John Hancock Partners with Web Company on Long-Term-Care Offering.John Hancock Life Insurance Co., Boston, has formed a partnership with Web site Senior.com to offer longterm-care insurance on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the . Based in Irvine, Calif., Senior.com is dedicated to older adults and their caregivers. It provides information on health, insurance, shopping and travel, and it provides senior news, e-mail, interactive online forums and chat rooms. The initiative with John Hancock will provide the Web site's first insurance product. The product is called SimpleCare, which is intended to be "competitively priced," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Craig Schub, president of Senior.com. It offers a six-question application form and a streamlined underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. process. Prospects who want to discuss their needs have immediate access to licensed insurance agents by means of a toll-free phone number or e-mail. Daniel Ouellette, vice president of retail long-term-care product management at John Hancock, said the partnership "affords us the ability to reach the rapidly growing number of seniors now using the Internet." Senior.com will promote SimpleCare through online and off-line marketing activities, including direct-marketing campaigns and use of publications reaching a combined population of about 4 million. John Hancock will serve as the underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. for SimpleCare. PacifiCare Health Plan Administrators will be the contracting agency. It is a subsidiary of PacifiCare Health Systems PacifiCare Health Systems (former NYSE: PHS) was a Fortune 500 healthcare company based in Cypress, California. It was acquired by UnitedHealth Group (NYSE: UNH) in late 2005, which continues to market health plans under the PacifiCare name. , a principal investor in Senior.com, which was launched in 1995. John Hancock has about 285,300 long-term-care insurance policies in force. They produce annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. inforce premium of $468.5 million. |
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