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6.58 9.64 8.51 9.11 9.12
20.23 13.64 11.96
20.26 13.64 11.96 15.95 18.66
18.34 21.01 38.46 21.88 17.51 17.30 31.96
PREMIUM NOTES AND LOANS. The tabulation showing this class of life insurance assets, indicates a decrease in their amount since 1870. The gross amount of notes and loans on policies now represented is less than fifty-eight millions, nearly ten millions less than in 1870. The average ratio of credit to premium reserve stands at 23.08, and to net assets at 20.75.
Ratio of Premium Notes and Loans to Premium Reserve and Net
Cos. OF OTHER STATES.
57,257 53,612 65,274 217,909
113,735 9,285,065 1,216,129 1,778,164
379,868 305,116 279,533
795,403 1,528,836 8,912,559
6,634 114,796 3,829,706 1,192,844 2,323,230
23.86 52.44 33.66 32.43
Globe Mutual, . Government Security, Guardian Mutual, Hartford Life and Annuity, Home, Homoeopathic, . Hope Mutual, Knickerbocker, . Life Association, Manhattan, Merchants, Metropolitan, Mutual, New York, Mutual Benefit, . National Capital, National, Montpelier, National, New York, National, Washington, New Jersey Mutual, . New York, North America, Northwestern Mutual, Penn Mutual, Phenix Mutual, Provident Life and Trust,. Republic, Security, Travelers',. Union Mutual, United States, Washington, World Mutual, .
362,206 7,189,527 3,465,650 6,113,328
993,255 46,959,628 19,403,634
82,198 797,864 805,592 1,450,495
616,842 17,047,417 5,261,442 9,452,679 2,719,194 5,988,454
974,824 652,236 2,962,481 1,020,365 5,256,696 2,706,031 2,612,939
Totals, Grand Totals,
$233,787,105 | $54,180,997 $251,013,500 $57,934,276
OFFICIAL EXAMINATIONS AND THEIR RESULTS. The financial condition of several Life Companies has been carefully and critically investigated since the publication of the last Annual Report. In every instance the result developed a degree of financial ability and strength which relieved the Companies so examined from all suspicion of impairment. It will be seen on reference to the detailed and tabulated statements of the fifty-six Life and Accident Companies now authorized in the State, that each is in possession of a sufficiency of assets to meet the full requirement.of Massachusetts law. It should be understood by every policy-holder, that until the reserve of a Life Company is impaired, and that so long as a dollar of surplus remains, the law permits it to transact business. What degree of financial ability may be accepted as sufficient to ensure absolute safety is a question which those seeking insurance must determine for themselves.
The impairments discovered in 1871 were promptly and legitimately obliterated, and this Department has the satisfaction of knowing that the course which the statute of that year authorized it to pursue in the management of official examinations, and in the publication or retention of results, was directly and effectually instrumentalin protecting the best interests of policyholders and saving the credit of Companies. The latter, in several instances improved the opportunity to strengthen themselves, both in administrative and financial ability ; while in others, favorable negotiations have been effected for the re-insurance of risks. Almost any other procedure would have damaged the interest of insurance beyond reparation, and ruined the hopes of thousands of policy-holders, whose expectations of future benefit and relief from its beneficent provisions have been to them a welcome source of assurance and encouragement. A different policy would have catered to the purposes of unprincipled rivalry, and to the greed of blackmailing appliances, whose authors, like their cloven-footed prototype of old, go about seeking whom they may devour, even though their ghoulish feast be sandwiched with the ruin of widows' houses.
Only one of the official examinations of Life Companies made during the year, properly comes within the provisions of the
statute of 1871, authorizing publication of results. This was the case of the Equitable Life Assurance Society, of New York, which was pending at the adjournment of the Legislature, and in which investigation was promptly and voluntarily invited by the Society. As the result of this examination has already gained wide publicity, it is unnecessary here to enter into details. It was undertaken for the purpose of testing the truth or falsity of serious charges alleging misappropriation of funds, illegal investments, and other mismanagement detrimental to its own credit and to the interests and safety of its policy-holders, and which, disproved, would have wrought great injury to all interests involved. The investigation, aided by a board of gentlemen possessing high professional and business qualifications was most searching and impartial, resulting in the complete acquittal of the Society from every implication of mismanagement and in the full establishment of its honor and integrity. A further examination into the finances and business organization of the Society, also invited by its managers, is understood to be still in contemplation under the direction of sub-committees of the board referred to. When completed, the policy-holders will be in possession of all requisite information relative to their true interests.
It is already well known that the peculiar conditions appertaining to certain classes of policies issued by the Life Association of America, have given rise to unfavorable comment and criticism affecting the position of that organization. But, inasmuch as the questions at issue have been satisfactorily disposed of with honor to the Association, and without detriment to the policy-holders or the public, a brief reference to the subject is only necessary here. The policies referred to are known as "investment endowments” and “lien policies,” both classes, under a new rule of actuarial practice, calling for a larger reserve than has been heretofore computed by the Association or the Departments,—the first, a reserve equal to the sum insured ; and the last a reserve by the tables for equal annual premiums, the lien being treated as an integral part of the first year's premium. Such, in a word, is the decision of an able Board of Actuaries consisting of Messrs. Elizur