FACTOID # 17: Though Rhode Island is the smallest state in total area, it has the longest official name: The State of Rhode Island and Providence Plantations.
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Encyclopedia > Old money

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Old Money New Insurance Tricks (916 words)
Insurance company actuaries justify old money/new money interest crediting by arguing that the interest rate paid on an investment should be tied to the investments purchased at the time the money comes in.
The interest crediting histories of most insurance products show that old money rates are lower than the new money rates, that the old money rates tend to go lower over time, and that they often go to the minimum guaranteed rate in the contract.
Worse, the full effect of old money/new money interest crediting is felt as one approaches retirement age, when the bulk of the investment is now earning the old money rate, and it is too late to fix the mistake.
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