The Business of Life Insurance

Front Cover
A.S. Barnes & Company, 1905 - Insurance, Health - 404 pages

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Page 118 - The insured parties are associates in a great scheme. This associated relation exists whether the company be a mutual one or not. Each is interested in the engagements of all; for out of the coexistence of many risks arises the law of average, which underlies the whole business.
Page 84 - We agree with the court below, that the contract is not an assurance for a single year, with a privilege of renewal from year to year by paying the annual premium, but that it is an entire contract of assurance for life, subject to discontinuance and forfeiture for non-payment of any of the stipulated premiums.
Page 115 - The Success of this Scheme must depend upon the' Truth of certain Calculations taken upon Tables of Life and Death, whereby the Chance of Mortality is attempted to be reduced to a certain Standard : this is a mere Speculation, never yet tried in Practice, and consequently subject, like all other Experiments, to various Chances in the Execution.
Page 134 - The officers of the Company, within sixty days from the expiration of the first five years, from December 31, 1859, and within the first sixty days of every subsequent period of five years, shall cause a balance to be struck of the affairs of the Company, which shall exhibit its assets and liabilities, both present and contingent, and also the net surplus, after deducting a sufficient amount to cover all outstanding risks and other obligations. Each policyholder shall be credited with an equitable...
Page 134 - At such election each stockholder shall be entitled to one vote for every share of stock held by him...
Page 84 - Such instalments are clearly not intended as the consideration for the respective years in which they are paid ; for, after they are all paid, the policy stands good for the balance of the life insured, without any further payment. Each instalment is, in fact, part consideration of the entire insurance for life.
Page 350 - Surrender values applied to pay first year's premiums $ Total first year's premiums on original policies $ Dividends applied to purchase paidup additions and annuities $ Consideration for original annuities involving life contingencies.
Page 138 - On the first day of January in each year, or within sixty days thereafter, a valuation of the assets and liabilities of the Company shall be made, and after...
Page 350 - First year's premiums on original policies without deduction for commissions or other expenses, less $ 0 for first year's re-insurance 16,516,105.78 6.

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