What Shall be Done with Assessment Insurance?

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author, 1899 - Всего страниц: 66

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Стр. 20 - ... plans that were unassailable, ran their course of wickedness under the aegis of the law, and died in the odor (a very bad odor, to be sure) of regularity. While the business of the level-premium companies that failed was but a small percentage of the whole, and there were always sound and well managed companies in the field, yet the losses were nevertheless great and widespread, and it was little comfort to one who had lost the accumulations of years to be told that he should have insured in...
Стр. 7 - The nine years immediately following the First Convention must be accounted the most trying period in the history of American life insurance. The number of companies which ceased doing business in New York was forty-six. Only four reinsured in companies that remained solvent ; only ten others paid their liabilities in full. Receivers...
Стр. 9 - ... administration, if there be one ; and the fourth will preserve a strip of neutral ground between the path the company has marked out for itself and the line to which it cannot come near with safety. In 1879 the epidemic of failures which had set in nine years before had run its course; the patients were nearly all dead, and the business of the remaining companies began to improve.
Стр. 56 - ... is in hand and securely invested. But in actual practice the first year's margins do not cover first year's expenses, and in no case, upon first year's business, is the net first year's theoretical reserve in hand at the end of the first year. In other words, the net valuation system is not properly applicable to present methods of business. To charge in such case this purely theoretical first year's reserve as a liability against the policy, is, to say the least, illogical. To compel the payment...
Стр. 54 - While other causes were at work, the chief cause of the universal slaughter of small companies, which took place about twenty-five years ago, was the legal requirement of a reserve in the first year of each policy. * * * "Had Dr. Sprague's proposal been available under our laws we should have heard com...
Стр. 8 - The loss, to solvent companies, of business as well as prestige, during this period, was very great. In 1870 the income of the companies doing business in New York was $105,000,000, in 1879 it was $76,000,000; in 1870 the new business was $588,000,000, in 1879 it was $168,000,000 ; in 1870 the risks in force were $2,024,000,000, in 1879 they were $1,440,000,000. " Notwithstanding the removal of so many competitors from the field, the business of the thirty-one solvent companies was less in 1879 than...
Стр. 7 - Only four reinsured in companies th. t remained solvent; only ten others paid their liabilities in full. Receivers' reports are incomplete, but a careful examination of such as are accessible show the total loss to policy-holders by failures among American...
Стр. 8 - ... banks in the State had been invested in United States bonds in 1871, the shrinkage would have been seven million dollars; if in the best railroad securities, it would have been over thirty millions; if in the best bank stocks, thirty-five millions; and if in real estate, from forty to fifty millions. It has been the custom of writers who would exalt Life Insurance to give scant space to the discussion of the failures and losses of this period; but to my mind there is no period in Life Insurance...
Стр. 17 - The well-known practical impossibility of establishing a regular life company under a rigorous enforcement of the net valuation law remains unchallenged by any example to the contrary.
Стр. 56 - ... or what is left after paving expenses and death claims ot that year, is all that can, logically or equitably, be charged as a liability on first year's business. As there was no dissenting voice among the actuaries present, representing all civilized countries, it is to be assumed that Dr. Sprague's views were approved.

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