( S ( NP-SBJ ( NP ( NNP Edward ) ( NNP J. ) ( NNP Campbell ) ) ( NP ( NP ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Brown ) ( NNP Brothers ) ( NNP Harriman ) ( CC & ) ( NNP Co. ) ) ( NP-LOC ( NNP New ) ( NNP York ) ) ) ) ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ large ) ( NNS increases ) ) ( PP-LOC ( IN in ) ( NP ( NN construction ) ( NN activity ) ) ) ( ADVP ( IN along ) ( PP ( IN with ) ( NP ( UCP ( NN government ) ( CC and ) ( JJ private ) ) ( NN relief ) ( NNS efforts ) ) ) ) ) ( VP ( MD could ) ( VP ( VB offset ) ( NP ( NP ( NN loss ) ) ( PP ( IN of ) ( NP ( NN production ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT those ) ( NNS areas ) ) ) ) ) ) ) ) )

Edward J. Campbell economist at Brown Brothers Harriman & Co. New York noted that large increases in construction activity along with government and private relief efforts could offset loss of production in those areas


( S ( NP-SBJ ( NP ( NNP Gary ) ( NNP Ciminero ) ) ( NP ( NP ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Fleet\/Norstar ) ( NNP Financial ) ( NNP Group ) ) ( NP-LOC ( NP ( NNP Providence ) ) ( NP ( NNP R.I. ) ) ) ) ) ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( DT the ) ( NN deflator ) ) ( VP ( TO to ) ( VP ( VB rise ) ( NP-EXT ( NP ( CD 3.7 ) ( NN % ) ) ( PP ( ADVP ( RB well ) ) ( IN below ) ( NP ( NP ( DT the ) ( JJ second ) ( NN quarter ) ( POS 's ) ) ( CD 4.6 ) ( NN % ) ) ) ) ) ) ) ( PP-PRP ( ADVP ( RB partly ) ) ( IN because ) ( IN of ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ believes ) ( SBAR ( S ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( ADJP ( RB temporarily ) ( JJR better ) ) ( NN price ) ( NN behavior ) ) ) ) ) ) ) ) ) ) ) )

Gary Ciminero economist at Fleet\/Norstar Financial Group Providence R.I. expects the deflator to rise 3.7 % well below the second quarter 's 4.6 % partly because of what he believes will be temporarily better price behavior


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBZ expects ) ( NP ( NP ( JJ real ) ( NNP GNP ) ( NN growth ) ) ( PP ( IN of ) ( NP ( QP ( JJ only ) ( CD 2.1 ) ) ( NN % ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ) ( S-ADV ( VP ( VBG noting ) ( NP ( NP ( DT a ) ( JJR wider ) ( NN trade ) ( NN deficit ) ) ( NP ( JJR slower ) ( NN capital ) ( CC and ) ( NN government ) ( NN spending ) ) ( CC and ) ( NP ( DT the ) ( JJR lower ) ( NN inventory ) ( NNS figures ) ) ) ) ) ) )

He expects real GNP growth of only 2.1 % for the quarter noting a wider trade deficit slower capital and government spending and the lower inventory figures


( S ( NP-SBJ ( NP ( NNP Sung ) ( NNP Won ) ( NNP Sohn ) ) ( NP ( NP ( JJ chief ) ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Norwest ) ( NNP Corp. ) ) ( NP-LOC ( NNP Minneapolis ) ) ) ) ) ) ( VP ( VBZ holds ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ recent ) ( NN stock-market ) ( NN volatility ) ) ( VP ( VP ( VBZ increases ) ( NP ( NP ( DT the ) ( NN possibility ) ) ( PP ( IN of ) ( NP ( JJ economic ) ( NN recession ) ) ) ) ) ( CC and ) ( VP ( VBZ reinforces ) ( NP ( NP ( DT the ) ( JJ bad ) ( NN news ) ) ( PP ( IN from ) ( NP ( JJ recent ) ( NN trade ) ( NN deficit ) ( NN employment ) ( CC and ) ( NN housing ) ( NNS reports ) ) ) ) ) ) ) ) ) )

Sung Won Sohn chief economist at Norwest Corp. Minneapolis holds that the recent stock-market volatility increases the possibility of economic recession and reinforces the bad news from recent trade deficit employment and housing reports


( S ( NP-SBJ ( DT The ) ( NN consensus ) ) ( VP ( VBZ calls ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( DT a ) ( ADJP ( CD 0.5 ) ( NN % ) ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( NNP September ) ( JJ personal ) ( NN income ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( ADJP ( CD 0.3 ) ( NN % ) ) ( NN gain ) ) ( PP-LOC ( IN in ) ( NP ( NN consumption ) ) ) ) ) ) ) )

The consensus calls for a 0.5 % increase in September personal income and a 0.3 % gain in consumption


( S ( PP-TMP ( IN In ) ( NP ( NNP August ) ) ) ( S ( NP-SBJ ( JJ personal ) ( NN income ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 0.4 ) ( NN % ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ personal ) ( NN consumption ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 0.9 ) ( NN % ) ) ) ) )

In August personal income rose 0.4 % and personal consumption increased 0.9 %


( S ( NP-SBJ ( NP ( NNP Charles ) ( NNP Lieberman ) ) ( NP ( NP ( VBG managing ) ( NN director ) ) ( PP ( IN of ) ( NP ( JJ financial ) ( NNS markets ) ( NN reasearch ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Manufacturers ) ( NNP Hanover ) ( NNP Securities ) ( NNP Corp. ) ) ( NP-LOC ( NNP New ) ( NNP York ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Hurrican ) ( NNP Hugo ) ) ( VP ( VBD shaved ) ( NP ( QP ( CD 0.1 ) ( NN % ) ( TO to ) ( CD 0.2 ) ( NN % ) ) ) ( PP-CLR ( IN from ) ( NP ( JJ personal-income ) ( VB growth ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( ADJP ( RB greatly ) ( VBN diminished ) ) ( JJ rental ) ( NN income ) ) ( PP ( IN from ) ( NP ( NN tourism ) ) ) ) ) ) ) ) ) )

Charles Lieberman managing director of financial markets reasearch at Manufacturers Hanover Securities Corp. New York said Hurrican Hugo shaved 0.1 % to 0.2 % from personal-income growth because of greatly diminished rental income from tourism


( S ( NP-SBJ-1 ( NP ( JJ Durable ) ( NNS goods ) ( NNS orders ) ) ( PP ( IN for ) ( NP ( NNP September ) ) ) ( ADJP ( JJ due ) ( ADVP ( RP out ) ) ( NP-TMP ( NN tomorrow ) ) ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB show ) ( NP ( NP ( DT a ) ( NN slip ) ) ( PP ( IN of ) ( NP ( CD 1 ) ( NN % ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( NNP August ) ( POS 's ) ) ( ADJP ( CD 3.9 ) ( NN % ) ) ( NN increase ) ) ) ) ) ) ) ) ) ) )

Durable goods orders for September due out tomorrow are expected to show a slip of 1 % compared with August 's 3.9 % increase


( S ( PP ( IN As ) ( ADJP ( JJ usual ) ) ) ( NP-SBJ-1 ( NP ( NNS estimates ) ) ( PP ( IN on ) ( NP ( DT the ) ( JJ fickle ) ( NN report ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ wide ) ) ( S-ADV ( VP ( VBG running ) ( PP-DIR ( PP ( IN from ) ( NP ( NP ( DT a ) ( NN drop ) ) ( PP ( IN of ) ( NP ( CD 3.5 ) ( NN % ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN gain ) ) ( PP ( IN of ) ( NP ( CD 1.6 ) ( NN % ) ) ) ) ) ) ) ) ) )

As usual estimates on the fickle report are wide running from a drop of 3.5 % to a gain of 1.6 %


( S ( S ( NP-SBJ-1 ( NN FOX ) ( NN HUNTING ) ) ( VP ( VBZ HAS ) ( VP ( VBN been ) ( VP ( VBN defined ) ( PP-CLR ( IN as ) ( NP ( NP ( DT the ) ( JJ unspeakable ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN pursuit ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ inedible ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( ADVP ( IN at ) ( JJS least ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( NN exercise ) ) ) ) )

FOX HUNTING HAS been defined as the unspeakable in pursuit of the inedible but at least it 's exercise


( S ( ADVP ( IN At ) ( JJS least ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( NP ( DT a ) ( JJ little ) ( NN dash ) ) ) )

At least it has a little dash


( S ( NP-SBJ-2 ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( PRP us ) ) ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB spend ) ( NP ( PRP$ our ) ( NN time ) ) ( PP-CLR ( IN on ) ( NP ( NP ( NNS pursuits ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP afford ) ( NP ( DT neither ) ) ) ) ) ( NP ( NP ( JJ drab ) ( NNS duties ) ) ( PP ( RB rather ) ( IN than ) ( NP ( NNS pleasures ) ) ) ) ) ) ) ) ) ) )

Most of us have to spend our time on pursuits that afford neither drab duties rather than pleasures


( FRAG ( PP ( IN Like ) ( NP ( S-NOM ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NN life ) ( NN insurance ) ) ) ) ) ) ) ( PP ( IN for ) ( NP ( NN instance ) ) ) ( NP ( NP ( DT an ) ( NN endeavor ) ) ( VP ( ADVP ( RB notably ) ) ( VBG lacking ) ( PP-CLR ( IN in ) ( NP ( NN dash ) ) ) ) ) ) ) )

Like trying to buy life insurance for instance an endeavor notably lacking in dash


( S ( VP ( VB Call ) ( S ( NP-SBJ ( PRP it ) ) ( NP-PRD ( NP ( DT the ) ( JJ uninformed ) ) ( VP ( VBG trudging ) ( PP-DIR ( IN after ) ( NP ( DT the ) ( NN incomprehensible ) ) ) ) ) ) ) )

Call it the uninformed trudging after the incomprehensible


( S ( CC But ) ( ADVP-TMP ( RBR sooner ) ( CC or ) ( RBR later ) ) ( NP-SBJ-1 ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( PRP us ) ) ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB think ) ( PP-CLR ( IN about ) ( NP ( NN life ) ( NN insurance ) ) ) ) ) ) ( SBAR-ADV ( RB just ) ( IN as ) ( S ( NP-SBJ-2 ( PRP we ) ) ( ADVP-TMP ( RB often ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB think ) ( PP-CLR ( IN about ) ( S-NOM ( VP ( VBG having ) ( NP ( NN root-canal ) ( NN work ) ) ) ) ) ) ) ) ) ) ) ) )

But sooner or later most of us have to think about life insurance just as we often have to think about having root-canal work


( S ( CC And ) ( NP-SBJ ( PRP$ my ) ( NN time ) ) ( VP ( VBZ has ) ( VP ( VBN come ) ) ) )

And my time has come


( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBP 'm ) ( UCP-PRD ( NP ( CD 33 ) ) ( ADJP ( JJ married ) ) ( X ( NP ( DT no ) ( NNS children ) ) ) ( CC and ) ( VP ( VBN employed ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG writing ) ( NP ( NP ( NNS stories ) ) ( PP ( IN like ) ( NP ( DT this ) ( CD one ) ) ) ) ) ) ) ) ) ) )

I 'm 33 married no children and employed in writing stories like this one


( S ( PP-TMP ( IN In ) ( NP ( NP ( NNS times ) ) ( ADJP ( NN past ) ) ) ) ( S ( NP-SBJ ( NN life-insurance ) ( NNS salesmen ) ) ( VP ( VBD targeted ) ( NP ( NP ( NNS heads ) ) ( PP ( IN of ) ( NP ( NN household ) ) ) ( VP ( VBG meaning ) ( NP ( NNS men ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( JJ ours ) ) ( VP ( VBZ is ) ( UCP-PRD ( NP ( DT a ) ( JJ two-income ) ( NN family ) ) ( CC and ) ( VP ( VBN accustomed ) ( PP-CLR ( TO to ) ( NP ( PRP it ) ) ) ) ) ) ) )

In times past life-insurance salesmen targeted heads of household meaning men but ours is a two-income family and accustomed to it


( S ( RB So ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NN anything ) ) ( VP ( VBD happened ) ( PP-CLR ( TO to ) ( NP ( PRP me ) ) ) ) ) ) ( NP-SBJ-1 ( PRP I ) ) ( VP ( MD 'd ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB leave ) ( ADVP-CLR ( RB behind ) ) ( NP ( NP ( JJ enough ) ( SBAR ( RB so ) ( IN that ) ( S ( NP-SBJ-2 ( PRP$ my ) ( JJ 33-year-old ) ( NN husband ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( PRT ( RP off ) ) ( NP ( NP ( DT the ) ( NN mortgage ) ) ( CC and ) ( NP ( DT some ) ( JJ other ) ( NNS debts ) ) ) ) ) ) ) ) ) ) ) ) ( PRN ( IN though ) ( RB not ) ( PRN ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP admit ) ) ) ) ( NP ( JJ enough ) ( S ( VP ( TO to ) ( VP ( VB put ) ( NP ( DT any ) ( JJ potential ) ( JJ second ) ( NN wife ) ) ( PP-PUT ( IN in ) ( NP ( NP ( DT the ) ( NN lap ) ) ( PP ( IN of ) ( NP ( NN luxury ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

So if anything happened to me I 'd want to leave behind enough so that my 33-year-old husband would be able to pay off the mortgage and some other debts though not I admit enough to put any potential second wife in the lap of luxury


( S ( S-TPC ( VP ( VP ( VBG Figuring ) ( SBAR ( IN that ) ( S ( ADVP ( RB maybe ) ) ( NP-SBJ ( QP ( CD 100,000 ) ( TO to ) ( CD 150,000 ) ) ) ( VP ( MD would ) ( VP ( VB do ) ) ) ) ) ) ( CC but ) ( VP ( VBG having ) ( NP ( NP ( DT no ) ( NN idea ) ) ( PP ( IN of ) ( SBAR ( WHNP-1 ( WP what ) ( NN kind ) ( PP ( IN of ) ( NP ( NN policy ) ) ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD wanted ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( PRP I ) ) ( VP ( VP ( VBD looked ) ( PP-CLR ( IN at ) ( NP ( NP ( DT the ) ( JJ myriad ) ( NNS products ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN dozen ) ( NNS companies ) ) ) ) ) ) ( CC and ) ( VP ( VBN plunged ) ( PP-DIR ( IN into ) ( NP ( NP ( DT a ) ( NN jungle ) ) ( PP ( IN of ) ( NP ( NN gibberish ) ) ) ) ) ) ) )

