Bernard Rapoport
Encyclopedia
Bernard Rapoport is an American entrepreneur
, philanthropist
, author, and is the founder
of American Income Life Insurance Company
. He has a passion for human rights, education, and literacy.
Rapoport grew up during the Great Depression, and times for his family proved to be very hard. When Rapoport was 6 years old, his family was evicted from their home, and they continued to face financial difficulties through the Depression. Yet, throughout his youth, Rapoport felt they had much to be grateful for, including books and music.
Rapoport valued his education, and worked his way through college at a jewelry store. He graduated from The University of Texas at Austin with a Bachelor of Arts in 1939. Bernard met Audre Newman in January 1942, and they soon married. The couple lived in Wichita Falls, Texas
, where Bernard continued his work in jewelry sales.
. American Income was chartered as a mutual assessment association in Indiana with $25,000 of borrowed capital. It was reinsured through American Standard as a new mutual reserve company in March 1951. The company’s home offices were located in Indianapolis, Indiana.
American Income originally sold low-cost hospital insurance plans. During its first year, the company took in about $95,000 worth of premium income. The company reached $1 million worth of insurance premiums in 1953. By 1954, the company was receiving 6,000 insurance policy applications a month.
In September 1954, with $200,000 in capital and $100,000 of surplus, Goodman and Rapoport formed a new company called American Income Life Insurance Company (AIL). American Income Life reinsured the policies of American Income and was transformed from a mutual reserve company to a stock company. American Standard, the company’s original insurer, was merged with American Income Life, and the company acquired about $400,000 worth of premiums.
Between 1954 and 1955, AIL’s assets had doubled, its net reserve had tripled, its capital and surplus more than doubled, and it had about $15 million of insurance in force. In 1956, Rapoport desired to take the Indiana-based company national. He obtained a license in Ohio and opened a central office in Columbus. By the close of 1956, American Income Life was operating in thirteen states with 300 sales personnel in the field operating out of 96 general agencies. In March 1958, the company’s home offices were moved from Indianapolis, Indiana, to Waco, Texas where Rapoport now resides.
by Governor Ann Richards
in 1991, solidifying his relationship with his alma mater. Mr. Rapoport was named by Fortune magazine as one of America’s “40 most generous philanthropists,” unstinting in his support for education, social justice, and liberal political causes. He has been praised by political and social dignitaries such as Chet Edwards
, Speaker of the House Nancy Pelosi
, Senator Hillary Clinton, President Bill Clinton
, and Senators Tom Daschle
and Ted Kennedy
. He also provided substantial support to The Texas Observer
, the leading liberal political magazine in the state.
Bernard Rapoport is the former Chairman of the Board of Regents for the University of Texas System. He was appointed by former President Clinton as a member of the Advisory Committee for Trade Policy and Negotiations (ACTPN). He is a member of the Library of Congress Trust Fund Board
, National Hispanic University Trustee Emeritus, Horatio Alger Association of Distinguished Americans
, Economic Policy Institute
, National Jobs For All Coalition, and the Joint Center for Political and Economic Studies
.
Entrepreneur
An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to...
, philanthropist
Philanthropy
Philanthropy etymologically means "the love of humanity"—love in the sense of caring for, nourishing, developing, or enhancing; humanity in the sense of "what it is to be human," or "human potential." In modern practical terms, it is "private initiatives for public good, focusing on quality of...
, author, and is the founder
Entrepreneur
An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to...
of American Income Life Insurance Company
American Income Life Insurance Company
American Income Life Insurance Company based in Waco, Texas, provides supplemental life insurance to labor unions, credit unions, and associations. American Income Life was founded in 1951. The company’s executive offices have been located in Waco, Texas, since 1959...
. He has a passion for human rights, education, and literacy.
Background and Education
Bernard Rapoport was born in San Antonio, Texas. His father, David Rapoport, and mother, Riva Feldman, immigrated to the United States from Russia in the early 1900s. Bernard Rapoport’s upbringing was very modest, and his father peddled blankets on the streets of San Antonio.Rapoport grew up during the Great Depression, and times for his family proved to be very hard. When Rapoport was 6 years old, his family was evicted from their home, and they continued to face financial difficulties through the Depression. Yet, throughout his youth, Rapoport felt they had much to be grateful for, including books and music.
Rapoport valued his education, and worked his way through college at a jewelry store. He graduated from The University of Texas at Austin with a Bachelor of Arts in 1939. Bernard met Audre Newman in January 1942, and they soon married. The couple lived in Wichita Falls, Texas
Wichita Falls, Texas
Wichita Falls is a city in and the county seat of Wichita County, Texas, United States, United States. Wichita Falls is the principal city of the Wichita Falls Metropolitan Statistical Area, which encompasses all of Archer, Clay and Wichita counties. According to the U.S. Census estimate of 2010,...
, where Bernard continued his work in jewelry sales.
Career
In 1949, Bernard and Audre moved to San Antonio, and Mr. Rapoport began his career selling insurance with Pioneer American Insurance. He realized that he had a talent for selling insurance. By the end of 1949, he had opened his own Pioneer American agency in Waco. In 1951, Harold Goodman, Audre’s uncle, was impressed with Bernard Rapoport’s success and introduced him to the idea of running American IncomeAmerican Income Life Insurance Company
American Income Life Insurance Company based in Waco, Texas, provides supplemental life insurance to labor unions, credit unions, and associations. American Income Life was founded in 1951. The company’s executive offices have been located in Waco, Texas, since 1959...
