Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1873-05-01

Basxactrs on i.ssx sr&ascH-ws
showed. the oshsr day. that In Eve years
from 1867 10 lS7l The seeass 0f the life is-
surance eosnppsics doing business in New
York received Tor eommissi6us alone over
$40, 600. 600. while the widoxs and Of
phans Of those Sho died assafsd during
that time sos bas S75. coo 600. IL must
hate struck everybody. not tssinsd ia life
insnrsnce circles. that the proportion. OF
more tken halt q rather I largo cue f6e
the srsss. AHkea, Aauexpes . es~s n
ada to this great lnssf psidsso agents Zoe
commissions, ,he other sams, which they
charge the companies in The way Of cx-
peuses. extra allowances. salaries. fees.
rent Of offices. stationery and whst not
which amour, il. Of course, carefully COO.
cealed in the annual financial sxhibit-wc
must raise the ..handsome" figure Of forty
millions. how much higher We cannot sa,.
bu, certainly appreeiably higher II Ne
added to this the fees Of the sisedical ex-
a,nincss. and the salaries and commissions
Of the officers. We should reach a total
which would probably stand much near
er comparison with the sevcnty-fve mil
lions paid the widows and orphans. far
whose welfare the self.sacrifcing agents
are so solici,ous. e..... .......
The life insurance business has. 10 fact.
during the las, twelve or tifteen years. be.
com an actual and profitable business.
like stock speculation or wheat cornering.
for those who have been .ucky enough TO
learn it First, We have the officers. usu-
ally. and in the most eminently success:
fai instances always. graduates from the
agency uovitiatc; then tie medical exan,in;
ere; then the attorneys, then the agents. -
These people run" ''mutsar comra-
ny. and all. it may be safely taken TO-
granted. take good care to secure them;
selves from starvation. Back OF thesc ar"
the dircctors-rcspectable aud Trustworthy
men. representatives ofthe wealth anahonor
Of the ci,y--but who. not being vcrsed in
the intricate (or purposely made intr;ca,eD
uhicct Of life assurance. can only wateh
over the general character of the invcs-
ments Of their company. and see to il that
what seems in their view to be fair econ-
omy shall prevail in its management
As a matter Of fact. the officers have near
" fully their own way. and il is often
way that leads to fortunc---for themselves.
Blu, another great evil attending life
assurance is involved in what are known
as "lapscd" policies. This is intimately
mixed up with the agency evil. for
lapscd policy means one which has been
confisca.cd By the company With all that
has been paid. on il in the way premiums;
and the uuhanpy result for the policy .hel.
Ger is very frequently brought aboot "
the fact that his eyes have been opened I"
the lying representations of tho agent who
wrung il from him. aud he prefers tn lose
what he has expended to being the vie,int
OF possible further deceit Now. in 1865.
Of terminated policies. twelve per cent.
were surrendered. (that is. given up TO tho
companies for small proportion Of the
money paid on them.) serenty-three per
cent lapsed. (ihat is. were wholly confs-
Gated. and the remainder. bare fifteen
per cent. were terminated by the death
Of their holders. In 1871, twcniy4one
and third per cent. lapscd. leaving but
about seren per cent. for those which
ceased through death and expiry. To
give the actual number Of policies. In
1871. there we're trrminated 10 companies
Of New York l24. .215 policies. Ofshese.
l15,2l2 lapscd aud we're surrendered. :.
(sS 7O6 being by lapse alone.) and bus
{, ,O63 were BY death or "expiiy." Now.
these lapscd aud surrendered policies. in
volving confsczstian, in whole or iE part
Of the premiums paid upon them. must
have yielded an innon" to the companies
reachiug to millions Of dollars. What be-
comes OF This money? Does il 60 to swell
the reserve" or to meetthc enormous ex-
penses Of officers and agents. granite build
iugs, aud canvas back aud Roederer sup.
pers? Wherever It goes. there is au evil
in it which demands legislative Inquiry
and sc,iou.-N T. Times.