance in New York City, Bobo told the more than three hundred company executives present, "Internally, it is our hope to encourage our members to present our products to policy holders in such a way that we can dispel the myth that claims are paid in their behalf by some benevolent third party. Externally, we expect to carry this same message to wider public through relatively simple representations to service clubs and other interested groups."

By the following summer, Life Association News announced, "A Risk Worth Sharing," NALU's new slide and cassette presentation on escalating health care costs, "shows Americans how to control those costs. In less than a month more than 225 sets have been bought by the state and local associations." The project continued to meet with general favor, and in June 1979 the Board of Trustees approved funds for a revision of "A Risk Worth Sharing" as well as for a new audio-visual presentation on Medicare supplemental policies.

The consumerist movement had also made the business community more conscious of the value of prompt, efficient service. In the summer of 1978 the NALU, in conjunction with the Life Office Management Association, the American Council of Life Insurance and the Life Insurance Marketing and Research Association produced a "Standard change of Beneficiary Form" to help agents facilitate the handling of routine beneficiary changes. Designed to apply to a variety of situations and types of policies, the project had been under study for some time. The result was primarily the work of the NALU and the Life Office Management Association. The forms were published at the NALU headquarters and widely distributed at minimum costs.

In July, Life Association News announced, "Jack E. Bobo, CLU, who is the current president of the National Association of Life Underwriters, has accepted the appointment as executive vice president of the NALU. His appointment will become effective January 1, 1979. He will succeed C. Carney Smith, CLU, as NALU's active managing officer and executive in charge of its headquarters staff in Washington, D.C." Former NALU president Bruce C. Hendrickson, who had headed the Special Selection Committee, commented that Bobo "Brings his own personality and talents to the NALU executive vice presidency. He is an experienced life insurance practitioner, community and organizational leader, persuasive speaker and writer, and particularly an articulate champion of the career life underwriter."

The announcement also noted, "He has served the industry in many capacities, and is active in education, church and community affairs….Jack Bobo and his wife, Gladys, have one son, Glen, who is a CLU and an agent for New York Life in Phoenix." Like Millie Smith, Gladys Bobo proved an excellent hostess for the NALU on numerous official occasions, in Washington, and wherever the Association gave entertainments and offered hospitality.

Kent Babcock, who was a member of the Selection Committee, remembers the choice of Bobo evolved somewhat gradually. "As we reviewed the possibility of various candidates, it became more and more apparent that perhaps we had an ideal candidate right in our own backyard," he later recalled. "At first Jack was not excited by the suggestion. He was comfortably settled in Phoenix and could look forward to excellent retirement arrangements with the New York Life, and really had little financial incentive to make a change. Gradually, however, he warmed to the idea and agreed to serve. It was an evolutionary process." Babcock also admits that at first he had another candidate in mind. "Looking back, I'm awfully glad we settled on Bobo," he said. I don't think we could have picked a better man. He has become a really important spokesman for the business in our time."

While the announcement of a new chief executive for the Association dominated reports of the Executive Committee's June meeting of 1978, It was also noted the members had approved acceptance of an offer of a $1 million loan form a bank to finance additions to the NALU's headquarters building. (The NALU's operating budget at this time was about $4.9 million.) Additional space was a long-felt need. The various administrative departments were continuing to expand as the demands for added services increased. Among others, the law department had recently hired William R. Anderson, a graduate of the University of Virginia who had taken his doctor of law degree at New York's Fordham University. Anderson had served as counsel to the Independent insurance Agents of America and the Risk and Insurance management Society, both in New York. His assignment was to coordinate the activities of the NALU-sponsored professional and association liability insurance program and work with various states on legislative and regulatory issues.

