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Griffith Foundation and expert brief Michigan House Insurance Committee on life insurance, annuities, AI and financial literacy
Summary
Frank Paul Tomasello of the Griffith Foundation and Dr. Robert Klein of Georgia State University briefed the Michigan House Insurance Committee on life insurance, annuities, regulatory oversight and emerging issues including financial literacy and artificial intelligence.
Frank Paul Tomasello, executive director of the Griffith Foundation, and Dr. Robert Klein, emeritus professor of risk management and insurance at Georgia State University, gave an educational briefing to the Michigan House Insurance Committee on life insurance and annuities and on regulatory and consumer-protection issues.
Dr. Klein began by defining life insurance as a contract that "all life insurance policies provide some form of death benefit," and explained major product families: term life (pure death protection for a specified period), ordinary/whole life (permanent policies with cash-value accumulation), and universal life (a later product offering premium flexibility…
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