Figuring that maybe 100,000 to 150,000 would do but having no idea of what kind of policy I wanted I looked at the myriad products of a dozen companies and plunged into a jungle of gibberish


( S ( PP-TMP ( IN Over ) ( NP ( DT the ) ( JJ past ) ( NN decade ) ( QP ( CC or ) ( CD two ) ) ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD was ) ( VP ( VBG thinking ) ( PP-CLR ( IN about ) ( NP ( NN fox ) ( NN hunting ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN insurance ) ( NN industry ) ) ( VP ( VBZ has ) ( VP ( VBN spawned ) ( NP ( NP ( DT an ) ( JJ incredible ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NNS products ) ) ( NP ( NP ( NNS variations ) ) ( PP ( IN on ) ( NP ( NNS products ) ) ) ) ( CC and ) ( NP ( NP ( NNS variations ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNS variations ) ) ) ) ) ) ) ) ) )

Over the past decade or two while I was thinking about fox hunting the insurance industry has spawned an incredible number of products variations on products and variations on the variations


( S ( PP-LOC ( IN Besides ) ( NP ( NP ( NP ( NN term ) ( NN life ) ) ( CC and ) ( NP ( JJ whole ) ( NN life ) ) ) ( PRN ( NP ( DT the ) ( JJ old ) ( NNS standbys ) ) ) ) ) ( NP-SBJ ( PRP we ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBP have ) ( NP ( NP ( JJ universal ) ( NN life ) ) ( NP ( JJ universal ) ( JJ variable ) ( NN life ) ) ( NP ( JJ flexible ) ( JJ adjustable ) ( JJ universal ) ( NN life ) ) ( NP ( NP ( NNS policies ) ) ( PP ( IN with ) ( NP ( NN persistency ) ( NNS bonuses ) ) ) ) ( NP ( NP ( NNS policies ) ) ( VP ( VBN festooned ) ( PP-CLR ( IN with ) ( NP ( JJ exotic ) ( NNS riders ) ) ) ) ) ( NP ( NN living ) ( NN benefit ) ( NNS policies ) ) ( CC and ) ( ADVP ( RB on ) ( CC and ) ( RB on ) ) ) ) )

Besides term life and whole life the old standbys we now have universal life universal variable life flexible adjustable universal life policies with persistency bonuses policies festooned with exotic riders living benefit policies and on and on


( SBAR ( WHNP-1 ( WP What ) ) ( S ( VP ( TO to ) ( VP ( VB do ) ) ) ) )

What to do


( S ( ADVP-TMP ( RB First ) ) ( VP ( VB generalize ) ) )

First generalize


( S ( S-ADV ( VP ( VBN Shorn ) ( PP-CLR ( IN of ) ( NP ( DT all ) ( NX ( NX ( PRP$ their ) ( NNS riders ) ) ( NX ( JJ special ) ( NNS provisions ) ) ( CC and ) ( NX ( JJ other ) ( NNS bells ) ( CC and ) ( NNS whistles ) ) ) ) ) ) ) ( NP-SBJ-1 ( NN insurance ) ( NNS policies ) ) ( VP ( MD can ) ( ADVP-TMP ( RB still ) ) ( VP ( VB be ) ( VP ( VBN grouped ) ( PP-LOC-CLR ( IN under ) ( NP ( NP ( CD two ) ( JJ broad ) ( NNS categories ) ) ( NP ( NP ( NP ( JJ so-called ) ( JJ pure ) ( NN insurance ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( VP ( VP ( VBZ amasses ) ( NP ( DT no ) ( NN cash ) ( NN value ) ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NN policy ) ) ) ) ( CC and ) ( VP ( VBZ pays ) ( PRT ( RP off ) ) ( PP-TMP ( ADVP ( RB only ) ) ( IN upon ) ( NP ( NN death ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( JJ permanent ) ( NN insurance ) ) ( SBAR ( WHNP-4 ( WDT which ) ) ( S ( VP ( VBZ provides ) ( NP ( CONJP ( RB not ) ( RB only ) ) ( NP ( DT a ) ( NN death ) ( NN benefit ) ) ( CONJP ( CC but ) ( RB also ) ) ( NP ( NP ( DT a ) ( NN cash ) ( NN value ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN policy ) ) ) ( SBAR ( WHNP-5 ( WDT that ) ) ( S ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN used ) ( PP-MNR ( IN in ) ( NP ( JJ various ) ( NNS ways ) ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( DT the ) ( VBN insured ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB still ) ) ( ADJP-PRD ( JJ alive ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Shorn of all their riders special provisions and other bells and whistles insurance policies can still be grouped under two broad categories so-called pure insurance which amasses no cash value in the policy and pays off only upon death and permanent insurance which provides not only a death benefit but also a cash value in the policy that can be used in various ways while the insured is still alive


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NP ( DT all ) ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP want ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( JJ death-benefit ) ( NN coverage ) ) ) ) ) ( NP-SBJ ( NP ( JJ pure ) ( NN insurance ) ) ( NP ( DT a ) ( NN term ) ( NN policy ) ) ) ( VP ( VBZ gives ) ( NP ( PRP you ) ) ( NP ( NP ( NN maximum ) ( NN bang ) ) ( PP ( IN for ) ( NP ( PRP$ your ) ( NN buck ) ) ) ) ( PP ( IN within ) ( NP ( NNS limits ) ) ) ) )

If all you want is death-benefit coverage pure insurance a term policy gives you maximum bang for your buck within limits


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( ADJP ( RB much ) ( JJR cheaper ) ) ( PP ( IN than ) ( NP ( NP ( JJ permanent ) ( NN insurance ) ) ( VP ( VBN bought ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( JJ same ) ( NN age ) ) ) ) ) ) ) ) )

It 's much cheaper than permanent insurance bought at the same age


( S ( S ( CC But ) ( NP-SBJ ( NN term ) ) ( VP ( VBZ means ) ( NP ( RB just ) ( DT that ) ) ) ) ( S ( NP-SBJ-2 ( DT the ) ( NN policy ) ) ( VP ( VP ( VBZ is ) ( VP ( VBN written ) ( PP ( IN for ) ( NP ( DT a ) ( JJ specific ) ( NN time ) ( NN period ) ( RB only ) ) ) ) ) ( CC and ) ( VP ( MD must ) ( VP ( VB be ) ( VP ( VBN renewed ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ expires ) ) ) ) ) ) ) ) ) )

But term means just that the policy is written for a specific time period only and must be renewed when it expires


( S ( S ( NP-SBJ ( PRP It ) ) ( VP ( MD may ) ( ADVP ( RB also ) ) ( VP ( VB stipulate ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN insured ) ) ( VP ( MD must ) ( VP ( VB pass ) ( NP ( DT another ) ( JJ medical ) ( NN exam ) ) ( PP-TMP ( IN before ) ( NP ( NN renewal ) ) ) ) ) ) ) ) ) ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP flunk ) ) ) ) ( PRN ( SBAR-ADV ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ means ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP need ) ( NP ( NN insurance ) ) ( ADVP ( ADVP ( RBR more ) ) ( PP ( IN than ) ( ADVP ( RB ever ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( PRP you ) ) ( VP ( MD may ) ( RB not ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) )

It may also stipulate that the insured must pass another medical exam before renewal if you flunk which means you need insurance more than ever you may not be able to buy it


( S ( SBAR-ADV ( RB Even ) ( IN if ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VP ( VBP 're ) ( ADJP-PRD ( JJ healthy ) ) ) ( CC and ) ( VP ( MD can ) ( VP ( VB renew ) ) ) ) ) ) ( NP-SBJ ( PRP$ your ) ( NN premium ) ) ( VP ( MD will ) ( VP ( VB go ) ( ADVP-DIR ( RB up ) ) ( ADVP-MNR ( RB sharply ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP 're ) ( ADJP-PRD ( NP ( NP ( DT that ) ) ( ADJP ( RB much ) ) ) ( JJR older ) ) ) ) ) ) ) )

Even if you 're healthy and can renew your premium will go up sharply because you 're that much older


( S ( IN So ) ( NP-SBJ ( NN term ) ( NN insurance ) ) ( VP ( MD may ) ( RB not ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( RB as ) ( JJ cheap ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ looks ) ) ) ) ) ) ) )

So term insurance may not be as cheap as it looks


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( DT all ) ( NNS sorts ) ) ( PP ( IN of ) ( NP ( NP ( NNS variations ) ) ( PP ( IN on ) ( NP ( NN term ) ( NN insurance ) ) ) ) ) ) ( NP ( NP ( NP ( NNS policies ) ) ( VP ( VBN structured ) ( S-PRP ( VP ( TO to ) ( VP ( VB pay ) ( PRT ( RP off ) ) ( NP ( PRP$ your ) ( NN mortgage ) ( NN debt ) ) ) ) ) ) ) ( NP ( NP ( NN term ) ( NNS riders ) ) ( VP ( VBD tacked ) ( PRT ( RP on ) ) ( PP-CLR ( TO to ) ( NP ( JJ permanent ) ( NN insurance ) ) ) ) ) ( CC and ) ( NP ( JJ many ) ( NNS others ) ) ) ) ) )

There are all sorts of variations on term insurance policies structured to pay off your mortgage debt term riders tacked on to permanent insurance and many others


( S ( NP-SBJ ( NP ( CD One ) ( NN variation ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD appealed ) ( PP-CLR ( TO to ) ( NP ( PRP me ) ) ) ( PP-TMP ( IN at ) ( NP ( JJ first ) ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( NNP Money ) ( NNP Smart ) ( NNP Term ) ( NNP Life ) ( NN policy ) ) ( VP ( VBN offered ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Amex ) ( NNP Life ) ( NNP Insurance ) ( NNP Co. ) ) ( NP ( DT the ) ( NNP American ) ( NNP Express ) ( NN unit ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN parent ) ( NN company ) ( POS 's ) ) ( NN credit-card ) ( NNS holders ) ) ) ) ) ) )

One variation that appealed to me at first was the Money Smart Term Life policy offered by Amex Life Insurance Co. the American Express unit to the parent company 's credit-card holders


( S ( PP-TMP ( IN Upon ) ( NP ( NN examination ) ) ) ( ADVP ( RB however ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBD wondered ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( DT the ) ( NN plan ) ) ( VP ( VBD made ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN sense ) ) ) ) ) ) ) ) )

Upon examination however I wondered whether the plan made a lot of sense


( S ( NP-SBJ ( NNP Amex ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VP ( MD would ) ( VP ( VB charge ) ( NP ( PRP me ) ) ( NP ( NP ( CD 576 ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ( PP-PRP ( IN for ) ( NP ( NP ( CD 100,000 ) ) ( PP ( IN of ) ( NP ( NN coverage ) ) ) ) ) ) ) ( CC and ) ( VP ( MD would ) ( VP ( VB pay ) ( NP ( PRP me ) ) ( ADVP-CLR ( RB back ) ) ( NP ( NP ( DT all ) ( DT the ) ( NNS premiums ) ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD put ) ( ADVP-PUT ( RP in ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD canceled ) ( NP ( DT the ) ( NN policy ) ) ( PP-TMP ( IN after ) ( NP ( CD 10 ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) )

Amex said it would charge me 576 a year for 100,000 of coverage and would pay me back all the premiums I put in if I canceled the policy after 10 years


( S ( S ( VP ( VBZ Sounds ) ( ADJP-PRD ( JJ great ) ) ) ) ( CC or ) ( SQ ( VBZ does ) ( NP-SBJ ( PRP it ) ) ) )

Sounds great or does it


( S ( ADVP-TMP ( RB First ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD canceled ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( MD 'd ) ( VP ( VB have ) ( NP ( NP ( ADJP ( DT no ) ( JJR more ) ) ( NN insurance ) ) ( NP ( DT a ) ( ADJP ( RB not ) ( JJ insignificant ) ) ( NN consideration ) ) ) ) ) )

First if I canceled I 'd have no more insurance a not insignificant consideration


( S ( S ( ADVP-TMP ( JJ Second ) ) ( NP-SBJ-1 ( NP ( DT the ) ( CD 5,760 ) ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( MD 'd ) ( VP ( VB get ) ( ADVP-CLR ( RB back ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( ADVP ( RB much ) ) ( VBN diminished ) ( PP ( IN in ) ( NP ( NN purchasing ) ( NN power ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( CD 10 ) ( NNS years ) ) ( PP ( IN of ) ( NP ( NN inflation ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Amex ) ( RB not ) ( PRP I ) ) ( VP ( MD would ) ( VP ( VB get ) ( NP ( NP ( DT the ) ( NN benefit ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN investment ) ( NN income ) ) ( PP ( IN on ) ( NP ( PRP$ my ) ( NN money ) ) ) ( NP ( NP ( NN income ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB have ) ( VP ( VP ( VBN exceeded ) ( NP ( DT the ) ( NN inflation ) ( NN rate ) ) ) ( CC and ) ( ADVP ( RB thus ) ) ( VP ( VBN given ) ( NP ( DT the ) ( NN company ) ) ( NP ( DT a ) ( JJ real ) ( NN profit ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Second the 5,760 I 'd get back would be much diminished in purchasing power by 10 years of inflation Amex not I would get the benefit of the investment income on my money income that would have exceeded the inflation rate and thus given the company a real profit