The agents' support of the NALU and its work displayed itself in continued interest in Association affairs and general endorsement of its programs. By the end of the decade, local association membership would peak at 140,000. There was a record attendance of 4,000 at the 1978 annual convention in Boston. Former NALU executive Lester Schriver delivered a talk to the National council on the history of the NALU and Texas Governor John B. Connally spoke at the John Newton Russell Award dinner. Bart Hodges, agent for New York Life in Austin, Texas, became NALU president. Very much an individualist, Hodges wasn't a typical NALU president and life insurance had not been his first career choice. A journalist before entering the business, he had been a well-known syndicated columnist for the New York Post. As might be expected, Hodges was an excellent speaker who could deliver the NALU's message with the punch of a professional writer. Reviewing his term as president a year later, Bobo commented, "Perhaps Bart's most significant accomplishment—one which he certainly can look to with pride—is the interest he has shown and the leadership he has given to our grass roots legislative efforts."

Ellen M. Putnam, special agent for National Life of Vermont in Rochester, New York, received the Russell award. It was the only time the award had been given to a woman. She was somewhat of a legend among agents. A graduate of the Rochester Institute of Technology and a former NALU trustee, she had been selling life insurance since 1919, served as president of the Rochester Life Underwriters Association, and was a founder of the Women Leaders Round Table. During her long and successful career, Putnam had received the National Quality Award twenty-one times. In citing her for the award, the committee said, "In a long, eventful career seldom matched in the annals of the American life insurance business, you have demonstrated a unique and resilient talent for living and giving. So much so that the beneficiaries of your bountiful heart, endless vitality, selfless dedication and passionate faith are truly legion."

An enormously kind person, Putnam had been extraordinarily generous financially to various personal and public charities. Her response, as reported in Life Association News' coverage of the event, offers insight into the development of her character and outlook:

Putnam told the audience that she decided on a career in life insurance after serving in the nurse corps overseas during World War I. She looked upon the life insurance business as something to which she could make a contribution to others while earning a living for herself.

From the outset, she was interested in education, having read Dr. S.S. Huebner's book on life insurance. His book inspired her and at the same time she was dismayed by the fact that there were no requirements needed for a person to sell life insurance. "I decided," she said, "that I would devote my life to bringing better education to life insurance, plus trying to raise the ethics of the business."

She commuted to Buffalo, 75 miles west of Rochester, to attend a course being given by the famous life insurance educator, Dr. Griffin Lovelance, who later received the Russell Award. "When the American College came along," she said, "that was up my alley. I have spent a fantastic amount of time on education. …Education is our hope."[v]

Each NALU convention reflects the current state of the Association and the business—and to some degree, even the mood of the nation. Each convention also represents a milestone in the Association's history. It is an occasion for displaying the NALU's accomplishments. Among other things, the Boston convention was the culmination of C. Carney Smith's fifteen-year tenure as manager of the Association's affairs. In that sense, it can be viewed as one huge farewell party for the retiring executive and his wife. They were feted, honored and applauded at almost every event during the three days' meeting. Citations and gifts came from the Life Underwriters Association of Canada, the LUTC, the local and state executives and practically every other group represented at the convention. Accompanied by their son and daughter, they were the guests of honor at the featured entertainment of the convention—a special concert of the Boston Pops Orchestra under the direction of its founding conductor, Arthur Fiedler.

Looking back over his years as an executive vice president, Smith focused on the relationship between NALU presidents and the chief Executive officer. "The first full year that I was in this job," he told the National Council, "I had a man of the ability and understanding of John Schneider. He knew he had an agency to run and he intended to do it. He had no intention of getting involved in the day to day operation at NALU, too. He recognized that he was the head of the policy-making board. He expected me to be the administrative head of the organization. That administrative year set the pattern for what I believe has been successful administrations for the last fifteen years." Praising Bobo and congratulating the Association for its choice of a successor Smith said, "He has been an outstanding president of NALU. He is intelligent, articulate and a real student of not only the business but also the issues that affect the business. We are also fortunate that he will have with him to assist him in his many duties and responsibilities his lovely wife, Gladys, who has been such an outstanding first lady for us throughout this year."

