Agents formed groups (agencies) as they tried to gain scale for greater negotiating leverage.
These would negotiate agreements with a handful of insurance companies, including
commission write backs etc.
There was also product differentiation - there was the entry of Preferred Term, Universal Life
and Variable Universal Life. Preferred Term = blood tests, underwriting, 5 occupational
categories - sharper pricing.
In the UK and Canada, provision of estate tax has been a selling point for insurance. Not sure
that this is the case here.
