Wilmington daily commercial., 1872-12-10
~ THE MurUAL LIRE INSURANCE 3it
COMPANY OF NEW YoRK.
November "a. 1872,


lsi7' TIE MurUAr LrK INSURANCE
COMPANY OF NEW YORK
November 12, 1872.
gF5ss Winston, Esq, president &C., &C.;
gIs: The Mutual Life Insurance Company
has now been in operation well nigh the period
allotted TO human generation, and the exhibit
Of it's affairs, Just published, demonstrates, in
my opinion, its ability, and urges upon it the
duty TO revise its rates and widen the range OF
it's usefulness by diminishing the price OF it's
assurance
The true mission Of life insurance is TO give
TO persons of slender means, and especially the
laboring classes, the opportunity to provide a
support for those whom sudden death may re-
duce to helpless dependence. The special OBJ
jects Of its care are INDECENT widows and or
phans. The prices for their protection are often
paid from hardly-earned and soanty neane, and
should be the lowest consistent with entire SAFE
ty. l would respectfully ask your early and Sc
rious atteptionto the subject and that you
may have the matter fully before you, submit
herewith new scale Of reduced rates and
suggestions with regard to the future practice
Of the company should they meet your approval
and become the basis Of our future business
n The old net prices, based on per cent. Ior
money and the mortuary rates OF the American
table, are retained; and the alterations arise
from change in the percentage addition for
ordinary expenses which is reduced from 40 TO
10. 1" - ~
The yearly dividends under the new system m
will, Of course be greatly reduced, and earn
estly recommend: ,ae.si uf9-a =. =
First That the reversionary credits for these
dividends be given as heretofore, but that no
use be made Of them till in every instance their
present cash value on the policy anniversary
shall amount to more than one annual premium,
when the excess above one premium may be
available to pay at the expressed wish Of the
owner the premium then DUE - a y
Second. That these credits be held to be asses
sible to meet any deficit that may arise from any
circumstances whatever.
Third That in case Of death the whole of the
reversonary credit be paid to the heirs as at
Fourth. The existing polioy-holders may have
the option to leave their policies undisturbed
and pay their old rates, receiving, of course,
their proportional dividends and reyersionary
credits, or to take out new policies, with their
existing credits added, and pay the new rates
corresponding to their then present age, provi-
ded they subject themselves to new medical
examination and are pronounced assurable.
The company win, by this most desirable plan,
have within its control 3 large fund to which it
may resort in time of trouble, should trouble
come to it, while it will avoid the bjectionable
measure Of keeping on hand large undivided
surplus, In which those who die cannot fail to
have an interest, whose precise value " swonld
be difficult to ascertain.
1 would merely add that the company has
pioneered It's way to condition OF unrivalled
prosperity and success. II has had large exper-
ience, and the community may properly expect
to use this experience to advance the interest of
life assurance, 80 rs to bring within the range
of its business the poorer classes. To compel
these to advance money beyond the true price
Of assurance only to be returned at the end OF
twelve months Is a hardship to which, think,
they ought not to be subjected. aw y arVI
Respectfully submitted
WIN. H. O. BARTLETT, Actuary.