New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-04-28
THE KNICKERBOCKER LIFE INSURANCE
COMPANY.

REPLY OF THE COMPANY TO THE COMPLAINT
THE NEUTRALITY-SUSPICIOUS. OF INSURANCE
AGENTS NOT BINDING-No HELP FOR THE
POLICY HOLDERS.
The Knickerbocker Life Insurance Company
desire tire publication Of the following letter addressed
10 the discontinued policy holders, whose meeting was
reported IN THE TRIBUNE OF yesterday. The letter is
somewhat condensed from the original but substantially
covers its statements:
10 Dr. NJ. ]. FRANKLIN M. KLEIN, F. NJ. KLEIN, jr., and
GESTLENEN: Since you called me the 7th day OF
Ells month as Committee appointed by persons who
have held and hold policies in this Company and made
known to me their complaints have carefully exam
specified in yesterdays TRIBUNE are here detailed)
The Company does not know whether policy-holders
intend to pay their premiums noI and all IL can do
10 abide strictly by It's contracts with insurers. In the
applications for Insurance and in the policies there is
their premiums that Insured need not come to the
office 10 pay their premiums when due IL agents had
the power TO make the arrangements agreements
stated in your complaints, there would be of
policy or application President OF Secretary Neither
60 make such agreements as you say were made by the
rapvassers or agents. The policies and other pu6ca-
os Of the Company In both English and German state
the following: y, -. ,
.Oasc relating 70 insurance and all other
20 he Insurance CONTAIN or unierkng or imT1tSg
ssy liability 70 be nesTre s the SAID Company
80 ased hereby pSad and declared VOID and will in no ease
Tie standing rule Of the Company IS and has been
Ence its organization that II premium is not paid at
viii the terms Of The agreement contained in tie policy
aud with the charter Of the Company. Ihe Company
the interests OF Company will not DO impaired in any
way thereby restore forfeited pobcy AS 10 the state
nent that said agents induced many poor IaDQrng
TO take their money out OF tne SAVINGS osh oS
Suudry representations 10 take pOnoes, saying Dua al
loans made 10 them by the Company toward the payment
Of their premium would be eventually canceIe9 vi an
nued by the dividends which would DC decIaLeu
ally by the Company II Is eydent Inat one ads
knew only that applications for insurance were ane
and signed These applications with answers 10 tne
fou i'm
stated that the insured agreed pay the premiums reg
uary when they fell due and that the omission 10 pay
maturity any premiums upon the pocy pased on a
appcatiOn shall then and thereafter cause the pocy 10
be void without notice TO any party or parles interest,"
ed" As the promise which you say was made, tnat
" all loans made 10 the assured by the company WOuu
be eventually Cancelled by dividends which would De de
elared annually BY the Company, wOuld say that 1Iv
dends earnings and any promise as 10 what WIZ De
earned I'M lie future is nonsense person would
place reliance such promise There II, OF course no
agreement In any publication the Company 70 what
the dividends viii DC.
Among the policies which complaints have been
made ii NO 1909 William Hackman, issued March TO-
1865 endowment payable IN ten years, one ha the pre-
MUM which paid in cash; loan OF the other nan
VS. made 10 Mr. Barknan, the Company taking his
acknowledgment for the same which acknowledgment
note amounts 10 S3l5, ana Is now held by the Com
pany. premium fell due March 10, ISL, and was not
paid aud offer made 10 pay II until the 10Th day
March, 1911 According the terms Of the policy, the
premium not being paid the day IL fell due tho policy
iusuTaDce agreed % its terms. When Mr.. Hackman APP
piled the restoration Of bis policy and examined
BY The physician. he nund ~ be an impaired risk
The Company, however, offered 10 give him paidnp/
policy iOr 100 payable in years, upon his paying
The amount OF the loan made by the Company on hs
policy. Tins he refused 10 do. II should have been
TONED that notice sent by the Company 70 MI Hack
tlL ONCE of tie Company and If not paid on that
date tie policy would be void. (sinilar details
sevcra Of the cases complained OF were Ifs policies on
the preSninns Of which only 30 per paid in
Company. 1he case OF Jun Cling No. 307b6, issued Oct
=, ls". va Ss polSyI premium $40 ~ only " Der cent