Commenting on the easy transition of managerial authority during the concluding months of 1978, Donald Barnes remarked, "The interesting thing about that combination is that they are the only two executive heads of NALU who flowed together. One flowed into retirement but stayed there and gave good advice. The other flowed into the job. Previous to that, somebody had died or retired abruptly and perhaps unhappily, and there wasn't really any flow. The relationship between Carney and Jack was a fine thing for NALU." [vi] Smith's official retirement party occurred several months after the Boston convention in Washington, D.C. On Monday evening, December 11, representatives from life underwriters associations, insurance companies and other organizational and community leaders gathered at the Washington Hilton for a gala salute to the retiring NALU executive. Former NALU president Herbert F. Mishcke was chairman of the committee that planned the evening.

When the trustees met in Washington the following June, they approved the institution of a new annual award for state and local associations judged outstanding in life underwriter education and consumer education. The cost of the new wing to national headquarters was, naturally, a topic of discussion as well. The members decide to launch a Capital Funds drive to find 3,000 volunteer "Builders '79" who could contribute $250 each. A kickoff contribution was made by former NALU executive Benjamin Woodson, who presented his $250 check to NALU trustee Michael C. Keenan, chairman of the drive. The hope was, of course, to raise enough money to pay for the construction beforehand and avoid the interest on a long-term note of $1 million.

In his address to the national convention that fall in Detroit, Bobo informed the delegates, "Despite a number of problems associated with our building, we are making progress, and I will estimate that it's about 60 percent complete. Picking a completion date is difficult, for we are shooting at a moving target. My hope, though, is that we will be moving into the new addition on or about January 1."

Foreword by Alan Press, 1988-1989 NALU President

Preface by Jack E. Bobo, 1989 NALU Executive Vice President

Introduction

Acknowledgements

Chapter 1

Laying the Foundation—A Meeting at the Parker House

Leading Figures—Ransom, Carpenter, Blodgett and Plummer

Conditions Leading to the Foundation of the NALU

Rise of Modern Life Insurance and the General Agency System

Issues and Accomplishments of the First 15 Years

Chapter 2

In the Wake of the Armstrong Investigation

A Royal Commission Investigates Life Insurance Operations in Canada

A Period of Growth and Visibility for the NALU Under Strong Leadership

The NALU Plays a Leading Role in Insurance Education

The NALU During World War I

Chapter 3

The Post-War Decade

The NALU's Extension of Activity

The Agents Move for Recognition

Chapter 4

The Depression and Aftermath

Annual Conventions and Midyear Meetings

The NALU Celebrates Its 50th Anniversary

Chapter 5

The Agents Earn Their Wings

World War II

The NALU Joins the Industry in Legislative Battles

The NALU Establishes the National Quality Award

Chapter 6

Controversies and Schisms (1946-1956)

The Foundation of LUTC

The Nola Patterson Affair

GAMC Formally Organized

Chapter 7

The NALU Goes to Washington

Dispute Over Minimum Deposit Insurance Plans

GAMC Stages First LAMP Meeting

The NALU Celebrates Its Diamond Jubilee Year

The NALU Increases Political Activity

U.S. Senate Antitrust and Monopoly Subcommittee Investigate Life Insurance

The NALU Responds to Consumerist Activism

Chapter 8

The NALU Reaches the Century Mark

FTC Releases a Study Critical of the Insurance Industry

Formation of the Women Life Underwriters Conference

Drop in Local Membership

The NALU Issues Statements on AIDS

The NALU Combats a New Wave of Attacks

The NALU Celebrates a Century of Service

Open Book

Short Takes

Book Marks

[i] NALU: Reports of the Secretary and Standing and Special committee of the National lAssocition of Life Underwriters, 1977 p. 23
[ii] LlAN, November 1977, p. 75
[iii] Ibid., p. 76
[iv] LAN, December 1977, pp. 41-42
[v] LAN, November 1978, pp.146-147
[vi] Barnes: Interview, March 1985

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