( S ( S ( UCP-ADV ( ADVP ( JJ Third ) ) ( CC and ) ( ADJP ( RBS most ) ( JJ important ) ) ) ( NP-SBJ ( NNP Amex ) ) ( VP ( MD would ) ( VP ( VB charge ) ( NP ( PRP me ) ) ( NP ( NP ( DT a ) ( ADJP ( RB far ) ( JJR higher ) ) ( NN premium ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( JJ other ) ( JJ reputable ) ( NNS companies ) ) ( VP ( MD would ) ( VP ( PP ( IN on ) ( NP ( NP ( DT a ) ( JJ straight ) ( NN term ) ( NN policy ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ same ) ( NN amount ) ) ) ) ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( MD 'd ) ( VP ( VB be ) ( VP ( VBG paying ) ( ADVP-MNR ( ADVP ( RB so ) ( RB heavily ) ) ) ( S-PRP ( ADVP ( RB just ) ) ( VP ( TO to ) ( VP ( VB have ) ( NP ( NP ( DT the ) ( NN option ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG getting ) ( NP ( PRP$ my ) ( NNS premiums ) ) ( ADVP-CLR ( RB back ) ) ) ) ) ) ) ) ) ( SBAR-2 ( IN that ) ( S ( NP-SBJ-3 ( PRP I ) ) ( VP ( MD 'd ) ( ADVP ( RB almost ) ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB cancel ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( DT the ) ( JJ whole ) ( NN thing ) ) ( ADJP-PRD ( JJ worthwhile ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Third and most important Amex would charge me a far higher premium than other reputable companies would on a straight term policy for the same amount I 'd be paying so heavily just to have the option of getting my premiums back that I 'd almost have to cancel to make the whole thing worthwhile


( S ( S ( NP-SBJ ( DT That ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( RB all ) ( JJ right ) ) ( PP ( IN with ) ( NP ( NP ( NNP Amex ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD could ) ( ADVP-TMP ( RB then ) ) ( VP ( VB lock ) ( ADVP-CLR ( RB in ) ) ( NP ( PRP$ its ) ( NN investment ) ( NN profit ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB add ) ( PRT ( RP up ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( JJ smart ) ( NN money ) ( NN move ) ) ( PP ( IN for ) ( NP ( PRP me ) ) ) ) ) ) ) ) )

That would be all right with Amex which could then lock in its investment profit but it does n't add up to a smart money move for me


( FRAG ( SBAR-ADV ( WHNP-1 ( WDT Which ) ) ( S ( VP ( VBZ goes ) ( S ( VP ( TO to ) ( VP ( VB show ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ ( DT the ) ( NNP First ) ( NNP Law ) ) ( VP ( VBZ applies ) ( PP-LOC ( IN in ) ( NP ( NN insurance ) ) ) ( PP ( IN as ) ( PP-LOC ( IN in ) ( NP ( NP ( NN anything ) ) ( ADJP ( RB else ) ) ) ) ) ) ) ( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( DT no ) ( JJ free ) ( NN lunch ) ) ) ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( RB only ) ( NN marketing ) ) ) ) ) ) ) ) ) ) ) ) )

Which goes to show that the First Law applies in insurance as in anything else There is no free lunch there is only marketing


( FRAG ( CC And ) ( NP ( NP ( DT the ) ( NNP Second ) ( NNP Law ) ) ( ADJP ( JJ unique ) ( PP ( TO to ) ( NP ( NN insurance ) ) ) ) ) )

And the Second Law unique to insurance


( S ( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP die ) ( ADVP-TMP ( RB early ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VP ( VBP win ) ) ( NP-ADV ( NP ( DT a ) ( JJ hollow ) ( NN victory ) ) ( SBAR-PRP ( IN since ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB enjoy ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP live ) ( ADVP-TMP ( RB long ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN insurer ) ) ( VP ( VBZ wins ) ) ) )

If I die early I win a hollow victory since I ca n't enjoy it and if I live long the insurer wins


Always


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ worth ) ( NP ( VBG remembering ) ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ-2 ( NP ( NNS insurers ) ) ( CC and ) ( NP ( PRP$ their ) ( NNS salesmen ) ) ) ( VP ( VBP try ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP you ) ) ( NP ( NP ( JJ permanent ) ( NN insurance ) ) ( NP ( NP ( DT the ) ( NN kind ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ amasses ) ( NP ( NN cash ) ( NN value ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

This is worth remembering when insurers and their salesmen try to sell you permanent insurance the kind that amasses cash value


( S ( S ( NP-SBJ-1 ( DT The ) ( NN word ) ( NN death ) ) ( VP ( MD can ) ( RB not ) ( VP ( VB be ) ( VP ( VBN escaped ) ( ADVP-MNR ( RB entirely ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN industry ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( NNS salesmen ) ) ( VP ( VP ( VBP dodge ) ( NP ( PRP it ) ) ( SBAR-LOC ( WHADVP-4 ( WRB wherever ) ) ( FRAG ( ADJP-PRD ( JJ possible ) ) ) ) ) ( CC or ) ( VP ( VBP cloak ) ( NP ( PRP it ) ) ( PP-CLR ( IN in ) ( NP ( NNS euphemisms ) ) ) ) ( S-ADV ( VP ( VBG preferring ) ( S ( VP ( TO to ) ( VP ( VB talk ) ( PP-CLR ( IN about ) ( NP ( NNS savings ) ( CC and ) ( NN investment ) ) ) ( ADVP ( RB instead ) ) ) ) ) ) ) ) ) )

The word death can not be escaped entirely by the industry but salesmen dodge it wherever possible or cloak it in euphemisms preferring to talk about savings and investment instead


( S ( NP-SBJ ( DT The ) ( NN implication ) ) ( VP ( VBZ is ) ( SBAR-PRD ( DT that ) ( S ( NP-SBJ ( PRP$ your ) ( JJ permanent-insurance ) ( NN policy ) ) ( VP ( VBZ is ) ( ADVP ( RB really ) ) ( NP-PRD ( NP ( DT some ) ( NN kind ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP CD ) ) ( CC or ) ( NP ( JJ mutual-fund ) ( NN account ) ) ) ( PP ( IN with ) ( NP ( DT an ) ( VBN added ) ( NN feature ) ) ) ) ) ) ) ) ) ) )

The implication is that your permanent-insurance policy is really some kind of CD or mutual-fund account with an added feature


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ is ) ( S-NOM-PRD ( VP ( NN gilding ) ( NP ( DT the ) ( NN lily ) ) ) ) ) )

That is gilding the lily


( S ( NP-SBJ ( DT The ) ( NN fact ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( PP ( IN as ) ( NP ( DT a ) ( NNS savings ) ( CC or ) ( NN investment ) ( NN vehicle ) ) ) ( NP-SBJ ( NN insurance ) ) ( ADVP ( RB generally ) ) ( VP ( VBZ runs ) ( NP ( NP ( DT a ) ( JJ poor ) ( NN second ) ) ( PP ( TO to ) ( NP ( NP ( DT any ) ( JJ direct ) ( NN investment ) ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD might ) ( VP ( VB make ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( JJ same ) ( NNS things ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN insurance ) ( NN company ) ) ( VP ( VBZ is ) ( VP ( VBG putting ) ( NP ( PRP$ your ) ( NN money ) ) ( PP-PUT ( IN into ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The fact is that as a savings or investment vehicle insurance generally runs a poor second to any direct investment you might make in the same things the insurance company is putting your money into


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( SBAR-PRP-PRD ( IN because ) ( S ( NP-SBJ-1 ( PRP you ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( DT the ) ( NN insurance ) ( NN portion ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN policy ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN effort ) ) ( VP ( VBN required ) ( S-PRP ( VP ( TO to ) ( VP ( VB sell ) ( CC and ) ( VB service ) ( NP ( DT the ) ( JJ whole ) ( NN package ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That 's because you have to pay for the insurance portion of the policy and the effort required to sell and service the whole package


( FRAG ( ADVP-TMP ( RB Again ) ) ( NP ( DT no ) ( JJ free ) ( NN lunch ) ) )

Again no free lunch


( S ( NP-SBJ-1 ( DT This ) ) ( VP ( VBZ is ) ( VP ( VBN reflected ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( JJ built-in ) ( NN mortality ) ( NN cost ) ) ( PP ( IN in ) ( NP ( NN effect ) ) ) ( NP ( NP ( PRP$ your ) ( NN share ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( VBN estimated ) ( NN liability ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG paying ) ( PRT ( RP off ) ) ( NP ( NP ( NNS beneficiaries ) ) ( PP ( IN of ) ( NP ( NP ( NNS people ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD had ) ( NP ( DT the ) ( NN effrontery ) ( S ( VP ( TO to ) ( VP ( VB die ) ( SBAR-TMP ( IN while ) ( S ( PP-LOC-PRD ( IN under ) ( NP ( PRP$ its ) ( NN protection ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

This is reflected in a built-in mortality cost in effect your share of the company 's estimated liability in paying off beneficiaries of people who had the effrontery to die while under its protection


( S ( CC And ) ( S ( PP-LOC ( IN in ) ( NP ( JJS most ) ( NNS cases ) ) ) ( NP-SBJ ( NP ( DT a ) ( JJ huge ) ( NN hunk ) ) ( PP ( IN of ) ( NP ( PRP$ your ) ( NN premium ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ initial ) ( NN year ) ( QP ( CC or ) ( CD two ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( DT the ) ( NN policy ) ) ) ) ) ) ( VP ( VBZ is ) ( PP ( IN in ) ( NP ( NN effect ) ) ) ( VP ( VBG paying ) ( NP ( NP ( DT the ) ( NN salesman ) ( POS 's ) ) ( NN commission ) ) ( ADVP ( RB as ) ( RB well ) ) ) ) ) ( S ( NP-SBJ ( NP ( NN investment ) ( NNS returns ) ) ( PP ( IN on ) ( NP ( JJS most ) ( NNS policies ) ) ) ) ( VP ( VBP are ) ( ADVP ( RB actually ) ) ( ADVP-PRD ( JJ negative ) ) ( PP-TMP ( IN for ) ( NP ( JJ several ) ( NNS years ) ) ) ( PP-PRP ( ADVP ( RB largely ) ) ( IN because ) ( IN of ) ( NP ( DT this ) ) ) ) ) )

And in most cases a huge hunk of your premium in the initial year or two of the the policy is in effect paying the salesman 's commission as well investment returns on most policies are actually negative for several years largely because of this


( S ( RB So ) ( VP ( VB view ) ( NP ( JJ permanent ) ( NN insurance ) ) ( PP-CLR ( IN for ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( PRN ( NP ( NP ( DT a ) ( NN compromise ) ) ( PP ( IN between ) ( NP ( NP ( JJ pure ) ( NN insurance ) ) ( CC and ) ( NP ( JJ direct ) ( NN investment ) ) ) ) ) ) ) ) ) ) ) )

So view permanent insurance for what it is a compromise between pure insurance and direct investment


( S ( NP-SBJ ( NP ( DT The ) ( JJS simplest ) ( ADJP ( RBS most ) ( JJ traditional ) ) ( NN form ) ) ( PP ( IN of ) ( NP ( JJ permanent ) ( NN insurance ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT the ) ( JJ straight ) ( JJ whole ) ( NN life ) ( NN policy ) ) ) )

The simplest most traditional form of permanent insurance is the straight whole life policy


( S ( S ( NP-SBJ ( PRP You ) ) ( VP ( VBP pay ) ( NP ( DT a ) ( VBN set ) ( NN premium ) ) ( PP-PRP ( IN for ) ( NP ( NP ( DT a ) ( VBN set ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NN coverage ) ) ) ) ) ) ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ invests ) ( NP ( DT that ) ( NN premium ) ) ( PP-CLR ( IN in ) ( NP ( NP ( DT a ) ( NN portfolio ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN choosing ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP$ your ) ( NX ( NX ( NN cash ) ( NN value ) ) ( CC and ) ( NX ( NNS dividends ) ) ) ) ( VP ( VBP grow ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( NNS years ) ) ) ) ) )

You pay a set premium for a set amount of coverage the company invests that premium in a portfolio of its choosing and your cash value and dividends grow over the years


( S ( S ( NP-SBJ ( NP ( CD One ) ( JJR newer ) ( NN wrinkle ) ) ( NP ( NP ( RB so ) ( VBN called ) ( JJ single-premium ) ( NN life ) ) ( PRN ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP pay ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( JJ whole ) ( NN policy ) ) ) ( PP-TMP ( IN at ) ( NP ( RB once ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( RB immensely ) ( JJ popular ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS years ) ) ) ( PP-PRP ( IN for ) ( NP ( NN tax ) ( NNS reasons ) ) ) ) ) ) ( S ( S ( NP-SBJ ( DT the ) ( VBN insured ) ) ( VP ( MD could ) ( VP ( VB extract ) ( NP ( NN cash ) ( NN value ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN form ) ) ( PP ( IN of ) ( NP ( NN policy ) ( NNS loans ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NN none ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS proceeds ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ taxable ) ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD included ) ( NP ( NP ( NNS gains ) ) ( PP-LOC ( IN on ) ( NP ( NN investment ) ) ) ) ) ) ) ) ) ) )

One newer wrinkle so called single-premium life you pay for the whole policy at once has been immensely popular in recent years for tax reasons the insured could extract cash value in the form of policy loans and none of the proceeds were taxable even though they included gains on investment


( S ( NP-SBJ ( NNP Congress ) ) ( VP ( VP ( VBD closed ) ( NP ( DT this ) ( NN loophole ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ( CC or ) ( VP ( VBD thought ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD did ) ) ) ) ) ) )

Congress closed this loophole last year or thought it did


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NP ( NNP Monarch ) ( NNP Capital ) ( NNP Corp. ) ) ( PP ( IN of ) ( NP ( NP ( NNP Springfield ) ) ( NP ( NNP Mass. ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN developed ) ( NP ( NP ( DT a ) ( NN combination ) ( NN plan ) ) ( PP ( IN of ) ( NP ( NN annuity ) ( CC and ) ( NN insurance ) ( NN coverage ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ says ) ( SBAR ( SBAR ( S ( VP ( VBZ does ) ( RB not ) ( VP ( VB violate ) ( NP ( DT the ) ( JJ new ) ( NNS regulations ) ) ) ) ) ) ( CC and ) ( SBAR ( DT that ) ( S ( VP ( VBZ allows ) ( NP ( NN policy ) ( NNS loans ) ) ( PP ( IN without ) ( NP ( NN tax ) ( NNS consequences ) ) ) ) ) ) ) ) ) ) ) ) ) )

