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Show Emery County Progress Castle Dale, Utah Tuesday September3, 2002 9B seniors Law change provides greater protection for The Utah Insurance Department announced a recent change in the law that provides Some annuities contain high withdrawal penalties, called surrender charges, for excessively long time periods. For example, some annuities were sold in Utah with surrender charges as high as 17 percent of the premium paid into the annuity and withdrawal penalties for a period up to 10 years protection to Utah citizens when they purchase certain insurance products. The change in the insurance law ensures that con- sumers, particularly senior citizens, are treated fairly when they buy annuity contracts. This is accomplished by prohibiting withdrawal penalties in an annuity policy beyond the later of age 70 or the 10th anniversary of the policy. after the date of purchase. These types of penalties create windfalls for insurers and agents. These windfalls come at the expense of the buyer, particularly if the policy is sold to senior citizens and the policy is surrendered prior to the date of matu Two problems were addressed when the law was changed: only a minimal interest rate is credited to the surrender value. The two values are never equal and the higher annuity value is not available as a lump sum cash payment to maturity or upon surrender. The higher annuity value is only available at some future date and only as periodic income payments. This product is complex and confusing, particularly to senior citizens. Many senior purchasers believe that the annuities will yield a return at the higher interest rate und fail to focus on the effect of a surrender prior to the maturity date senior eitizens that annuities can such purchase lose significant value of the annuity if they die during the long withdrawal penalty period. The complex nature of the product and the likely windfall to marketers of the product potentially creates a deceptive sale when made to seniors. Another market problem involves an annuity referred to as a two-tiannuity. This type of two different involves annuity calculations to determine maturity values und cash payout values. A high interest rate is credited to tne annuity value while rity. Also, er annuities in Utah, only a few of marketed have which noncompliant annuities. A few companies have expressed con- ' or the request for lump sum distribution. If the annuity is surrendered prior to maturity or the owner requests a lump sum payment at maturity, only the lower surrender value will be paid. The only way the higher annuity value can be realized is if the payout is made in periodic payments. The effect of this two level cern ultoul this change in the law, but are changing their products to be in compliance. Several annuity companies with signifi- cant market share have applauded the new requirements in the law. The Utah office of Association of Retired Persons) has expressed support for the legislation and the Department's action that provides protection to senior citizens who purchase annuities. tier- ing is to create a hidden withdrawal penalty. Hidden withdrawal penalties are confusing and misleading and violate the AARF-(Americu- law. There are insurance 2d!) companies currently offering OBITUARIES John C. - PRICE - Our loving mother, grandmother, sister and aunt, , Mildred Prichard .archer, John C. Snow, age 73, passed away Sept. 1,2002 at home surrounded by his family, after a courageous 12 and a half year battle with cancer. lie was born April 23, 1929 in Castle Dale to Samuel Russell and Vera Lucille 1 lickman Snow. I Ic married Ruby Mac Law, Sept. 2, 1950 in Las Vegas, later solemnized in the Manti LDS Temple, later divorced. 1 le then married Etova Wilstead Morgan Sept. 4, 1976 in Elko, Ncv. John owned a tree farm in Castle Dale where he spent many pleasurable hours. As people would drive by, seeing his truck parked among the trees they would remark, Theres John Wayne. He enjoyed the out- doors, hunting and fishing with his family at their cabin at Joes Valley. He managed Orchard Bowl and worked as a barber in 3 Donald Dean Hardin Mildred Lurcher Snow CASTLE DALE Bountiful before coming to IAYLORSVILLi;-Ou- age-89- passed away Aug. 26, 2002 in Price. She was born Sept. 9, 1912 in Vernal, to Guy and Lillie Lind Prichard. Married Rudolph A. Lurcher Sr., Sept. 10, 1931 in Price. I le died Sept. 14, 1977. Member ol the LDS Church. She was a longtime resident of Salt lake City and Price. Mildicd was very talented and she expressed her artistic qualities in her paintings. She will be dearly missed by her family and many dear friends. Survived by tier two sons, Lai Castle Dale, where he worked as Millwright for UP&L. Helping those in need brought him much pleasure, expecting nothing in return for his kindness. I le served in the U.S. Army during World War II and in the Marine Corps as an MP during the Korean War. John is survived by his wife Etova of Castle Dale, children: Cherilyn Lauritzen of Florida, Dianne Snow of Ogden, John Kemp Snow of Orangeville, Russell Lee and Patti Snow of Kaysvillc, Wayne Alan Snow of North Salt Lake, 10 grandchildren, three great grandchildren. Donna of Huntington and Juanita Orangeville Rasmussen of Castle Dale. Proceeded in death by his parents, sisters Lucille Larsen and Betty l.ou Snow. Funeral services will be held Saturday, Sept. 7, 2002 at 12 Noon in the Castle Dale Stake Center. Friends may call Friday evening from 6 to 8 p.m. at Fausctt Mortuary in Castle Dale and one hour prior to services at the church. Burial will be in the Castle Dale Cemetery. Prichard; ers, birraincand sisteis. I ci ii Prichard and Georgia Anderson. I he family would like to extend their sincere thanks to the many friends at the 1 leirloom Inn, lor making Auntie's last year so memorable. I uneral service Friday, Aug. 30. Mitchell Funeral Home in Price. Interment, Price City Cemetery. Ix-o- sister-in-la- Roose-vd- grandchildren and l ; Classifieds We at w (Linda) Lurcher, Knoxville, Tcnn.; Rudolph (Sandra) Lurcher, Las Cruces, N.M.; Jean Lurcher, daughter-in-law- , Pensacola, Fla.; brothers, LcGrando (Wilma) Prichard, Moab; Bert (Ruth) Prichard. Price; sister. Irene (Neldon) Lemon, Moab; Agnes Prichard, Honoring Dons wishes, hisbody was cremated and no services will be held. As Don was a great lover of animals, donations could be made to the Utah I Society in his name. great-grandchil- I step children: Bret and Jodee Morgan of Kaysvillc, Pam and Doug Shepard of Santa Clara and Kevin Morgan of Salt Lake City and seven step grandchildren. Also survived by brothers: Sterling Snow of Provo and Sharpe Snow of Castle Dale and sisters: be- r loved big bear passed away on Aug. 26, 2002. He was born May 15, 1932 in Omaha, Neb., the third child of Jesse and Helen Hardin. He married Elaine Murningon Aug. 30, 1968. Don was a member of t he LDS Church. I le was a long haul truck driver most of his life. I Ic enjoyed chatting with his large web family. He is survived by his loving wife hlaine; four children from previous marriages, Drew, Tim, Donald and Julie; nine grandchiltwo dren, one sisters-in-lasisters Vickie and Karen Ward, Virginia (Scott) Wooden, Shcna (Albert) Rodriguez, and Dot is (Daniel) Quinn; six nieces, three nephews, and two cherished dogs, Sam and Sandy. Preceded in death by two brothers. 15 12 great- grandchildren. Preceded in dealii by son, Thomas Lurcher; broth Its a Desert Out There! Use Water Wisely... And Sparingly Fausctt Work Mortuary Wonders! are pleased to announce that our laeility at Call 381-243- 710 North Center, Castle Dale 1 BUNDERSON in and viewings. Willi a fully storked show Monument ( The Stories of Your Lives Emery County News, Sports, Features and Opinion. If its local news youll find V'.rV, , . $3 ? 637-440- Progress STEEL ROOFING SIDING IWjniMiilll I -- 300 sq Bundle lots. Save over 35 Call for free stock price list. Expires 92102-obefore Large bags up to 5000 gal-- . 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