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Life Insurance

Life Insurance

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1062.5 руб.
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Описание
Excerpt from Life Insurance: The Abuses and the Remedies: An Address Delivered Before the Commercial Club of Boston

That is, more than the aggregate interest and dividends paid on all bonds and stocks of our steam railroads held by the public, which, during the year ending June 30, 1904, was only $465,872,674.

On January 1, 1905, these ninety insurance companies held assets aggregating $2,573,186,639. That is, more than three times the aggregate capital of all the 5331 national banks in the United States reporting June 30, 1904, which was only $767,378,148. The assets of these insurance companies were nearly four-fifths as large as the aggregate deposits in all the national banks, which were only $3,312,439,841.

The total income of these insurance companies during the year 1904, including returns from investments, was $612,896,887. That is, more than the total revenue of the United States Government from all sources during the year ending June 30, 1905, which was only $543,423,859.24.

These figures, huge as they are, cover only a part of the direct interest of the American people in life insurance. Besides these ninety legal reserve companies, there are in the United States numberless assessment companies and fraternal beneficiary societies which provide life insurance. Their members are mainly wage-earners who cannot pay the high premiums exacted by the legal reserve companies.

But even the legal reserve companies insure mainly persons of small means, performing essentially the function of the savings bank. The large company advertises with pride its million dollar policies; but in 1904 the average size of the policy in the Equitable was $2,648; in the Mutual Life of New York $2,351; and in the New York Life only $2,076. In the Metropolitan and in the Prudential, which join with the ordinary life insurance business the specialty of insuring working people, the average policy is only $183 and $178, respectively. It will be seen therefore that in spite of the large policies held by a few individuals, the life insurance of this country is in the main held by what we term "the people" - that large class which every system of business and of government should seek to protect.

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