However Monarch Capital Corp. of Springfield Mass. has developed a combination plan of annuity and insurance coverage that it says does not violate the new regulations and that allows policy loans without tax consequences


( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( NN percentage ) ) ( PP ( IN of ) ( NP ( PRP$ your ) ( NN cash ) ( NN reserve ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD can ) ( VP ( VB borrow ) ( ADVP-MNR ( JJ tax-free ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB very ) ( JJ small ) ) ) )

But the percentage of your cash reserve that you can borrow tax-free is very small


( S ( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBP 'm ) ( RB not ) ( VP ( VBN prepared ) ( PP-LOC ( IN in ) ( NP ( DT any ) ( NN case ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB put ) ( NP ( ADJP ( DT that ) ( JJ much ) ) ( NN money ) ) ( PP-PUT ( IN into ) ( NP ( DT a ) ( NN policy ) ) ) ( ADVP-TMP ( RB immediately ) ) ) ) ) ) ) ) ( IN so ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP look ) ( PP-CLR ( IN into ) ( NP ( NP ( DT the ) ( JJ broad ) ( NN category ) ) ( VP ( VBD called ) ( S ( NP-PRD ( JJ universal ) ( NN life ) ) ) ) ) ) ) ) )

I 'm not prepared in any case to put that much money into a policy immediately so I look into the broad category called universal life


( S ( S-ADV ( ADJP-PRD ( RB Hugely ) ( JJ popular ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( RB far ) ( RBR more ) ( JJ flexible ) ) ( PP ( IN than ) ( NP ( JJ straight ) ( JJ whole ) ( NN life ) ) ) ) ) )

Hugely popular it is far more flexible than straight whole life


( S ( S ( NP-SBJ ( PRP I ) ) ( VP ( MD can ) ( VP ( VB adjust ) ( NP ( NP ( DT the ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NN insurance ) ) ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP want ) ) ) ) ) ( PP-CLR ( IN against ) ( NP ( NP ( DT the ) ( NN amount ) ) ( VP ( VBG going ) ( PP-DIR ( IN into ) ( NP ( NN investment ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( MD can ) ( VP ( VB pay ) ( NP ( NP ( JJR more ) ( CC or ) ( JJR less ) ) ( PP ( IN than ) ( NP ( DT the ) ( JJ so-called ) ( NN target ) ( NN premium ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT a ) ( VBN given ) ( NN year ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( MD can ) ( ADVP ( RB even ) ) ( VP ( VB skip ) ( NP ( NNS payments ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP$ my ) ( NN cash ) ( NNS reserves ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ enough ) ( S ( VP ( TO to ) ( VP ( VB cover ) ( NP ( NP ( DT the ) ( NN insurance ) ( NN portion ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN policy ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

I can adjust the amount of insurance I want against the amount going into investment I can pay more or less than the so-called target premium in a given year and I can even skip payments if my cash reserves are enough to cover the insurance portion of the policy


( S ( PP-LOC ( IN In ) ( S-NOM ( VP ( VBG looking ) ( PP-CLR ( IN at ) ( NP ( ADJP ( DT these ) ( CC and ) ( JJ other ) ) ( NNS policies ) ) ) ) ) ) ( NP-SBJ-2 ( PRP I ) ) ( VP ( VBP learn ) ( S ( VP ( TO to ) ( VP ( VB ask ) ( NP ( NP ( JJ pointed ) ( NNS questions ) ) ( PP ( IN about ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS assumptions ) ) ( VP ( VBN built ) ( PP-CLR ( IN into ) ( NP ( NP ( NN policy ) ( NNS illustrations ) ) ( NP ( NP ( DT the ) ( NNS rows ) ) ( PP ( IN of ) ( NP ( NNS numbers ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP show ) ( NP ( PRP me ) ) ( NP ( NP ( DT the ) ( NN buildup ) ) ( PP ( IN of ) ( NP ( PRP$ my ) ( NN cash ) ( NNS values ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In looking at these and other policies I learn to ask pointed questions about some of the assumptions built into policy illustrations the rows of numbers that show me the buildup of my cash values over the years


( S ( NP-SBJ ( PRP They ) ) ( ADVP-TMP ( RB commonly ) ) ( VP ( VB give ) ( NP ( NP ( CD two ) ( NNS scenarios ) ) ( S ( S ( NP-SBJ-1 ( CD One ) ) ( VP ( VBZ is ) ( VP ( VBN based ) ( PP-CLR-4 ( IN on ) ( NP ( NP ( NN interest ) ( NNS rates ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ guarantees ) ) ) ) ( PRN ( ADVP-TMP ( RB usually ) ) ( NP ( QP ( CD 4 ) ( NN % ) ( TO to ) ( CD 4.5 ) ( NN % ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ=1 ( DT the ) ( JJ other ) ) ( PP-CLR=4 ( IN on ) ( NP ( NP ( NP ( DT the ) ( NN rate ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBG getting ) ( PP ( IN on ) ( NP ( NN investment ) ) ) ) ) ) ) ) ( ADVP-TMP ( RB often ) ) ( NP ( CD 8.5 ) ( NN % ) ( QP ( CC or ) ( JJR more ) ) ) ) ) ) ) ) ) )

They commonly give two scenarios One is based on interest rates that the company guarantees usually 4 % to 4.5 % and the other on the rate it is currently getting on investment often 8.5 % or more


( S ( S ( S-ADV ( VP ( VBG Projecting ) ( NP ( DT the ) ( JJ latter ) ) ( PP-CLR ( IN over ) ( NP ( JJ several ) ( NNS decades ) ) ) ) ) ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBP find ) ( SBAR ( S ( NP-SBJ ( PRP$ my ) ( NN cash ) ( NN buildup ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ impressive ) ) ) ) ) ) ) ( CC but ) ( SQ ( MD can ) ( NP-SBJ ( DT any ) ( JJ high ) ( NN interest ) ( NN rate ) ) ( VP ( VB prevail ) ( PP-TMP ( IN for ) ( NP ( DT that ) ( RB long ) ) ) ) ) )

Projecting the latter over several decades I find my cash buildup is impressive but can any high interest rate prevail for that long


( S ( ADJP-TPC-1 ( RB Not ) ( RB likely ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ) )

Not likely I think


( S ( ADVP ( RB Also ) ) ( NP-SBJ ( DT some ) ( NN policy ) ( NNS illustrations ) ) ( VP ( VBP assume ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( NN mortality ) ( NNS costs ) ) ( VP ( MD will ) ( VP ( VB decline ) ) ) ) ) ( CC or ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( MD will ) ( VP ( VB get ) ( NP ( NP ( DT some ) ( NN sort ) ) ( PP ( IN of ) ( NP ( NN dividend ) ( NN bonus ) ) ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( JJ 10th ) ( NN year ) ) ) ) ) ) ) ) ) )

Also some policy illustrations assume that mortality costs will decline or that I will get some sort of dividend bonus after the 10th year


( S ( NP-SBJ ( DT These ) ) ( VP ( VBP are ) ( RB not ) ( ADJP-PRD ( JJ certain ) ) ( ADVP ( RB either ) ) ) )

These are not certain either


( SINV ( S-TPC-2 ( S ( NP-SBJ-1 ( NNS Companies ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( JJ comfortable ) ( S ( VP ( VBG playing ) ( NP ( DT these ) ( NNS games ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP realize ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 're ) ( PP-PRD ( IN under ) ( NP ( NN pressure ) ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( PRP$ their ) ( NNS policies ) ) ( VP ( VB look ) ( ADJP-PRD ( JJ good ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Timothy ) ( NNP Pfiefer ) ) ( NP ( NP ( DT an ) ( JJ actuarial ) ( NN consultant ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Tillinghast ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NP ( NNP Towers ) ( NNP Perrin ) ( NNP Co. ) ) ( NP ( DT the ) ( JJ big ) ( NNP New ) ( NNP York ) ( VBG consulting ) ( NN firm ) ) ) ) ) ) ) ) ) )

Companies are n't comfortable playing these games but they realize they 're under pressure to make their policies look good says Timothy Pfiefer an actuarial consultant at Tillinghast a unit of Towers Perrin Co. the big New York consulting firm


( NP ( NP ( NP ( DT Another ) ( NN factor ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB consider ) ) ) ) ) ) ( S ( S ( NP-SBJ ( NP ( DT Some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS companies ) ) ( VP ( ADVP-TMP ( RB currently ) ) ( VBG earning ) ( NP ( ADJP ( RB very ) ( JJ high ) ) ( NNS yields ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG doing ) ( ADVP-MNR ( RB so ) ) ( PP ( IN through ) ( NP ( NP ( JJ substantial ) ( NN investment ) ) ( PP ( IN in ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP know ) ( SBAR ( WHADJP-2 ( WRB how ) ( JJ nervous ) ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( PP ( IN about ) ( NP ( DT those ) ) ) ( ADVP-TMP ( RB lately ) ) ) ) ) ) ) ) ) )

Another factor to consider Some of the companies currently earning very high yields are doing so through substantial investment in junk bonds and you know how nervous the market has been about those lately


( S ( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( ADJP ( RB seemingly ) ( JJ endless ) ) ( NNS twists ) ) ( PP ( TO to ) ( NP ( JJ universal ) ( NN life ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ pays ) ( S-1 ( VP ( TO to ) ( VP ( VB ask ) ( NP ( NNS questions ) ) ( PP-CLR ( IN about ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) )

There are seemingly endless twists to universal life and it pays to ask questions about all of them


( S ( PP-LOC ( IN At ) ( NP ( DT a ) ( JJ back-yard ) ( NN barbecue ) ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( NP-SBJ ( DT a ) ( NN friend ) ) ( VP ( VBZ boasts ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP she ) ) ( VP ( MD 'll ) ( ADVP ( RB only ) ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( NNS premiums ) ) ( PP ( IN on ) ( NP ( PRP$ her ) ( NNP John ) ( NNP Hancock ) ( NN policy ) ) ) ( PP-TMP ( IN for ) ( NP ( CD seven ) ( NNS years ) ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( PRP$ her ) ( NN death ) ( NNS benefits ) ) ( VP ( MD will ) ( ADVP-TMP ( RB then ) ) ( VP ( VB be ) ( VP ( VBN guaranteed ) ) ) ) ) ) ) ) )

At a back-yard barbecue for example a friend boasts that she 'll only have to pay premiums on her John Hancock policy for seven years and that her death benefits will then be guaranteed


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP call ) ( NP ( NP ( PRP her ) ( NN agent ) ) ( NP ( NNP David ) ( NNP Dominici ) ) ) ) )

I call her agent David Dominici


( S-4 ( ADVP ( RB Yes ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ-2 ( NP ( NNS premiums ) ) ( PP-LOC ( IN on ) ( NP ( JJ such ) ( JJ variable-rate ) ( NN coverage ) ) ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN structured ) ( S-CLR ( VP ( TO to ) ( VP ( VB vanish ) ( PP-TMP ( IN after ) ( NP ( DT a ) ( JJ certain ) ( NN period ) ) ) ) ) ) ( FRAG ( CC but ) ( ADVP-TMP ( RB usually ) ) ( SBAR-ADV ( ADVP ( RB only ) ) ( IN if ) ( S ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( VP ( VBP stay ) ( ADJP-PRD ( JJ high ) ( RB enough ) ( S ( VP ( TO to ) ( VP ( VB generate ) ( NP ( NP ( JJ sufficient ) ( NN cash ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB cover ) ( NP ( NP ( DT the ) ( JJ annual ) ( NN cost ) ) ( PP ( IN of ) ( NP ( NN insurance ) ( NN protection ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Yes he says premiums on such variable-rate coverage can be structured to vanish after a certain period but usually only if interest rates stay high enough to generate sufficient cash to cover the annual cost of insurance protection


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( VP ( VBP plunge ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN insurer ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBG knocking ) ( PP-CLR ( IN on ) ( NP ( PRP$ my ) ( NN door ) ) ) ( S-ADV ( VP ( VBG asking ) ( PP-CLR ( IN for ) ( NP ( NP ( JJR steeper ) ( NN premium ) ( NNS payments ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB maintain ) ( NP ( NP ( DT the ) ( JJ same ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NN protection ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

If interest rates plunge the insurer may be knocking on my door asking for steeper premium payments to maintain the same amount of protection


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB like ) ( NP ( NP ( DT the ) ( NN sound ) ) ( PP ( IN of ) ( NP ( DT that ) ) ) ) ) ) )

I do n't like the sound of that


( S ( NP-SBJ-2 ( DT Some ) ( NNS insurers ) ) ( VP ( VBP have ) ( ADVP ( RB also ) ) ( VP ( VBN started ) ( S ( VP ( VBG offering ) ( NP ( NP ( NN persistency ) ( NNS bonuses ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( JJ extra ) ( NNS dividends ) ) ( CC or ) ( NP ( DT a ) ( ADJP ( RB marginally ) ( JJR higher ) ) ( NN interest ) ( NN yield ) ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( DT the ) ( NN policy ) ) ( VP ( VBZ is ) ( VP ( VBN maintained ) ( PP-TMP ( IN for ) ( NP ( CD 10 ) ( NNS years ) ) ) ) ) ) ) ) ) )

Some insurers have also started offering persistency bonuses such as extra dividends or a marginally higher interest yield if the policy is maintained for 10 years


( S ( CC But ) ( NP-SBJ ( NP ( NNP Glenn ) ( NNP Daily ) ) ( NP ( DT a ) ( ADJP ( NNP New ) ( JJ York-based ) ) ( JJ financial ) ( NN consultant ) ) ) ( VP ( VBZ warns ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS bonuses ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( RB just ) ( NNS fantasies ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-1 ( JJS most ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBN guaranteed ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNS companies ) ) ) ) ) ) ) ) ) ) ) )

