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North american Income Life Insurance {Organization|Business|Firm} (formerly NASDAQ: AINC), {centered|structured|established} in Waco, Texas, provides supplemental {life insurance coverage|insurance coverage|a life insurance policy} to work force,, labor force unions, credit unions, and associations. American Income {Existence|Lifestyle|Your life} (AIL) {started|opened|begun} in 51. The company's executive office buildings have been {positioned in|found in} Waco, Texas, since 1959. North american Income Life is {accredited|qualified} in 49 states, the District of Columbia, Canada, and is registered to carry on business in New Zealand. AIL also has two wholly {possessed|owned or operated|held} subsidiaries: National Income {Life insurance coverage|Insurance coverage|A life insurance policy} Company, {accredited|qualified} in your New York, and {Unification|Institute} Heritage Life Assurance {Organization|Business|Firm} Limited, {accredited|qualified} in the Republic of Ireland.
{CUT|BOTHER|WOUND} has more than two million policyholders (as of June 2013).[1] With its New You are able to subsidiary, National Income {Existence|Lifestyle|Your life} Insurance Company (NILICO), the company has combined {property|resources|possessions} of more than $2. 6 billion, with more than $41. 3 {billion dollars|million} of life insurance in effect (as of {04|Apr|The spring} 2013).[2] North american Income Life is a wholly owned subsidiary of Torchmark Corporation (NYSE: TMK), based in McKinney,
{You can actually|You’re able to send} history {started out|commenced} in 51 under the name North american Income. American Income was chartered as {a shared|a common|a communal} assessment association in {Indianapolis|In} with $25, 000 of borrowed capital. It was reinsured through American {Regular|Common|Normal} Insurance Company as {a brand new|a fresh} mutual reserve company in March 1951. American {Salary|Cash flow|Profits} Insurance Company was legally founded in May 51 by {you can actually|you’re able to send} president, Harold Goodman, and executive vice president, Bernard Rapoport (Goodman's nephew). The company's home offices were {positioned in|found in} {Indiana|Bring on}, Indiana.
American Income {formerly|at first} sold low-cost hospital {insurance policies|insurance coverage}. During its first {12 months|yr|season}, the company took in about $95, 000 {well worth|worthy of|value} of premium income. The company reached $1 {mil|, 000, 000} worth of insurance costs in 1953. By 1954, the company was {obtaining|acquiring} 6, 000 insurance {plan|coverage|insurance plan} applications {each month|monthly|a month}.
In {Sept|Sept. 2010|The month of september} 1954, with $200, {500|1000} in capital and {hundred buck|$22.99|$1000}, 000 of surplus, Goodman and Rapoport formed a new company called North american Income Life Insurance {Organization|Business|Firm} (AIL). American Income {Existence|Lifestyle|Your life} reinsured the policies of yankee Income and was transformed from {a shared|a common|a communal} reserve company to a stock company. American {Regular|Common|Normal}, the company's original {insurance provider|insurance company|insurance firm}, was merged with North american Income Life, and the company acquired about $400, 000 worth of {rates|monthly premiums|payments}.
Between 1954 and 1955, AIL's assets had {bending|increased twofold}, its net reserve {experienced|got|acquired} tripled, its capital and surplus more than {bending|increased twofold}, and it had about $15 million of insurance in effect.[3] In 1956, Rapoport desired to take the Indiana-based company national. He obtained a license in {Kansas|Kentkucky|Iowa} and opened a central office in Columbus. {Simply by|By simply} the close of 1956, American Income Life was operating in thirteen {says|claims|areas} with 300 sales {staff|employees|workers} in the field {working|functioning} out of 96 {basic|standard} agencies. In March 1958, {you can actually|you’re able to send} home offices were moved from Indianapolis, {Indianapolis|In}, to Waco, Texas.
In 1961, AIL {started out|commenced} providing supplemental insurance to {users|people|associates} of labor unions and serving union policyholders in ways unfamiliar to the industry. For example, {CUT|BOTHER|WOUND} waived payment of {rates|monthly premiums|payments} by union members during an authorized strike action, {an advantage|one advantage} still offered in 2014. AIL also developed {a college or university|a school} scholarship program for children of union {users|people|associates}, and the company written for the strike {money|cash} of unions engaged in lawful strikes.[3] The company was {situated|placed|located} as the only {totally|completely|fully} union insurance company, and termed the phrase, "Be Union-Buy Union. " In 1963, AIL's income was about $6 or $7 million.[3] {Simply by|By simply} 1973, income reached $31. 5 million.
In {06|Summer|August} 1966, {work|any office|school} and Specialist Employees International Union (OPEIU) organized {the house|your home|the property} Office personnel, making AIL the only insurance company with all union employees. In {Oct|March|August} 1973, the company was granted {the|the official|a state} designation as an Union Label company by the AFL-CIO. {CUT was|BOTHER was|WOUND was} one of only two {insurance providers|insurance firms|insurance agencies} in {the complete} United States with the official Union Label.
In 1994, American Income {Existence was|Lifestyle was|Your life was} sold to Torchmark Corporation for $563 {mil|, 000, 000}.[3]
American Income {Existence|Lifestyle|Your life} Insurance Co. is suing Google Inc. and the unnamed owners of two websites for featuring unflattering web pages in the top page of {search engine results|google search|listings} for American Income {Life insurance coverage|Insurance coverage|A life insurance policy}
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