Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1869-12-30
1elaware Tribntle
Thursday, December 80, 1869.
AMERICAN LIFE ASSURANCE,
How the System is Managed
in this Country.
The Equitable Life Assurance Society
Of the United States.
Exhibit at the Close of it's First
Decade.

The misfortunes which have fallen upon
two English life insurance companies within
A year past-msfortune brought about by
criminally careless ifnot positively dishonest
management of those companies, coupled
with an utter absence in the laws of England
of any statute protecting the public against /
such occurrcnces-havel led some persons not |
fully informed on the subject to hesitate |
about patronizing the great and solid insttu-
tons of our own couatry.
1t is pity that the differences between |
the management of life assurance in the Old |
and in the Few Worlds were not better un-
derstoo.l. Much anxiety might be saved to
hc, 80 who now hold policies, and much pro-
lection might be obtained for their families
by those who now hesitate to insure lest the
depositaries of their savings should prove
unsafe. 1t should be remembered that life
assurance in Great Britain is IN old instita-
ton and that the people OF the old country
are not disposed to reforms or to innova-
tons. The consequence of this conservative
or rather sluggish tendency on their part has
beeu that adequate projections to policy
holders have not been thrown around the
British life institutions. Laws have not
been passed to compel officers and managers
to lay open their affairs to the inspection OF
the Government and the public. The pco-
nle bay., been satisfied to travel in the rut in.
which the wheels of the institution had run
for years, and to depend on quinquennial er
parte statements, prepared by the officers or
managers, after their ewn fashion. for the
very purpose of inducing policy holders to
believe that everything was as it should be
nd in order to substaatiate which no op-
portunity was given to'those most interested
10 make personal or official inspection.
On The other hand, the American people,
always pioneers, led the way in making such
improvements in the business as the expert
ence of the past in England and other coun-
tries showed to be wise, beneficial, and con-
duciye to safety. The consequence OF this
is that those American companies which
transact business in the States OF New York
and Massachusetts have become hedged in
by such complete and admirable system OF
checks, safeguards, and wholesome provis-
lonesome statutory, others sefimposed,
others the result of an active competition
among the soundest corporations to exhibit
lhe bcs, possible front TO the public--that he
who becomes familiar with it is constrained
to admit with De Morgan THAT there is
nothing in the commercial world which ap
proaches, even remotely, the security OF
well-cstablishcd and prudently-managee
Lie Assurance Society.
To illustrate the manner in which hrst
class companies are conductedin the onite'
States, we propose TO give short accoun
Of one of whose concerns we have more ac
curate knowledge than of any other, an
which is now attracting the attention OF IN
publc by the unusual advantages it offers
insurers.
The Equitable Life Assurance society
the United States, which has recently con
nle,ed lis first decade, is now erecting M
building at the corner of Broadway and "
dar st., N. ", in which it will hereafter col
duct its rapidly-growing business. Withl
this brief period it has accumulated asse.s
the amount of ten millions of dollars,ano a
ouired an annual business greater by mas
millions than that of all the leading lie ms
rance companies of Great Britain combine
The system OF life insurance, when proper
conducted, is only another OF our moue
realizations of what were once consider
the extravagant dreams of old phliosopn
lis theory is the extension Of the power
human life, and just e;nestRsAou OF pl
perty among those who partake oil lis Del
tits. A number of men combine to
YEARLY, or at shorter periods, small 81
each, 10 constitute fund out of which
representatives of S'ch deceased mem
shall receive stated lager sum. The
nutable law of averages determines
number who will die within agiven peri
and the amount that each should pay to
der the operation absolutely safe. Inc
divldual, by securing to his family and
pcndents with mathematical certainty
tull pecuniary support which would re-
10 them were his active life really thus
lonced, does in effect extend his lie 10
e.,.;.5 and acnl
average duration OF manh'nu' ana ...s. ao,,s, |
forthem the actual Deheh' u 'us' S,,t S !,
ton OF property. Zen years 'so Das :.
enterprise was displayed In .ne MUS. .os,nsS, os
life insurance ; but the originators Oh
Equitable, foreseeing the popularity WI
must invest the system when coneuos,u !,
on more liberal principles anu when "
understood, determined to estan,'sn
pany upon the broad ideas ~n'ch 'noy
ceived should be the founaatioh oi sav
institution-the confidence Oh .he pun