But Glenn Daily a New York-based financial consultant warns that many of these bonuses are just fantasies because most are n't guaranteed by the companies


( S-1 ( CC And ) ( NP-SBJ ( DT the ) ( NN feature ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB so ) ( JJ new ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ adds ) ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT no ) ( NN insurer ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB yet ) ) ( VP ( VBN established ) ( NP ( NP ( DT a ) ( NN track ) ( NN record ) ) ( PP ( IN for ) ( S-NOM ( ADVP ( RB actually ) ) ( VP ( VBG making ) ( NP ( JJ such ) ( NNS payments ) ) ) ) ) ) ) ) ) ) ) ) )

And the feature is so new he adds that no insurer has yet established a track record for actually making such payments


( S ( NP-SBJ ( JJ So-called ) ( JJ living-benefits ) ( NNS provisions ) ) ( ADVP ( RB also ) ) ( VP ( VBP merit ) ( NP ( DT a ) ( JJ close ) ( NN inspection ) ) ) )

So-called living-benefits provisions also merit a close inspection


( S ( S-ADV ( VP ( VBN Offered ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS insurers ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP include ) ( NP ( NP ( NNP Security-Connecticut ) ( NNP Life ) ( NNP Insurance ) ( NNP Co. ) ) ( NP ( NNP Jackson ) ( NNP National ) ( NNP Life ) ( NNP Insurance ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP National ) ( NNP Travelers ) ( NNP Life ) ( NNP Insurance ) ( NNP Co. ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-3 ( DT these ) ( NN policy ) ( NNS riders ) ) ( VP ( VBP let ) ( S ( NP-SBJ ( PRP me ) ) ( VP ( VB tap ) ( NP ( NP ( DT a ) ( NN portion ) ) ( PP ( IN of ) ( NP ( PRP$ my ) ( NN death ) ( NNS benefits ) ) ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( ADVP-TMP ( RB still ) ) ( ADJP-PRD ( JJ alive ) ) ) ) ) ) ) ) )

Offered by insurers that include Security-Connecticut Life Insurance Co. Jackson National Life Insurance Co. and National Travelers Life Insurance Co. these policy riders let me tap a portion of my death benefits while I 'm still alive


( S ( S ( NP-SBJ ( DT Some ) ( NNS provisions ) ) ( VP ( MD would ) ( VP ( VB let ) ( S ( NP-SBJ-1 ( PRP me ) ) ( VP ( VB collect ) ( NP ( NP ( DT a ) ( NN percentage ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN policy ) ( POS 's ) ) ( NN face ) ( NN value ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB pay ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ long-term ) ( NN care ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NN nursing-home ) ( NNS stays ) ) ) ) ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( NNS others ) ) ( VP ( MD would ) ( VP ( VB allow ) ( NP ( NP ( NNS payments ) ) ( PP ( IN for ) ( NP ( NP ( JJ catastrophic ) ( NNS illnesses ) ( CC and ) ( NNS conditions ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NN cancer ) ) ( NP ( NN heart ) ( NNS attarcks ) ) ( NP ( JJ renal ) ( NN failure ) ) ( CC and ) ( NP ( NN kidney ) ( NNS transplants ) ) ) ) ) ) ) ) ) ) )

Some provisions would let me collect a percentage of the policy 's face value to pay for long-term care such as nursing-home stays others would allow payments for catastrophic illnesses and conditions such as cancer heart attarcks renal failure and kidney transplants


( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( JJ catastrophic ) ( NNS events ) ) ( SBAR ( WHPP-1 ( IN for ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( DT the ) ( NN policyholder ) ) ( VP ( MD can ) ( VP ( VB collect ) ) ) ) ) ) ( VP ( VP ( VBP are ) ( VP ( ADVP-MNR ( RB narrowly ) ) ( VBN defined ) ) ) ( VP ( VBP vary ) ( PP ( PP ( IN from ) ( NP ( NN policy ) ) ) ( PP ( TO to ) ( NP ( NN policy ) ) ) ) ) ( CC and ) ( VP ( ADVP ( RB generally ) ) ( VBP permit ) ( NP ( NP ( NN use ) ) ( PP ( IN of ) ( NP ( NP ( RB only ) ( DT a ) ( JJ small ) ( NN fraction ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN face ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NN insurance ) ) ) ) ) ) ) ) ) ) )

But the catastrophic events for which the policyholder can collect are narrowly defined vary from policy to policy and generally permit use of only a small fraction of the face amount of insurance


( S ( ADVP ( RB Also ) ) ( NP-SBJ ( NP ( JJ financial ) ( NNS planners ) ) ( VP ( VBG advising ) ( PP-CLR ( IN on ) ( NP ( NN insurance ) ) ) ) ) ( VP ( VBP say ) ( SBAR ( IN that ) ( S ( PP ( TO to ) ( NP ( PRP$ their ) ( NN knowledge ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ has ) ( RB not ) ( ADVP-TMP ( RB yet ) ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT a ) ( NN tax ) ( NN ruling ) ) ( VP ( VBG exempting ) ( NP ( DT these ) ( NN advance ) ( NNS payments ) ) ( PP-CLR ( IN from ) ( NP ( NNS taxes ) ) ) ) ) ) ) ) ) ) )

Also financial planners advising on insurance say that to their knowledge there has not yet been a tax ruling exempting these advance payments from taxes


( S ( CC And ) ( PP ( VBG considering ) ( NP ( NP ( DT the ) ( JJ extra ) ( NN cost ) ) ( PP ( IN of ) ( NP ( JJ such ) ( NNS provisions ) ) ) ) ) ( NP-SBJ ( DT some ) ) ( VP ( NN figure ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( NNS people ) ) ( ADJP ( JJ interested ) ( PP ( IN in ) ( PRN ( INTJ ( VB say ) ) ) ( S-NOM ( VP ( VBG paying ) ( PP-CLR ( IN for ) ( NP ( VBN extended ) ( NN nursing-home ) ( NN care ) ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJR better ) ( RP off ) ) ( S-ADV ( ADVP ( RB just ) ) ( VP ( VBG buying ) ( NP ( NP ( DT a ) ( JJ separate ) ( NN policy ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ provides ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) )

And considering the extra cost of such provisions some figure that people interested in say paying for extended nursing-home care would be better off just buying a separate policy that provides it


( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBP 'm ) ( VP ( ADVP-MNR ( RBR more ) ( RB favorably ) ) ( VBN impressed ) ( PP ( IN by ) ( NP-LGS ( JJ no-load ) ( NN life ) ) ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ turns ) ( PRT ( RP out ) ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( JJ low-load ) ( NN life ) ) ) ) ) ) ) ) ) ) )

I 'm more favorably impressed by no-load life even though it turns out to be low-load life


( S ( S ( NP-SBJ ( NP ( NNS Insureres ) ) ( VP ( VBG selling ) ( NP ( DT these ) ( NNS policies ) ) ) ) ( VP ( VP ( VBP market ) ( NP ( PRP them ) ) ( ADVP-MNR ( RB directly ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN public ) ) ) ) ( CC or ) ( VP ( ADVP ( RB otherwise ) ) ( VBP do ) ( RB n't ) ( VP ( VB use ) ( NP ( VBN commissioned ) ( NNS salesmen ) ) ) ) ) ) ( S ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB still ) ) ( NP-PRD ( NP ( DT a ) ( NN load ) ) ( NP ( NP ( JJ annual ) ( JJ administrative ) ( NNS fees ) ) ( CC and ) ( NP ( JJ initial ) ( NN setup ) ( NNS charges ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP figure ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN lack ) ) ( PP ( PP ( IN of ) ( NP ( NN commission ) ) ) ( CC and ) ( PP ( IN of ) ( NP ( NP ( NN surrender ) ( NNS fees ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG dropping ) ( NP ( DT the ) ( NN policy ) ) ( ADVP-TMP ( RB early ) ) ) ) ) ) ) ) ) ( ADVP ( RB still ) ) ( VP ( VBZ saves ) ( NP-BNF ( PRP me ) ) ( NP ( DT a ) ( NN lot ) ) ) ) ) ) ) ) )

Insureres selling these policies market them directly to the public or otherwise do n't use commissioned salesmen there is still a load annual administrative fees and initial setup charges but I figure that the lack of commission and of surrender fees for dropping the policy early still saves me a lot


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD compared ) ( NP ( NP ( CD one ) ( JJ universal ) ( NN policy ) ) ( PP ( IN for ) ( NP ( ADJP ( CD 130,000 ) ) ( NN face ) ( NN amount ) ) ) ( PP ( IN from ) ( NP ( NP ( JJ such ) ( DT an ) ( NN insurer ) ) ( NP ( NP ( NNP American ) ( NNP Life ) ( NNP Insurance ) ( NNP Corp. ) ) ( PP ( IN of ) ( NP ( NP ( NNP Lincoln ) ) ( NP ( NNP Neb. ) ) ) ) ) ) ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( JJ similar ) ( NN offering ) ) ( PP ( IN from ) ( NP ( NP ( NP ( NNP Equitable ) ( NNP Life ) ( NNP Assurance ) ( NNP Society ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ operates ) ( PP ( IN through ) ( NP ( CD 11,000 ) ( VBN commissioned ) ( NNS salesmen ) ) ) ) ) ) ) ) ) ) ) )

I compared one universal policy for 130,000 face amount from such an insurer American Life Insurance Corp. of Lincoln Neb. with a similar offering from Equitable Life Assurance Society of the U.S. which operates through 11,000 commissioned salesmen


( S ( PP-TMP ( IN After ) ( NP ( CD one ) ( NN year ) ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( MD could ) ( VP ( VB walk ) ( ADVP-DIR ( RB away ) ( PP ( IN from ) ( NP ( DT the ) ( NNP Ameritas ) ( NN policy ) ) ) ) ( PP ( IN with ) ( NP ( CD 792 ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NN Id ) ) ( VP ( VB get ) ( NP ( QP ( RB only ) ( CD 14 ) ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NNP Equitable ) ) ) ) ) )

After one year I could walk away from the Ameritas policy with 792 but Id get only 14 from the Equitable


( S ( NP-SBJ-1 ( DT The ) ( NN difference ) ) ( VP ( VBZ is ) ( VP ( VBN magnified ) ( PP ( IN by ) ( NP-LGS ( NN time ) ) ) ( ADVP ( RB too ) ) ) ) )

The difference is magnified by time too


( S ( PP-TMP ( IN At ) ( NP ( NN age ) ( CD 65 ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ-2 ( PRP I ) ) ( VP ( MD 'd ) ( VP ( VB stop ) ( S ( VP ( VBG paying ) ( NP ( NNS premiums ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Ameritas ) ( NN offering ) ) ( VP ( MD would ) ( VP ( VB have ) ( NP ( NP ( DT a ) ( VBN projected ) ( NN cash ) ( NN value ) ) ( ADJP ( ADJP ( NP ( CD 14,000 ) ) ( JJR higher ) ) ( PP ( IN than ) ( NP ( DT the ) ( JJ other ) ) ) ) ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP Equitable ) ( POS 's ) ) ( NN policy ) ( NN illustration ) ) ( VP ( VBD assumed ) ( NP ( DT a ) ( ADJP ( RB fractionally ) ( JJR higher ) ) ( NN interest ) ( NN rate ) ) ) ) ) ) ) )

At age 65 when I 'd stop paying premiums the Ameritas offering would have a projected cash value 14,000 higher than the other even though the Equitable 's policy illustration assumed a fractionally higher interest rate


( SQ ( VBD Did ) ( NP-SBJ ( PRP I ) ) ( VP ( VB buy ) ( NP ( PRP it ) ) ) )

Did I buy it


( FRAG ( INTJ ( RB Well ) ) ( ADVP-TMP ( RB not ) ( RB yet ) ) )

Well not yet


( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBP 'm ) ( VP ( VBG thinking ) ( PP-CLR ( IN about ) ( S-NOM ( VP ( VBG using ) ( NP ( DT the ) ( ADJP ( CD 871 ) ) ( JJ annual ) ( NN premium ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB finance ) ( NP ( NP ( DT a ) ( NN trip ) ) ( PP ( TO to ) ( NP ( NNP Paris ) ) ) ) ( ADVP-TMP ( RB first ) ) ) ) ) ) ) ) ) ) )

I 'm thinking about using the 871 annual premium to finance a trip to Paris first


( S ( NP-SBJ ( DT A ) ( NN person ) ) ( VP ( MD can ) ( VP ( VP ( VB do ) ( NP ( NP ( DT some ) ( JJ heavy ) ( NN thinking ) ) ( PP ( IN about ) ( NP ( NN insurance ) ) ) ) ( ADVP-LOC ( RB there ) ) ) ( CC and ) ( VP ( VB shop ) ( PP-CLR ( IN for ) ( NP ( NP ( NN something ) ) ( ADJP ( RBR more ) ( JJ exciting ) ) ) ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ 's ) ( VP ( VBG doing ) ( NP ( PRP it ) ) ) ) ) ) ) ) )

A person can do some heavy thinking about insurance there and shop for something more exciting while she 's doing it


( S ( NP-SBJ ( NNP HASTINGS ) ( NNP MANUFACTURING ) ( NNP Co. ) ) ( VP ( VBD declared ) ( NP ( NP ( NP ( NP ( DT a ) ( JJ regular ) ( JJ quarterly ) ( NN dividend ) ) ( PP ( IN of ) ( NP ( NP ( CD 10 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( CC and ) ( NP ( NP ( DT an ) ( JJ extra ) ( NN dividend ) ) ( PP ( IN of ) ( NP ( NP ( CD five ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( PP ( IN on ) ( NP ( PRP$ its ) ( JJ common ) ( NN stock ) ) ) ( ADJP ( JJ payable ) ( NP-TMP ( NNP Dec. ) ( CD 15 ) ) ( PP ( TO to ) ( NP ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( NN record ) ) ) ( NP-TMP ( NNP Nov. ) ( CD 17 ) ) ) ) ) ) ) )

HASTINGS MANUFACTURING Co. declared a regular quarterly dividend of 10 cents a share and an extra dividend of five cents a share on its common stock payable Dec. 15 to shares of record Nov. 17


