Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1872-05-16

the entire experience of all the companies
doing business in Maine, gave only s57 per
cent. Of all amounts insured from the first as
maturing at death. The figures Of the last
year only add to the enormity of this result.
If in popalatins new country the ingoers met
almost an equal number coming out and
abandoning the enterprise, the former might
well conclude that there was something indi-
genous to the territory which forbid its sue
cessful settlement, and rendered it undesira-
BILE as place of residence. Do not the fig
ures now presented point similar warning !?
Chief among the means of deception adopted
by most companies is the one of dividends to
policy-holders, which is calculated to seduce
and lead astray. Some policies are adver-
tised to be not only self-supporting but
rendering rich annual income to the holder
The business is not of such character as to
divide "profits." The so-called "dividends"
are chiefly return to the owner of part of
the excess previously taken from his own
pocket when he purchased his policy or had
it renewed. And it Is only part mas
much as deduction has been made from the
excess for the expense of its own collection.
1t is in fact as if one should sell for dollar
an article Of fifty cents value and receive
back afterwards twenty-five cents for "divi-
dend." The railroad company and innkeepcr
who should charge double fare to their Gus
toners in advance and pay back one-half the
| the surplus afterwards have an equal claim to
credit for paying rich dividend" on their
investments.
The evil arising from this cause, demands
remedy, and the remedy is very simple.
Call things by their right names, sell the arti-
Gle for what it is worth, call for no excessive
considerations and thus make necessary no
repayments. The great laws of mortality are
capable Of being so well known that
the nature Of the risks can be almost as GER
tainly determined before they are taken as
after they are terminated, and through perfect
safety requires margin for security, yet a
comparatively small percentage is sufficient
| and all else may be omitted.
The subject of the adjustment of premium
rates, in which the physical condition, ancestry
and habits of the man should be taken into ac
count; the immense expense Of life insurance :;
the manner in which the policies Of bankrupts
are treated by the government, being taken
away from the families and passed over to their
creditors; cooperate life insurance, system
unworthy of confidence, and which has been
denied admission into this State: the rein
surance If life risks, that company has no
right to transfer its risks to another company
without the consent of the policy holders, and
retaliatory laws, are all discussed by the COM
missioner.
In the financial statement of this depart
ment, we find that for the year ending July l,
1871, the balance Of fees paid the State, after
deducting all expenses, was Sl,l7s.97. For
that portion of the year 1912 already eX-
PRED before making this report, the income
of the department has been as follows:
License fees Of l34 companies at $40 each,
S2,6s0; for 90 brokers at So each, Sl45 L.
800 agents at 81 each, Sl,920- making in all
81, l45. Deducting for Commissioners fees
for his own services, clerk hire, etc., So, 800,
tor postage, stationery, ETC., $209.1l, net
revenue to the State remains of l,435.29.