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

aiue, Lsq, VI DaHkoT, mas lssueu MS IOurtH
annual report, giving in detail the condition
and prospects of the business of insurance in
the State. The companies doing business in
the State up to the close Of the year are d.
vided as follows
Domestic Companies Mutual Life
Company. Three Stock Marine Companies.
Three Stock Fire Marine Companies. Two
Mutual Marine Companies. Thirty-six Nu-
tual Fire Companies, of which tw enty two are
town companies.
Foreign Companies. -Forty-four Life Com
panies. Sixty-seven Fire and Fire-Marine
| Companies. One Accident Company. No
exclusive Marine Company Of another State
has applied for admission.
| The Rockland Fire and Marine ms. Co.,
have Withdrawn from business, but another
company under similar name has been Or
ganized by the legislature to take its place.
Since the close of the last year twelve Fire
and Marine companies have been licensed,
| and two life companies. OF the compa-
MES admitted to do business in the State,
twenty-five were so crippled by the Chicago
fire as to be obliged te suspend business and
make no report
The Pacific Of San Francisco re-insured
| its risks in the Liverpool and London
| and Globe Insurance Company and with
drew. The Union Fire Insurance Company Of
Baltimore also withdrew, and neither those
| companies report. The Connecticut Fire In
| surance Company afterits suspension, compro-
missed with its creditors, and with q new paid
| up capital of $500, 900 has again entered upon
| business and is still at work in this State
| The Atlantic Fire and Marine Insurance Com
pany of Providence, having after is suspen-
sion made an adjustment with its creditors,
| have entered again upon business with new
paid up capital OF $500, 900, and resumed in this
| State. The Hahnemann Life Insurance Com
pany of Cleveland, after receiving its license
in this State, re-insured its risks in the Re-
public Life Insurance Company OF Chicago,
and retired from business. The widows
( and Orphans Benefit Life Insurance Compa-
| ny was admitted near the close of the year,
and soon after was consolidated with the Mu
| tual Protection Life Assurance Society, under
the name of the Reserve Mutual Life Insur-
ance Company. The company reports no
business done in Maine during the year. The
| other companies licensed are still doing BUSH
| ness in the State.
| The Commissioner has been surprised that
in most Of the States no separation has been
made of risks as to locality-the difference
has not been noted between life on the Allan
tic seaboard and that on the prairies Of the
West or the Pacific slope; between the climate
of Maine on the one side, where four score
and ten years of life are not uncommon, and
a century is often reached, and Louisiana on
the other, where old age is found at half that
number of years. Information on this point
has been diligently sought for and obtained
by the Commissioner, in this State.
The risks taken by foreign fire companies
in Maine during 1871 amounted to SIS, 063, :
$50, premiums received 1904, 257.lS, losses
paid 1921, 253.53. Risks taken by domestic
companies Sc, no. premiums received
| $50, 74S.ls, losses paid S49,s59.sl. Amour,
of risks taken by mutual fire insurance COM
panies S2l ,ll0,l7 losses SAL sol OF. Marine
business of foreign companies in the State
Risks taken S444,553, premiums received
Sll, l46.oI, losses paid S3,766.l7.
Domestic companies.-Risks taken $751;
263 l6G, premiums received 1922, 1859,
losses paid S35S, 6s4.47.
Life business-Risks taken during the year
by life companies in Maine, 3,647, amounting
to S4,s20, $50; risks at end of year 1928,
amounting to S26 1919, Gal premiums 81, 1872
oS4.93, losses S2lG,6o0.10.
Accident business-Two companies doing
business, Railway Passengers and Travellers
number of risks taken during the year COZ,
amounting to SLIP 600; risks at end of year
72l, amounting to Sl,7o4, 900; premiums
ST., SCI 10, losses S6,8l4.55.
Forming part of the report are copious
abstracts of company statements made to the
department, giving full and valuable informa'
alton concerning the condition of each com.
pany.
The frequent recurrence of fraudulent losses
and claims, the Commissioner says, should
prompt companies to guard against the fraud
The only safe rule to be adopted in such cases
is that "the insured should never make
money by loss" Too prompt payment O.
losses is apt to attract that class of customers
from whom fraudulent losses come. There
should be careful scrutiny of all claims.
The extraordinary Ares Of the last year are
ooncurrently without parallel, disarrangins
all the apparent laws of average and order
which are so implicitly relied upon. The
great lesson they teach in regard to construc.
ton of buildings, the provisions for the ex.
tinguishment of fires, the superiority of large
companies with an extensive Aeld of opera
tons, should be carefully needed.
The policy holder has right to feel thai
his policy is perfectly good, and it is suggest
ed that a wiser and safer rule than that re
quiring reserve of so per cent. would be t.
require all premiums to be pledged to the pro
lection of the policy during its existence.
The many defects Of life insurance arr