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ 11th ) ( JJ consecutive ) ( NN quarter ) ) ( SBAR ( WHPP-1 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ has ) ( VP ( VBN paid ) ( NP ( NNS shareholders ) ) ( NP ( NP ( DT an ) ( JJ extra ) ( NN dividend ) ) ( PP ( IN of ) ( NP ( CD five ) ( NNS cents ) ) ) ) ) ) ) ) ) ) )

This is the 11th consecutive quarter in which the company has paid shareholders an extra dividend of five cents


( S ( NP-SBJ ( DT The ) ( NAC-LOC ( NNP Hastings ) ( NNP Mich. ) ) ( NN concern ) ) ( VP ( VBZ makes ) ( NP ( NP ( NN piston ) ( NNS rings ) ) ( NP ( NNS filters ) ) ( CC and ) ( NP ( NN fuel ) ( NNS pumps ) ) ) ) )

The Hastings Mich. concern makes piston rings filters and fuel pumps


( S ( NP-SBJ ( NNP Contel ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 16 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 72 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 45 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 62 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 39 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-PRP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( NP ( JJ strong ) ( NN growth ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ telephone-access ) ( NNS lines ) ) ( CC and ) ( NP ( NP ( JJ long-distance ) ( NNS minutes ) ) ( PP ( IN of ) ( NP ( NN use ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Contel Corp. said third-quarter net income increased 16 % to 72 million or 45 cents a share from 62 million or 39 cents a share as a result of strong growth in telephone-access lines and long-distance minutes of use


( S ( NP-SBJ ( NP ( DT The ) ( NNS telecommunications ) ( NN company ) ( POS 's ) ) ( NNS results ) ) ( VP ( VBD included ) ( NP ( NP ( DT a ) ( JJ one-time ) ( NN gain ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD two ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( NNP Contel ) ( NNP Credit ) ) ( NP ( DT a ) ( NN leasing ) ( CC and ) ( JJ financial-services ) ( NN subsidiary ) ) ) ) ) ) ) ) )

The telecommunications company 's results included a one-time gain of 4 million or two cents a share from the sale of Contel Credit a leasing and financial-services subsidiary


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 8.3 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 780 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 720 ) ( CD million ) ) ) ) ) )

Revenue rose 8.3 % to 780 million from 720 million


( S ( NP-SBJ ( NNS Telephone-operations ) ( JJ quarterly ) ( NN profit ) ) ( VP ( VBN increased ) ( NP-EXT ( CD 9 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 84 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 77 ) ( CD million ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( JJ federal-systems ) ( NNS earnings ) ) ( VP ( VBD declined ) ( NP-EXT ( CD 33 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 4 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 6 ) ( CD million ) ) ) ) ) ) ) ) )

Telephone-operations quarterly profit increased 9 % to 84 million from 77 million while federal-systems earnings declined 33 % to 4 million from 6 million


( S ( NP-SBJ ( NN Information ) ( NNS systems ) ) ( VP ( VBD posted ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN of ) ( NP ( QP ( CD 8 ) ( CD million ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 9 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) ) )

Information systems posted a loss of 8 million compared with a loss of 9 million a year earlier


( S ( S ( NP-SBJ ( NN Customer-access ) ( NNS lines ) ) ( VP ( VBD increased ) ( PP ( IN at ) ( NP ( NP ( DT an ) ( VBN annualized ) ( NN rate ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 4 ) ) ( NN % ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNS minutes ) ) ( PP ( IN of ) ( NP ( JJ long-distance ) ( NN use ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( RB about ) ( CD 12 ) ( NN % ) ) ) ) )

Customer-access lines increased at an annualized rate of about 4 % and minutes of long-distance use rose about 12 %


( S ( NP-SBJ-1 ( NP ( DT A ) ( ADJP ( CD 10 ) ( NN % ) ) ( NN gain ) ) ( PP-LOC ( IN in ) ( NP ( NN operating ) ( NN profit ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN quarter ) ) ) ) ( VP ( VBD was ) ( VP ( VBN offset ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( ADJP ( CD 21 ) ( NN % ) ) ( NN boost ) ) ( PP-LOC ( IN in ) ( NP ( NN interest ) ( NN expense ) ) ) ( VP ( VBG reflecting ) ( NP ( JJR higher ) ( NX ( NX ( JJ consolidated ) ( NNS borrowings ) ) ( CC and ) ( NX ( NN interest ) ( NNS rates ) ) ) ) ) ) ) ) ) )

A 10 % gain in operating profit in the quarter was offset by a 21 % boost in interest expense reflecting higher consolidated borrowings and interest rates


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-SBJ ( NNP Contel ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 33.75 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( RB down ) ( NP ( CD .50 ) ( NNS cents ) ) ) ) )

In New York Stock Exchange composite trading Contel closed at 33.75 a share down .50 cents


( S ( NP-SBJ ( NP ( NNP U.S. ) ( NNPS Memories ) ( NNP Inc. ) ) ( NP ( NP ( DT the ) ( NN venture ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ seeks ) ( S ( VP ( TO to ) ( VP ( VB crack ) ( NP ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( NN domination ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN memory-chip ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN chosen ) ( NP ( NP ( CD four ) ( JJ potential ) ( NNS sites ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( NNS operations ) ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT a ) ( JJ fierce ) ( NN bidding ) ( NN war ) ) ( PP ( IN by ) ( NP ( CD 15 ) ( NNS states ) ) ) ) ) ) ) ) ) ) )

U.S. Memories Inc. the venture that seeks to crack Japan 's domination of the memory-chip market said it has chosen four potential sites for its operations after a fierce bidding war by 15 states


( S ( NP-SBJ ( NNP U.S. ) ( NNPS Memories ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB begin ) ( NP ( NP ( NNS visits ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ next ) ( JJ several ) ( NNS weeks ) ) ) ( PP ( TO to ) ( NP ( NP ( NNS sites ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( NNP Austin ) ) ( NP ( NNP Texas ) ) ) ( NP ( NP ( NNP Colorado ) ( NNPS Springs ) ) ( NP ( NNP Colo. ) ) ) ( NP ( NP ( NNP Middletown ) ) ( NP ( NNP N.Y. ) ) ) ( CC and ) ( NP ( NP ( NNP Phoenix ) ) ( NP ( NNP Ariz ) ) ) ) ) ) ) ) ) ) ) ) ) )

U.S. Memories said it will begin visits during the next several weeks to sites in Austin Texas Colorado Springs Colo. Middletown N.Y. and Phoenix Ariz


( S ( NP-SBJ ( NP ( NNP Sanford ) ( NNP Kane ) ) ( NP ( NN president ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NNS finalists ) ) ( VP ( VBD were ) ( VP ( VBN chosen ) ( PP-CLR ( IN from ) ( PP ( IN among ) ( NP ( CD 57 ) ( NNS locations ) ) ) ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( UCP ( JJ financial ) ( NN business ) ( CC and ) ( NAC ( NN quality ) ( PP ( IN of ) ( NP ( NN life ) ) ) ) ) ( NNS considerations ) ) ) ) ) ) ) ) ) )

Sanford Kane president said the finalists were chosen from among 57 locations based on financial business and quality of life considerations


( SINV ( ADJP-PRD-TPC-1 ( JJ Conspicuous ) ( PP-MNR ( IN by ) ( NP ( PRP$ its ) ( NN absence ) ) ) ) ( VP ( VBZ is ) ) ( NP-SBJ ( NNP California ) ) )

Conspicuous by its absence is California


( S ( NP-SBJ ( NP ( NNP San ) ( NNP Jose ) ) ( CC and ) ( NP ( JJ several ) ( JJ other ) ( NNP California ) ( NNS cities ) ) ) ( VP ( VBD mounted ) ( NP ( JJ major ) ( NNS campaigns ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN summer ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB woo ) ( NP ( NP ( DT the ) ( NN group ) ) ( SBAR ( WHNP-4 ( WDT which ) ) ( S ( VP ( VBD was ) ( VP ( VBN founded ) ( NP-TMP ( JJ last ) ( NNP June ) ) ( PP ( IN by ) ( NP-LGS ( CD seven ) ( NNS electronics ) ( NNS concerns ) ) ) ) ) ) ) ) ) ) ) ) )

San Jose and several other California cities mounted major campaigns during the summer to woo the group which was founded last June by seven electronics concerns


( S ( NP-SBJ-1 ( DT The ) ( NN venture ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB announce ) ( NP ( DT a ) ( JJ final ) ( NN site ) ) ( PP-TMP ( IN by ) ( NP ( JJ late ) ( NNP November ) ) ) ) ) ) ) )

The venture plans to announce a final site by late November


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VP ( VB begin ) ( NP ( NN construction ) ) ( PP-TMP ( IN by ) ( NP ( NN year ) ( NN end ) ) ) ) ( CC and ) ( VP ( VB start ) ( VP ( VBG shipping ) ( NP ( JJ four-megabit ) ( JJ dynamic ) ( JJ random-access ) ( NN memory ) ( NNS chips ) ) ( PP-TMP ( IN by ) ( NP ( NN mid-1991 ) ) ) ) ) ) ) ) ) )

It expects to begin construction by year end and start shipping four-megabit dynamic random-access memory chips by mid-1991


( S ( NP-SBJ ( NNP U.S. ) ( NNPS Memories ) ( NNS investors ) ) ( VP ( VBP include ) ( NP ( NP ( NNP Advanced ) ( NNP Micro ) ( NNPS Devices ) ( NNP Inc. ) ) ( NP ( NNP Digital ) ( NNP Equipment ) ( NNP Corp. ) ) ( NP ( NNP Hewlett-Packard ) ( NNP Co. ) ) ( NP ( NNP International ) ( NNP Business ) ( NNPS Machines ) ( NNP Corp. ) ) ( NP ( NNP Intel ) ( NNP Corp. ) ) ( NP ( NNP LSI ) ( NNP Logic ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP National ) ( NNP Semiconductor ) ( NNP Corp ) ) ) ) )

U.S. Memories investors include Advanced Micro Devices Inc. Digital Equipment Corp. Hewlett-Packard Co. International Business Machines Corp. Intel Corp. LSI Logic Corp. and National Semiconductor Corp


( S ( NP-SBJ ( NNP Mr. ) ( NNP Kane ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( JJ several ) ( JJ other ) ( NNS companies ) ) ( VP ( TO to ) ( VP ( VB join ) ( NP-TMP ( NP ( NP ( DT some ) ( NN time ) ) ( SBAR ( IN after ) ( S ( NP-SBJ ( DT the ) ( NN venture ) ) ( VP ( VBZ completes ) ( NP ( DT a ) ( NN business ) ( NN plan ) ) ) ) ) ) ( ADVP ( RB probably ) ) ( NP ( RBR later ) ( DT this ) ( NN week ) ) ) ) ) ) ) ) ) ) )

Mr. Kane said he expects several other companies to join some time after the venture completes a business plan probably later this week


( S ( NP-SBJ ( NP ( NNP International ) ( NNP Technology ) ( NNP Corp. ) ) ( CC and ) ( NP ( NP ( NNP Davy ) ( NNP McKee ) ( NNP Corp. ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NP ( NNP London ) ( POS 's ) ) ( NNP Davy ) ( NNP Corp. ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD were ) ( VP ( VBN awarded ) ( NP ( DT a ) ( ADJP ( QP ( CD 55 ) ( CD million ) ) ) ( NN contract ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNP U.S. ) ( NNP Army ) ( NNP Corps ) ) ( PP ( IN of ) ( NP ( NNPS Engineers ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN closure ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Helen ) ( NNP Kramer ) ( NNP Landfill ) ( NNP Superfund ) ( NN site ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Mantua ) ( NNP Township ) ) ( NP ( NNP N.J ) ) ) ) ) ) ) ) ) ) ) ) ) )

International Technology Corp. and Davy McKee Corp. a unit of London 's Davy Corp. said they were awarded a 55 million contract by the U.S. Army Corps of Engineers for the closure of the Helen Kramer Landfill Superfund site in Mantua Township N.J


( S ( NP-SBJ ( NP ( NNP International ) ( NNP Technology ) ) ( NP ( DT an ) ( JJ environmental ) ( NN management ) ( NN concern ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN contract ) ) ( VP ( VBZ includes ) ( NP ( NP ( NN construction ) ) ( PP ( IN of ) ( NP ( NP ( NN slurry ) ( NNS walls ) ) ( NP ( NN gas ) ( NN collection ) ( NNS systems ) ) ( NP ( DT a ) ( JJ multilayer ) ( NN cap ) ) ( CC and ) ( NP ( NN water ) ( NN treatment ) ( NN plant ) ) ) ) ) ) ) ) ) )

International Technology an environmental management concern said the contract includes construction of slurry walls gas collection systems a multilayer cap and water treatment plant


( S ( NP-SBJ ( NNP Ford ) ( NNP Motor ) ( NNP Co. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG consolidating ) ( NP ( NP ( NN control ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ Asian ) ( NNS operations ) ) ) ) ( PP-LOC-CLR ( IN under ) ( NP ( NP ( NP ( DT a ) ( JJ new ) ( NN organization ) ) ( ADVP-LOC ( RB here ) ) ) ( SBAR ( WHNP-2 ( DT that ) ) ( S ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN headed ) ( PP ( IN by ) ( NP-LGS ( NNP W. ) ( NNP Wayne ) ( NNP Booker ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Ford Motor Co. said it is consolidating control of its Asian operations under a new organization here that will be headed by W. Wayne Booker


( S ( NP-SBJ ( NNP Ford ) ( NNP Asia-Pacific ) ) ( VP ( MD will ) ( VP ( VP ( VB coordinate ) ( NP ( NP ( DT the ) ( NNS activities ) ) ( PP ( IN of ) ( NP ( NP ( NNP Ford ) ( NNS subsidiaries ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Japan ) ) ( NP ( NNP Australia ) ) ( NP ( NNP Taiwan ) ) ( CC and ) ( NP ( NNP New ) ( NNP Zealand ) ) ) ) ) ) ) ) ( CC and ) ( VP ( NN work ) ( PP-CLR ( IN with ) ( NP ( NP ( NNP Ford ) ( NN business ) ( NNS associates ) ) ( PP-LOC ( IN throughout ) ( NP ( DT the ) ( NN region ) ) ) ) ) ) ) ) )