. American Income was chartered as a mutual assessment association in Indiana with $25,000 of borrowed capital. It was reinsured through American Standard as a new mutual reserve company in March 1951. The company’s home offices were located in Indianapolis, Indiana.
American Income originally sold low-cost hospital insurance plans. During its first year, the company took in about $95,000 worth of premium income. The company reached $1 million worth of insurance premiums in 1953. By 1954, the company was receiving 6,000 insurance policy applications a month.
In September 1954, with $200,000 in capital and $100,000 of surplus, Goodman and Rapoport formed a new company called American Income Life Insurance Company (AIL). American Income Life reinsured the policies of American Income and was transformed from a mutual reserve company to a stock company. American Standard, the company’s original insurer, was merged with American Income Life, and the company acquired about $400,000 worth of premiums.
Between 1954 and 1955, AIL’s assets had doubled, its net reserve had tripled, its capital and surplus more than doubled, and it had about $15 million of insurance in force. In 1956, Rapoport desired to take the Indiana-based company national. He obtained a license in Ohio and opened a central office in Columbus. By the close of 1956, American Income Life was operating in thirteen states with 300 sales personnel in the field operating out of 96 general agencies. In March 1958, the company’s home offices were moved from Indianapolis, Indiana, to Waco, Texas where Rapoport now resides.
Philanthropy and Politics
Bernard Rapoport has used his success to help others in need. With $46 million of his own money, he established the Bernard and Audre Rapoport Foundation in 1987, benefiting childcare, education, the Waco community, and other enterprises. Bernard Rapoport was appointed to a six-year term on the Board of Regents of The University of Texas SystemUniversity of Texas System
The University of Texas System encompasses 15 educational institutions in Texas, of which nine are academic universities and six are health institutions. The system is headquartered in Austin and has a total enrollment of over 190,000 students...
by Governor Ann Richards
Ann Richards
Dorothy Ann Willis Richards was an American politician from Texas. She first came to national attention as the state treasurer of Texas, when she delivered the keynote address at the 1988 Democratic National Convention. Richards served as the 45th Governor of Texas from 1991 to 1995 and was...
in 1991, solidifying his relationship with his alma mater. Mr. Rapoport was named by Fortune magazine as one of America’s “40 most generous philanthropists,” unstinting in his support for education, social justice, and liberal political causes. He has been praised by political and social dignitaries such as Chet Edwards
Chet Edwards
Thomas Chester "Chet" Edwards is a former member of the United States House of Representatives from Texas. He represented a district based in Waco, Texas from 1991 to 2011, and served in the Texas Senate from 1983 until 1990. He is a member of the Democratic Party...
, Speaker of the House Nancy Pelosi
Nancy Pelosi
Nancy Patricia D'Alesandro Pelosi is the Minority Leader of the United States House of Representatives and served as the 60th Speaker of the United States House of Representatives from 2007 to 2011...
, Senator Hillary Clinton, President Bill Clinton
Bill Clinton
William Jefferson "Bill" Clinton is an American politician who served as the 42nd President of the United States from 1993 to 2001. Inaugurated at age 46, he was the third-youngest president. He took office at the end of the Cold War, and was the first president of the baby boomer generation...
, and Senators Tom Daschle
Tom Daschle
Thomas Andrew "Tom" Daschle is a former U.S. Senator from South Dakota and former U.S. Senate Majority Leader. He is a member of the Democratic Party....
and Ted Kennedy
Ted Kennedy
Edward Moore "Ted" Kennedy was a United States Senator from Massachusetts and a member of the Democratic Party. Serving almost 47 years, he was the second most senior member of the Senate when he died and is the fourth-longest-serving senator in United States history...
. He also provided substantial support to The Texas Observer
The Texas Observer
The Texas Observer is an American political newsmagazine published bi-weekly and based in Downtown Austin, Texas. The non-profit magazine is nonpartisan, but the publication has historically been an advocate for liberal politics...
, the leading liberal political magazine in the state.
Bernard Rapoport is the former Chairman of the Board of Regents for the University of Texas System. He was appointed by former President Clinton as a member of the Advisory Committee for Trade Policy and Negotiations (ACTPN). He is a member of the Library of Congress Trust Fund Board
Library of Congress
The Library of Congress is the research library of the United States Congress, de facto national library of the United States, and the oldest federal cultural institution in the United States. Located in three buildings in Washington, D.C., it is the largest library in the world by shelf space and...
, National Hispanic University Trustee Emeritus, Horatio Alger Association of Distinguished Americans
Horatio Alger Association of Distinguished Americans
The Horatio Alger Association of Distinguished Americans is a nonprofit organization based in Alexandria, Virginia, that was founded in 1947 to honor the achievements of outstanding Americans who have succeeded in spite of adversity and to emphasize the importance of higher education...
, Economic Policy Institute
Economic Policy Institute
The Economic Policy Institute is a 501 non-profit, liberal, nonpartisan think tank that seeks to broaden the public debate about strategies to achieve a prosperous and fair economy...
, National Jobs For All Coalition, and the Joint Center for Political and Economic Studies
Joint Center for Political and Economic Studies
The Joint Center for Political and Economic Studies , headquartered in Washington, DC in the United States, is a national, nonprofit research and public policy institution or think tank...
.