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MIB: Life Applications Up In November

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NU Online News Service, Dec. 6, 3:18 p.m. – The MIB Group Inc., Westwood, Mass. says U.S. and Canadian life insurers accepted 1.3 million applications in November, up 6.6% from the activity rate for November 2000.

Activity was up 5.6% in the United States and 15.1% in Canada, MIB says.

November application volume was down from volume for the previous month, but MIB is attributing the drop to the fact November had fewer working days, and the fact that October was an unusually strong month for life insurance sales because of the psychological effects of the Sept. 11 attacks.

“We realized there would be some drop off between October and November, but the results for November show that overall demand remains strong,” Fran Marinelli, MIB chief market officer, says in a commentary on the latest application figures.

MIB is a nonprofit group that collects information on individual life insurance customers for most U.S. and Canadian life and health insurance companies. It bases its activity index on the activity level for its own databases.