Ford Asia-Pacific will coordinate the activities of Ford subsidiaries in Japan Australia Taiwan and New Zealand and work with Ford business associates throughout the region


( S ( NP-SBJ ( DT These ) ( NNS functions ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBN performed ) ( PP-LOC ( PP ( IN out ) ( PP ( IN of ) ( NP ( NNP Melbourne ) ( NNP Australia ) ) ) ) ( CC and ) ( PP ( IN at ) ( NP ( NP ( NP ( NNP Ford ) ( POS 's ) ) ( NN headquarters ) ) ( PP-LOC ( IN in ) ( NP ( NNP Dearborn ) ( NNP Mich ) ) ) ) ) ) ) ) )

These functions are currently performed out of Melbourne Australia and at Ford 's headquarters in Dearborn Mich


( S ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Booker ) ) ( NP ( NP ( NN executive ) ( NN director ) ) ( PP ( IN of ) ( NP ( NP ( NNP Ford ) ( POS 's ) ) ( NNP Latin ) ( NNP America ) ( NNP Automotive ) ( NNP Operations ) ) ) ( PP-TMP ( IN since ) ( NP ( NNP December ) ( CD 1988 ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Ford ) ( NNP Asia-Pacific ) ) ) ) ) ) ) )

Mr. Booker executive director of Ford 's Latin America Automotive Operations since December 1988 was named vice president of Ford Asia-Pacific


( S ( NP-SBJ ( NNP Coda ) ( NNP Energy ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD completed ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NNP Phenix-Transmission ) ( NNP Co. ) ) ) ( PP ( TO to ) ( NP ( NNP Bishop ) ( NNP Pipeline ) ( NNP Co. ) ) ) ( PP ( IN for ) ( NP ( NP ( QP ( CD 17 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN cash ) ( CC and ) ( NNS notes ) ) ) ) ) ) ) ) ) ) )

Coda Energy Inc. said it completed the sale of Phenix-Transmission Co. to Bishop Pipeline Co. for 17 million in cash and notes


( S ( NP-SBJ ( NP ( NNP Coda ) ) ( NP ( DT an ) ( NN oil ) ( CC and ) ( NN gas ) ( NN concern ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( PRP it ) ) ( CC and ) ( NP ( PRP$ its ) ( NNS partners ) ) ) ( VP ( VBD received ) ( NP ( NP ( NP ( QP ( CD 7 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN cash ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 10 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( JJ five-year ) ( NNS notes ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NNP Kansas ) ( JJ intrastate ) ( NN pipeline ) ) ) ) ) ) ) )

Coda an oil and gas concern said it and its partners received 7 million in cash and 10 million in five-year notes for the Kansas intrastate pipeline


( S ( S ( NP-SBJ ( NNP Coda ) ) ( VP ( VBD owned ) ( NP ( NP ( CD 60 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN pipeline ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ private ) ( NNS entities ) ) ( VP ( VBD owned ) ( NP ( DT the ) ( NN rest ) ) ) ) )

Coda owned 60 % of the pipeline and private entities owned the rest


( S ( NP-SBJ-1 ( NNP Bishop ) ) ( VP ( VBZ is ) ( VP ( VBN based ) ( PP-LOC ( IN in ) ( NP ( NNP Hutchinson ) ( NNP Kansas ) ) ) ) ) )

Bishop is based in Hutchinson Kansas


( S ( NP-SBJ ( NNP American ) ( NNP Telephone ) ( CC & ) ( NNP Telegraph ) ( NNP Co. ) ) ( VP ( VBD unveiled ) ( NP ( NP ( JJ new ) ( JJ optical ) ( NN transmission ) ( NNS systems ) ) ( PP ( IN for ) ( NP ( NN data ) ( NN video ) ( CC and ) ( NN voice ) ( NNS communications ) ) ) ) ) )

American Telephone & Telegraph Co. unveiled new optical transmission systems for data video and voice communications


( S-3 ( S ( NP-SBJ ( NP ( CD Two ) ( NNS products ) ) ( PP-LOC ( IN in ) ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( DT the ) ( NN telecommunications ) ( NN giant ) ) ( VP ( VBD called ) ( S ( NP-PRD ( NP ( DT a ) ( JJ new ) ( NN generation ) ) ( PP ( IN of ) ( NP ( JJ such ) ( NN equipment ) ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ available ) ) ( ADVP-TMP ( RB now ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP AT&T ) ) ( VP ( VBD said ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( CD three ) ( NNS others ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN introduced ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ( CC and ) ( CD 1991 ) ) ) ) ) ) ) )

Two products in what the telecommunications giant called a new generation of such equipment are available now AT&T said and three others will be introduced in 1990 and 1991


( SINV ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NNS products ) ) ( VP ( VBP are ) ( VP ( VBN aimed ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN market ) ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB total ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 1 ) ( CD billion ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ( PP ( IN in ) ( NP ( NNS sales ) ) ) ) ( PP-TMP ( IN by ) ( NP ( CD 1995 ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Morgan ) ( NNP Buchner ) ( NNP Jr. ) ) ( NP ( NP ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NN transmission ) ( NNS systems ) ) ) ( PP ( IN for ) ( NP ( NNP AT&T ) ) ) ) ) )

The products are aimed at a market expected to total more than 1 billion a year in sales by 1995 said Morgan Buchner Jr. vice president of transmission systems for AT&T


( S ( NP-SBJ ( NP ( DT The ) ( NNS products ) ) ( ADJP ( RB already ) ( JJ available ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( JJ cross-connect ) ( NNS systems ) ) ( VP ( VBN used ) ( PP ( RB instead ) ( IN of ) ( NP ( NP ( NNS mazes ) ) ( PP ( IN of ) ( NP ( NN wiring ) ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB interconnect ) ( NP ( JJ other ) ( NN telecommunications ) ( NN equipment ) ) ) ) ) ) ) ) )

The products already available are cross-connect systems used instead of mazes of wiring to interconnect other telecommunications equipment


( S ( S-TPC-1 ( NP-SBJ ( DT This ) ) ( VP ( VBZ cuts ) ( PRT ( RP down ) ) ( ADVP-EXT ( RB greatly ) ) ( PP-CLR ( IN on ) ( NP ( NN labor ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Buchner ) ) ( VP ( VBD said ) ) )

This cuts down greatly on labor Mr. Buchner said


( SINV ( S-TPC-5 ( VP ( TO To ) ( VP ( VB be ) ( VP ( VBN introduced ) ( ADVP-TMP ( RB later ) ) ) ) ) ) ( VP ( VBP are ) ) ( NP-SBJ-6 ( NP ( NP ( DT a ) ( NN multiplexer ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB allow ) ( S ( NP-SBJ ( JJ several ) ( NNS signals ) ) ( VP ( TO to ) ( VP ( VB travel ) ( PP-DIR ( IN along ) ( NP ( DT a ) ( JJ single ) ( JJ optical ) ( NN line ) ) ) ) ) ) ) ) ) ) ) ( NP ( NP ( DT a ) ( NN light-wave ) ( NN system ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( VP ( VBZ carries ) ( NP ( NN voice ) ( NNS channels ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN network ) ( NN controller ) ) ( SBAR ( WHNP-4 ( WDT which ) ) ( S ( VP ( VBZ directs ) ( NP ( NN data ) ( NN flow ) ) ( PP-DIR ( IN through ) ( NP ( JJ cross-connect ) ( NNS systems ) ) ) ) ) ) ) ) )

To be introduced later are a multiplexer which will allow several signals to travel along a single optical line a light-wave system which carries voice channels and a network controller which directs data flow through cross-connect systems


( S ( NP-SBJ ( NNP AT&T ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS products ) ) ( PP ( IN unlike ) ( NP ( JJ previous ) ( NNS generations ) ) ) ( VP ( MD will ) ( VP ( VB meet ) ( NP ( NP ( JJ so-called ) ( NNP Sonet ) ( NN compatability ) ( NNS standards ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( NNP AT&T ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( ADVP ( RB broadly ) ) ( VBN adopted ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

AT&T said the products unlike previous generations will meet so-called Sonet compatability standards which AT&T expects to be broadly adopted


( S ( NP-SBJ ( NP ( NP ( NNP Sonet ) ) ( CC or ) ( NP ( JJ synchronous ) ( JJ optical ) ( NN network ) ) ) ( NNS products ) ) ( VP ( VBP have ) ( NP ( NP ( JJR more ) ( NN capacity ) ) ( PP ( IN than ) ( NP ( JJR earlier ) ( NNS models ) ) ) ) ) )

Sonet or synchronous optical network products have more capacity than earlier models


( S ( S-TPC-1 ( NP-SBJ ( DT These ) ( NNS products ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT the ) ( NN heart ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( NN transmission-product ) ( NN line ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Buchner ) ) ( VP ( VBD said ) ) )

These products are the heart of our transmission-product line Mr. Buchner said


( S ( NP-SBJ-2 ( PRP He ) ) ( VP ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB disclose ) ( NP ( JJ specific ) ( NNS prices ) ) ) ) ) ) ( CC but ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT each ) ( NN product ) ) ( VP ( VBZ costs ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( DT the ) ( NNS tens ) ) ( PP ( IN of ) ( NP ( NNS thousands ) ) ) ) ( CC or ) ( RB even ) ( NP ( NP ( NNS hundreds ) ) ( PP ( IN of ) ( NP ( NNS thousands ) ) ) ) ( PP-1 ( IN of ) ( NP ( NNS dollars ) ) ) ) ) ) ) ) ) ) )

He declined to disclose specific prices but said each product costs in the tens of thousands or even hundreds of thousands of dollars


( S ( NP-SBJ ( NN AT&T ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB beat ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN marketplace ) ) ) ( NP ( NP ( CD two ) ( NNS rivals ) ) ( NP ( NP ( NP ( NNP Northern ) ( NNP Telecom ) ( NNP Ltd. ) ) ( PP ( IN of ) ( NP ( NNP Canada ) ) ) ) ( CC and ) ( NP ( NP ( NP ( NNP France ) ( POS 's ) ) ( NNP Alcatel ) ( NNP N.V. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP ( RB also ) ) ( VP ( VBP have ) ( VP ( VBN announced ) ( NP ( JJ Sonet-based ) ( NNS products ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

AT&T said it expects to beat to the marketplace two rivals Northern Telecom Ltd. of Canada and France 's Alcatel N.V. which also have announced Sonet-based products


( S ( NP-SBJ ( NNP AT&T ) ) ( VP ( VBD predicted ) ( NP ( NP ( JJ strong ) ( NN growth ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN demand ) ) ( PP ( IN for ) ( NP ( JJ such ) ( NNS products ) ) ) ) ) ) ) )

AT&T predicted strong growth in demand for such products


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-TMP ( JJ last ) ( NNP July ) ) ( NP-SBJ ( NP ( NNP Nippon ) ( NNP Telegraph ) ( CC & ) ( NNP Telephone ) ( NNP Corp. ) ) ( PP ( IN of ) ( NP ( NNP Japan ) ) ) ) ( VP ( VBD selected ) ( NP ( NP ( NNP AT&T ) ) ( SBAR-PRP ( S ( VP ( TO to ) ( VP ( VB supply ) ( NP ( NP ( QP ( CD 154 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ such ) ( NN equipment ) ) ) ) ( PP-TMP ( IN over ) ( NP ( NP ( DT a ) ( JJ four-year ) ( NN period ) ) ( VP ( VBG starting ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It noted that last July Nippon Telegraph & Telephone Corp. of Japan selected AT&T to supply 154 million of such equipment over a four-year period starting next year


( S ( NP-SBJ ( NNP Toshiba ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( PRP$ its ) ( JJ new ) ( JJ French ) ( NN marketing ) ( NN concern ) ) ( VP ( VBZ has ) ( VP ( VBN started ) ( S ( VP ( VBG operating ) ( PP-MNR ( IN under ) ( NP ( NP ( DT the ) ( NN aegis ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( ADJP ( JJ West ) ( JJ German ) ) ( NN subsidiary ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP-TMP ( RB formerly ) ) ( VP ( VBD handled ) ( NP ( NP ( DT all ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( NNP Toshiba ) ( JJ electronic ) ( NNS products ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP France ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Toshiba Corp. said its new French marketing concern has started operating under the aegis of the company 's West German subsidiary which formerly handled all sales of Toshiba electronic products in France


( S ( NP-SBJ ( NP ( DT A ) ( JJ recent ) ( NN change ) ) ( PP-LOC ( IN in ) ( NP ( JJ French ) ( NN law ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Toshiba ) ) ) ) ( VP ( VBD permitted ) ( NP ( NP ( NN formation ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN semiconductor ) ( NN marketing ) ( NN arm ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Paris ) ) ) ) ) )

A recent change in French law according to Toshiba permitted formation of the semiconductor marketing arm in Paris


( S ( NP-SBJ-2 ( NNP Maxicare ) ( NNP Health ) ( NNPS Plans ) ( NNP Inc. ) ) ( S-ADV ( VP ( VBG operating ) ( PP-MNR ( IN under ) ( NP ( NN Chapter ) ( CD 11 ) ( NN bankrupty-law ) ( NN protection ) ) ) ) ) ( VP ( VBD outlined ) ( NP ( NP ( NNS terms ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NN reorganization ) ( NN plan ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ calls ) ( SBAR ( IN for ) ( S ( NP-SBJ ( NNS creditors ) ( CC and ) ( NNS shareholders ) ) ( VP ( TO to ) ( VP ( VB receive ) ( NP ( NP ( NP ( QP ( IN at ) ( JJS least ) ( CD 78.8 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN cash ) ) ) ) ( CC and ) ( NP ( NP ( ADJP ( QP ( CD 67 ) ( CD million ) ) ) ( NN face ) ( NN amount ) ) ( PP ( IN of ) ( NP ( JJ 10-year ) ( ADJP ( CD 13.5 ) ( NN % ) ) ( NNS notes ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Maxicare Health Plans Inc. operating under Chapter 11 bankrupty-law protection outlined terms of its reorganization plan that calls for creditors and shareholders to receive at least 78.8 million in cash and 67 million face amount of 10-year 13.5 % notes


