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accumulated actual cost actuary advances advertising agency force agents American amount ance annual dividend assets association Banta became cash charges commissions Connecticut Mutual death declared deferred dividend dends Dinkelspiel dishonesty divi dollar early earned Elizur Wright English enormous Equi Equitable Building Equitable's estimates expenses extravagance fact favour forfeited frequently gold bond Greene Henry Henry Baldwin Hyde holders Homans Hyde Hyde's increase insurance companies investigation investment J. P. Morgan lapse rate legislature life-insurance company lives Massachusetts McCall McCurdy ment Mutual Benefit mutual company never Northwestern Mutual obtained organised overcharged overpayments paid panies payment policy-holders precisely premium President Beers profits purchase realised rebate received reform reserve reserve law salaries solvency sums surance surplus surrender values syndicate tion Tontine fund Tontine period Tontine policies Trust Company trustees twenty usually widow year's York companies
Page 153 - In 1868, by chapter 118 of the laws of that year, a statute was enacted which provided that any domestic insurance corporation which, by its charter or articles of association, is restricted to making a dividend only once in two or more years, may hereafter, notwithstanding anything to the contrary in such charter or articles...
Page 214 - The fund produced by the payment of all the premiums does not in any sense belong to the policyholders, but belongs exclusively to the company, and the policyholders are interested in it in the same way only that the creditors of any other corporation are interested in its funds.
Page 75 - ... policies, a wrong will be done which, though not so frightful as bankruptcy, may be as extensive in its transfer of property from the hands of owners into those of strangers.
Page 262 - ... make a special bid for conspicuous persons. They have colonels and generals in plenty ; even exgovernors and congressmen. In addition to regular solicitors, who give up all their time to the work, they have emissaries who solicit in connection with other occupations. There is hardly a tenement house on the East Side of New York in which the Big Three have not each a representative.
Page 180 - Superintendent of the Insurance Department of the State of New York. In relation to certain charges against the officers and trustees of the Mutual Life-insurance Company of New York.
Page 88 - Hyde as a pushing life-insurance man, but abhorred his practices. He denounced the Tontine scheme — of which the modern successor is the deferred dividend — when first started, and increased his vehemence as its full meaning appeared. In 1882, three years before he died, he said : " Some day there will be a terrible crash in the Equitable. Its disruption is only a matter of a few years.
Page 76 - I will go a step further, and say that a (Treat many of these proceedings are worse than wholesale robbery, and there are many persons who have never seen the inside of a gaol, and yet who had fitter be there than many a rogue who has been convicted ten times over at the Old Bailey.
Page 208 - In 1885 John K. Tarbox, insurance commissioner of Massachusetts, declared that forfeitures already set apart and divided under the Tontine system " would have provided for dependent family support to the amount of tens of millions of dollars.
Page 252 - They have aimed at leadership, not in providing the safest and fairest and lowest-cost life insurance, but in writing the largest annual new business. They have aimed at quantity, not quality. They have become the most conspicuous illustration of the American passion for bigness. They have thus Barnumized the business. To this one fact the larger evils are directly traced. These evils, outside of the actual dishonesty of the trustees, are the high cost of life insurance and its frequently deceptive...
Page 261 - City there are 5000 life-insurance agents. Apparently, no citizen exists, in the companies' estimation, who does not possess abilities in this direction. They employ men and women, educated and ignorant, high and .low born. Broken-down clergymen, superannuated college professors, briefless lawyers, bankrupt business men, castoff politicians, actors, reporters, artists — they press all into service. Evidently the managers argue that every man has a few friends, and is useful at least until he has...