August 12, 1999
For Charities, a New Twist in Raising Money: Corporate Investors in Life-Insurance Policies
The Christian Medical & Dental Society, in Bristol, Tenn., expects to earn $1-million a year for the next 30 years by participating in an unusual and intricate new life-insurance program.
In the program -- which its promoters say is risk-free for charities and easy for them to participate in -- the medical group uses money collected from corporate investors to purchase thousands of life-insurance policies. All the group has to do is pay about $100,000 in
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