( S ( NP-SBJ-1 ( DT The ) ( NN plan ) ) ( S-ADV ( VP ( VBN outlined ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN filing ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNPS Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBZ calls ) ( SBAR ( IN for ) ( S ( NP-SBJ ( NNS creditors ) ( CC and ) ( NNS shareholders ) ) ( VP ( TO to ) ( VP ( VB receive ) ( NP ( NP ( JJ common ) ( NN stock ) ( CC and ) ( NNS warrants ) ) ( PP ( IN in ) ( NP ( DT the ) ( JJ new ) ( NN company ) ) ) ) ) ) ) ) ) )

The plan outlined in a filing with the Securities and Exchange Commission also calls for creditors and shareholders to receive common stock and warrants in the new company


( S ( NP-SBJ ( DT The ) ( NN health-maintenance ) ( NN concern ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VP ( VBD reached ) ( NP ( NP ( DT the ) ( NN agreement ) ) ( PP ( IN with ) ( NP ( NP ( PRP$ its ) ( JJ court-appointed ) ( NNS creditors ) ( POS ' ) ) ( NNS committees ) ) ) ) ( NP-TMP ( NNP Sept. ) ( CD 28 ) ) ) ( CC and ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB submit ) ( NP ( DT the ) ( NN plan ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN bankruptcy ) ( NN court ) ) ) ( PP ( IN in ) ( NP ( NNP November ) ) ) ) ) ) ) ) ) ) ) )

The health-maintenance concern said it reached the agreement with its court-appointed creditors ' committees Sept. 28 and intends to submit the plan to the bankruptcy court in November


( S ( NP-SBJ ( NP ( NNP Maxicare ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD filed ) ( PP-CLR ( IN for ) ( NP ( NN bankruptcy ) ( NN protection ) ) ) ( NP-TMP ( NNP March ) ( CD 16 ) ) ) ) ) ) ( VP ( VBZ has ) ( NP ( NP ( JJ total ) ( NN debt ) ) ( PP ( IN of ) ( NP ( QP ( CD 750 ) ( CD million ) ) ) ) ) ) )

Maxicare which filed for bankruptcy protection March 16 has total debt of 750 million


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB promptly ) ) ( VP ( VBN paid ) ( NP ( DT all ) ( PRP$ its ) ( NNS expenses ) ( CC and ) ( NNS obligations ) ) ( PP-TMP ( IN since ) ( NP ( NNP March ) ( CD 16 ) ) ) ) ) ) ( NP-SBJ ( DT a ) ( NNP Maxicare ) ( NN spokesman ) ) ( VP ( VBD said ) ) )

The company has promptly paid all its expenses and obligations since March 16 a Maxicare spokesman said


( S ( NP-SBJ ( NP ( JJ General ) ( JJ unsecured ) ( NNS creditors ) ) ( PP ( IN of ) ( NP ( NP ( NNP Maxicare ) ( POS 's ) ) ( VBG continuing ) ( NNS operations ) ) ) ) ( ADVP ( RB initially ) ) ( VP ( MD will ) ( VP ( VB receive ) ( NP ( NP ( NP ( QP ( CD 47 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN cash ) ) ) ) ( NP ( NP ( QP ( CD 35 ) ( CD million ) ) ( NN face ) ( NN amount ) ) ( PP ( IN of ) ( NP ( JJ senior ) ( NNS notes ) ) ) ) ( CC and ) ( NP ( NP ( CD 49 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ new ) ( NN company ) ( POS 's ) ) ( NN stock ) ) ) ) ) ) ) )

General unsecured creditors of Maxicare 's continuing operations initially will receive 47 million in cash 35 million face amount of senior notes and 49 % of the new company 's stock


( S ( NP-SBJ ( NP ( DT Those ) ( NNS creditors ) ) ( SBAR ( WHNP-2 ( WP$ whose ) ( NNS claims ) ) ( S ( VP ( VBP are ) ( VP ( VBN estimated ) ( PP-CLR ( IN at ) ( NP ( QP ( IN about ) ( CD 200 ) ( CD million ) ) ) ) ) ) ) ) ) ( VP ( VBP include ) ( NP ( NNS doctors ) ( CC and ) ( NNS hospitals ) ) ) )

Those creditors whose claims are estimated at about 200 million include doctors and hospitals


( S ( NP-SBJ ( NP ( JJ General ) ( JJ unsecured ) ( NNS creditors ) ) ( PP ( IN of ) ( NP ( NP ( NNP Maxicare ) ( POS 's ) ) ( VBN discontinued ) ( NNS operations ) ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NNS claims ) ) ( S ( VP ( VBP total ) ( NP ( QP ( CD 110 ) ( CD million ) ) ) ) ) ) ) ( ADVP-TMP ( RB initially ) ) ( VP ( MD will ) ( VP ( VB receive ) ( NP ( NP ( NP ( QP ( CD 17.8 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN cash ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 10 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( JJ senior ) ( NNS notes ) ) ) ) ) ) ) )

General unsecured creditors of Maxicare 's discontinued operations whose claims total 110 million initially will receive 17.8 million in cash and 10 million in senior notes


( S ( NP-SBJ ( NP ( NNP Maxicare ) ( POS 's ) ) ( JJ public ) ( NNS shareholders ) ) ( VP ( MD will ) ( VP ( VB receive ) ( NP ( NP ( NP ( CD 2 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ new ) ( NN company ) ( POS 's ) ) ( NN stock ) ) ) ) ( CC and ) ( NP ( NP ( NNS warrants ) ) ( VP ( VBG entitling ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NP ( RB as ) ( RB much ) ) ( PP ( IN as ) ( NP ( NP ( DT an ) ( JJ additional ) ( CD 5 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN stock ) ) ) ) ) ) ( PP-MNR ( IN on ) ( NP ( DT a ) ( JJ fully-diluted ) ( NN basis ) ) ) ) ) ) ) ) ) ) ) )

Maxicare 's public shareholders will receive 2 % of the new company 's stock and warrants entitling them to acquire as much as an additional 5 % of the stock on a fully-diluted basis


( S ( NP-SBJ ( NP ( JJ General ) ( JJ unsecured ) ( NNS creditors ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN parent ) ( VBG holding ) ( NN company ) ) ) ) ( ADVP-TMP ( RB initially ) ) ( VP ( MD will ) ( VP ( VB receive ) ( NP ( NP ( NP ( QP ( CD 14 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN cash ) ) ) ) ( NP ( NP ( QP ( CD 22 ) ( CD million ) ) ( NN face ) ( NN amount ) ) ( PP ( IN of ) ( NP ( JJ senior ) ( NNS notes ) ) ) ) ( CC and ) ( NP ( NP ( CD 49 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ new ) ( NN company ) ( POS 's ) ) ( NN stock ) ) ) ) ) ) ) )

General unsecured creditors of the parent holding company initially will receive 14 million in cash 22 million face amount of senior notes and 49 % of the new company 's stock


( S ( NP-SBJ ( DT That ) ( NN group ) ) ( VP ( VBZ includes ) ( NP ( NP ( NNS banks ) ( CC and ) ( NNS bondholders ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP have ) ( NP ( NP ( NNS claims ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 150 ) ( CD million ) ) ) ( CC and ) ( NP ( QP ( CD 350 ) ( CD million ) ) ) ( ADVP ( RB respectively ) ) ) ) ) ) ) ) ) ) )

That group includes banks and bondholders who have claims of 150 million and 350 million respectively


( S ( NP-SBJ ( NNP Maxicare ) ) ( ADVP ( RB also ) ) ( VP ( MD will ) ( VP ( VB guarantee ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNS banks ) ) ( VP ( MD will ) ( VP ( VB realize ) ( NP ( QP ( IN at ) ( JJS least ) ( CD 7 ) ( CD million ) ) ) ( PP ( IN on ) ( NP ( NP ( JJ certain ) ( NNS notes ) ) ( VP ( VBN pledged ) ( PP-DTV ( TO to ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) ) ) )

Maxicare also will guarantee that the banks will realize at least 7 million on certain notes pledged to them


( S ( NP-SBJ ( NNP Maxicare ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN plan ) ) ( VP ( VBZ stipulates ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS enrollees ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN health ) ( NNS plans ) ) ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( NP-SBJ ( JJ valid ) ( NNS claims ) ) ( VP ( VBN covered ) ( PP-EXT ( IN in ) ( ADJP ( JJ full ) ) ) ) ) ) ) ) ) ) ) ) ) )

Maxicare said the plan stipulates that enrollees in the company 's health plans will have valid claims covered in full


( S ( NP-SBJ-1 ( NP ( DT Those ) ( NNS claims ) ) ( ADVP ( IN along ) ( PP ( IN with ) ( NP ( NP ( NN priority ) ( NN employee ) ( NNS claims ) ) ( NP ( JJ administrative ) ( NNS claims ) ) ( NP ( NN priority ) ( NN tax ) ( NNS claims ) ) ( CC and ) ( NP ( JJ administrative ) ( NN convenience ) ( NNS claims ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB total ) ( NP ( QP ( IN about ) ( CD 16 ) ( CD million ) ) ) ) ) ) ) ) )

Those claims along with priority employee claims administrative claims priority tax claims and administrative convenience claims are expected to total about 16 million


( S ( NP-SBJ ( DT The ) ( NN plan ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ subject ) ( PP ( TO to ) ( NP ( NP ( NN approval ) ) ( PP ( IN by ) ( NP ( DT the ) ( NN bankruptcy ) ( NN court ) ( CC and ) ( NNS others ) ) ) ) ) ) ) )

The plan is subject to approval by the bankruptcy court and others


( S ( NP-SBJ ( DT The ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNP Maxicare ) ) ( VP ( VBZ hopes ) ( S ( VP ( TO to ) ( VP ( VB complete ) ( NP ( DT the ) ( NN reorganization ) ) ( PP-TMP ( IN by ) ( NP ( JJ early ) ( CD 1990 ) ) ) ) ) ) ) ) ) ) )

The spokesman said Maxicare hopes to complete the reorganization by early 1990


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( PP-PRD ( IN in ) ( NP ( NP ( NN response ) ) ( PP ( TO to ) ( NP ( NP ( NP ( NNP Atsushi ) ( NNP Kageyama ) ( POS 's ) ) ( NP ( NNP Manager ) ( POS 's ) ) ( NNP Journal ) ) ( S-TTL ( VP ( VBG Looking ) ( PP ( IN for ) ( NP ( DT the ) ( JJ Real ) ( NN Thing ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Sony ) ) ) ) ) ( PRN ( NP ( NP-LOC ( NN editorial ) ( NN page ) ) ( NP-TMP ( NNP Oct. ) ( CD 2 ) ) ) ) ) ) ) ) ) )

This is in response to Atsushi Kageyama 's Manager 's Journal Looking for the Real Thing in Sony editorial page Oct. 2


( S ( S ( SBAR-ADV ( IN Though ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP agree ) ( PP-CLR ( IN with ) ( NP ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( NP ( NNP Mr. ) ( NNP Kageyama ) ( POS 's ) ) ( NNS comments ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP believe ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ points ) ( NP ( DT the ) ( NN gun ) ) ( PP-CLR ( IN in ) ( NP ( DT the ) ( JJ wrong ) ( NN direction ) ) ) ) ) ) ) ) ( S-CLF ( NP-SBJ ( PRP It ) ) ( VP ( VP ( VBZ is ) ( RB n't ) ( NP-PRD-5 ( DT the ) ( NNPS Americans ) ) ( SBAR-6 ( WHNP-2 ( WP who ) ) ( S ( VP ( MD must ) ( VP ( VB be ) ( VP ( VBN criticized ) ( PP-CLR ( IN for ) ( S-NOM ( RB not ) ( VP ( VBG understanding ) ( NP ( DT the ) ( JJ Japanese ) ( NN culture ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( NP-PRD=5 ( DT the ) ( NNPS Japanese ) ) ( SBAR=6 ( WHNP-3 ( WP who ) ) ( S ( VP ( VBP insist ) ( PP-CLR ( IN on ) ( S-NOM ( VP ( VBG forcing ) ( NP ( PRP$ their ) ( NN culture ) ) ( PP-CLR ( IN on ) ( NP ( NNPS Americans ) ) ) ) ) ) ) ) ) ) ) ) )

Though I agree with many of Mr. Kageyama 's comments I believe he points the gun in the wrong direction It is n't the Americans who must be criticized for not understanding the Japanese culture but the Japanese who insist on forcing their culture on Americans


( S ( S ( NP-SBJ ( DT The ) ( NNPS Japanese ) ) ( VP ( VBP want ) ( S ( NP-SBJ ( PRP us ) ) ( VP ( TO to ) ( VP ( VB accept ) ( NP ( PRP$ their ) ( NN culture ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP refuse ) ( S ( VP ( TO to ) ( VP ( VB accept ) ( NP ( DT the ) ( JJ American ) ( NN culture ) ) ) ) ) ) ) )

The Japanese want us to accept their culture but they refuse to accept the American culture


( S ( S ( NP-SBJ ( JJ Japanese ) ( NNS managers ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB expect ) ( S ( NP-SBJ ( NNPS Americans ) ) ( VP ( TO to ) ( VP ( VB behave ) ( SBAR-MNR ( IN as ) ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( NP-PRD ( NNPS Japanese ) ) ) ) ) ) ) ) ) ) ) ( S ( ADVP ( RB instead ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD must ) ( VP ( VB manage ) ( NP ( NNPS Americans ) ) ( PP-MNR ( IN as ) ( NP ( NNPS Americans ) ) ) ) ) ) )

Japanese managers ca n't expect Americans to behave as if they were Japanese instead they must manage Americans as Americans