The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1872-05-29


is said to have conveyed gold, ivory
and precious stones to Jeruralem for
the construction Of the temple" -
Universal Life Insurance Company
A new cause of complaint against life
insurance is beginning to find voice in
the expressions of dissatisfaction heard
on every side with regard to diminished
dividends. These complaints are GER
tainly not uniOunded or unreasonable.
Many of the companies which whllom
ran thriving business, is regards the
issue OF policies, on the strength. OF
promised dividends from thirty TO fifty
per cent, are now compelled to- confess
their utter inability to declare any div
idends at all; while even the Oldest and
wealthiest mutual companies have been
obliged to resort to new methods of dl-
viding surplus, as cloak to cover vi,
their deficiency of means to make good
their previous promises. 80 ''''' -. e.
What "dividends" have been grow
ling small by degrees and disagreeably
less Of late years, is, we believe, ssutli-
GENTLY notorious to leave little room
| ior question. The helpless holders OF
policies in these companies have already
learned the 'less0n Of their disappoint-
ment; and taking counsel of their fears
are in maze ot, wonder aid alarm az
they compare the present with the past,
and begin to rcalize the wreck of their
hopes US to the future. The best evil
dence of this is to be found in the enor-
nous and unprecedented number OF
'lapses" shown in the report of the
companies for the past year (lS7l, and
IN the increased amount Of new business
transacted. - a.. 80. -" ''''f'''''
A very notable exception to this gen.
cral rule is to be found in the statement
of the Universal Life Insurance compa-
ny, published on the last page OF the
cover of our present number. 1t is GER
| iainly a just cause for generalization OH
| The part of the management, that while
with the great majorities of companies
The business'of 1871 has fallen short OF
that of 1870, that of the Universal has
increased nearly fifty per- cent.J' nay
| mure-its actual increase has been great
er than that of any other company in
the country. This, however, is not the
only point Of interest shown by the
statement in question. The company
in its stability has more than Kept pace
with its increase of business, one-third
Of its assets being a surplus over the
requirements for sOlvency under the
rigid cXaction of a four and one-ha!f pei
cent. valuation, as demanded by The
laws of New York;. Since its organiza-
ton this company has issued nearly
fifteen thousand policies at rates vary
ing from twenty to thirty per cent
lower than the mutual companies; has
paid; nearly seven hundred thousand
dollars to the representatives of deceas-
cd policyholders, and yet stands to-day
rs regards all the elements Of strength
and soivency in far better condition
than very many mutual companies OF
its own or a greater age, Which have re-
[ceived one-third more in premiums on
Il similar amount Of business. Can
there BEN better certificate than this OF
the excellence of its plans, or the spirit
and integrity OF its management? a..
Surely It is natural that in the present
| temper. of the public mind regarding
the diminishing "dividends" by mutual
lccmpanies, and the consequent oistrust
in the decreasing busnessIof those com.
Lpanies, that agents of ability and sound
business views should be attracted to-
| wards company which presents such
solid claims in its plans and manage
lnent for public recognition and sup-
port. And such, we are gratified to
learn, is the case, and 'Which'we VEN
ture to predict will be abundantly .ver-
flied at. the close Of the present year by
u satisfactory increase In new business
over that of 1871; gratifying earnest of
this result being already obtained:.i in
the fact, that the business transacted
during the first three months OF the
present year is more than double that
for the corresponding period Of LIST
year.
The recent action Of the company in
granting to the policyholders share in
the profits of the business, is just what
might be expected fiom the character of
the management, and entirely dlssl,
pates theouly argument ever urged or
any weight against the stock plan,
namely, that life insurance, being en-
tireiy unselfish III its nature and objects,
and the offspring of benevolence and
duty, was not fit subject for monetary
speculation, and therefore should be
supplied to the public without any pro.
tit to those engaged in the conduct OF
the business beyond fair living salary.
Although dissenting entirely from this
view of the question ourselves, we are
fully aware that it is pretty generally
ACCEPTED US correct by the majority OF
insurers, and the manner of the univer-
sal certainly show slheir wisdom Ill
meeting the question in the only way
i'm which prejudice is eyer successful
ly lnet-succunlbinSt to it.
In the method of division adopted by
the company great fairness and liberal
ity are Shown toward the insured. Each
policyh0der is treated as q quasi stock
holder to the amount of one ann,lal
premium on his. policy, and on this
amount.he will receive Of each profit
dividend declared, the same share that
a stockholder would receive on an equal
amount Of capital stock. These divi-
dends, in view Of greatly reduced pre-
miums charged, must. necessarily be
small; but their chief value, in our
opinion, lies in the fact that no profit
can be received by the stockholders
which is not participated in by the pol
licy-holders, thus nccessitating on tue
part of the management tho greatest
possible care and economy in the con-
| duct of the business. In conclusion,
we will add;that we know of no COM
pany that offers more attractive fea-
lures both to the agent and the intend
| ing insurer than that under review.
Its unLeniable solvency, the rapidly in
creasing popularity of its plans, its low
rates of premium with participation in
profits, and though last, not least, the
waneing favor with which the so-called
I"mutuai' system is regarded by the
Public. all combine to convince us that
+ there is no other company which pre-
sents SO many elements of success in
the hands of Intelligent and energetic
Agents as the Universdl.-' TO all such
that apply to the managers, we can III
sure courteous liberal treatment.
JOHN G.. CHILES,