Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-05-26
SAFETY.
A Distinction aud a DifsFsnas-ThB Care
lima Life Insurance Company Con-
trastet with Others.
No. Il, WEST COURT STREET

No. II, WEST COURT STREET,
MEMPHIS, May Is, 1871.
Editors AppeGJ-YOur financial article
Of this date contains q paragraph relative
TO the liability of life insurance policies
for the debts Of the insured that is
/ creating some un6asiness among those
who have endsavOred to provide a shield
! for their loved ones through the medium
| OF life insurance. That the pOloy-hOld-
ers of the Carolina Life Insurance. Com
pany need have no fear on this score, the
I following extract from her charter shows
I think very COuclusively:
"SectiOn IL. Be it further enacted,
That any policy of insurance Issued by
this company for the use, benefit,
or advantage of the wife, widow, chill
dreu, father or mother of any per-
son whose life may be insured
by said corporation, or to any person, to
secure a ]peCuniary Indebtedness, when
the same appears in the pOlicyy, shall not
be held or msde liable for any debts, con-
tracts or engagements Of the person
who's life is or mag be so insured, and all
such insurance, in the event Of the death
O fthe person whose life is or may be so
insured, shall be paid to the person or per
sons benehCislly interested therein, 70 be
held by him, her, or them, free and dis
charged Of and from all pre-eXisting
debts, contracts and engagements WhatsO-
ever Of the person deceased
This. Mr.. Editor, is I think Just about
as sweeping and explicit as language can
be made; and I hope that those of u
citiZsns whose assurances are exposed 20
the hazard of being Invested from their
intended use, under the laws of the North
ern States, viii appreciate the Importance
OF the section I have quoted, and place
their wives'and children's interests Out Of
the reach OF their possible mlstOr-
tunes, By insUring in the Carolina.
". G.. BARTH.
The following is the article referred to
as having appeared in d financial col
umns of the APPEAL on yesterday:
% The st. Louis Republican Of Saturday
publishes the decision of the Supreme
Court Of Missouri in the case of the Char
ter Oak Life Insurance Company vs.. Ma
tilda Brant, widow Of the late Henry B.
BranU, is having the effect to cause per
Sons who thought they had made prOvi-
sion for their families in the event Of their
death to look carefully into their life pcli-
2ies to see whether, in point Of fact, the
provision was q myth Or a reality. Most If
not all the States have limited the amount
Of premiums that may be paid on a life
policy, which should be exempt from the
claims of creditors. Connecticut exempts
an amount the annual premium of which
shall not exceed one hundred and fifty
dollars: New Jersey, one hundred dol
lars; Ohio and missouri, three nun
drsd, and so on. Many of u most
worthy citizens are carrying heavy life
insurance policies under the impression
that their families would be handsomely
provided for, without reference to their
sOivency or insolvency, Such, however,
appears not to be the case, Tor should they
become insOlv6nt, their life insurance, If
their annual premiums exceed three hun
drsd dollars, or the amount limited by
each State. would be absorbed by their
creditors, to the exclusion Of those for
whose benefit it was specially designed.
To those who are liable to be Ovsrtaken
by misfortune, the late decision is Of no
little Importance; for If not insured in a
company the character Of which expressly
exempts policies issued by 10, from labil-
ity for the debts of the insured, the
amount Of premium, if in excess Of the
limit prescribed, bssOmes a part and pa
eel of the assets of the person insured"