2 Firms to Aid Executive Life-Insured Retirees:...
From Times Staff and Wire Reports
2 Firms to Aid Executive Life-Insured Retirees: The companies plan to help any of their retirees who are in a bind because of the state takeover of Executive Life Insurance Co. of California. Woodland Hills-based Blue Cross of California will lend its retirees money if monthly annuity checks due from Executive Life are late or made out for less than the normal amount, as California regulators believe is possible. Maxxam Inc., parent of Pacific Lumber, will also “make up the difference” between state Insurance Department payments on behalf of Executive Life and the normal amounts due Pacific Lumber employees.
