Insurance for all: 2007 marks the centennial celebration of the founding of savings bank life insurance.(The Last Word)

Best's Review, April, 2007 by Chordas, Lori

At the same time the United States suffered through the "Panic of 1907" with the third-worst stock market crash in its history, a highly respected Boston lawyer was helping change the face of the life insurance industry.

This year marks the centennial celebration of Louis D. Brandeis' significant role in the passage of Chapter 561 of the Acts of 1907, an act permitting savings banks incorporated under the laws of Massachusetts to establish departments for the issuance of life insurance and annuities. Following that accomplishment, Brandeis helped establish the first Savings Bank Life Insurance Department. The first policy was issued in 1908.

The formation of the savings bank life insurance system helped working class citizens and immigrants get life...

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