The Portland daily press., 1871-02-06
DAILY PRESS.
The Duly ofthe State TO Protect the In.
vesiments ofits Citizens in Life
Insuramce.
PORTLAND.
MONDAY, FEBRUARY 6, 1871.

MIR. EDIToR,-The magnitude of the in
vestment in Life Insurance can hardly be es.
timated. This is great interest and is con-
stantly increasing. 1t is increasing from an
extending conviction of the safety and wisdom
of such investment, and also from the earnest
2anies who are competitors for public favor.
Many man takes his little surplas of the
years earnings and applies it to the payment
OF his yearly premiums.
We think some additional protection re-.
qulred by policy holders, aud that, the quar-
diaps of the peoples interest should throw
around them the protection and shield of the
law. The "Dirigo State" owes protection to
this great interest. To the question of ,ohat
protection, we answer, the law should make
all policies (unless suicide be excepted) abso-
lutely non torfeitable after three years pay
ment OF premiums, that is, il an insurance
company for three years, receives the premi-
u.as, it shall give absolute insurance, and be
debarred from interposing defence to payment
or loss ON the ground OF some error in state
ment, or mistake on the part of the applicant
There is growing disposition on the part
" SoHiPo>uiSS " lep0utuCe, Ut dtLempJ 10 re-
Dudlate tnelr contract on some mere techpi-
cal grounds. Threatening litigation and de-
lay they easily succeed in driving a compro.
mise OF fifty cents on the dollar, or less, And
so frequent has this, become, that many are
beginning to doubt the ualue of their policies
and to feel uncertain if in this way they have
really, as intended, provided for their families
in case of death.
In view of these facts and this disposition
of
otates are now requiring by statute regulation
that all policies after three years shall b. abso.
lutely non forfeltable. They say to the COM
panies, investigate in the time of it, during
three years after insurance, with the state
ment OF the parties fresh before you with
your own physicians statements. You must
decide whether or no. you wish to go back on
the applicant. We give you this reasonable
time TO Investigate and recant, but after this
reasonable time, taking the insurers money,
you must give him what you intend to-in-
surance.
Many man has paid long series of years,
in fact as much money as his heirs will ever
receive back, and then his policy has been
contested, and mere nothing received from
it. With string of questions more compli-
Gated, ii possible than are contained in the as
SCISSORS blanks tor an "Income return" with
the disposition to do SO, any company may set
up oeience on technical grounds, delay and
procrastinate until they desire to comprom-
Use. Now this interest is too great to be tam
pered with and the individual too weak to
contend with rich corporations with their
millions. We will give them their rights, tair
play and full justice, but no more. They take
the money of our citizens-the mite If the
poor, and in return for the millions of dollars
that flow into their Golfers, that build splen-
did edifices in great cities-that pay
princely salaries and enormous commissions,
let them give (which they are we'll paid fol do
ing.) all absolute and certain insurance The
temptation is too great, and should not be in
their reach.
For these and many obvious reasons which
space forbds the mention of, we hope our
Legislature will take this subject into con-
sideratiOn and leeislate for the benefit and
safety OF insurers as herein proposed, the great
State Of New York has. .aready inaugurated
this legislation, and wisely concludes to pro-
tect trust fund so sacred against souless
corporations, and the manifest wrong they
have now the power to work. We protect
the investments in Savings Banks by throw
all possible restrictions around them, to insure
their well management and safety. This in
te1est no less requires looking after and care
full protection. Foreign corporations grow
rich and fatten on the money of our people.
Hold them to the rigid fnlfiment of their
contract.
So much have the people right to expect,
and so much is due the immutable principle
ofjustice and truth.