Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1873-02-11

dlley Lille CU7npany mas an lntereS
profit of seren and oae-haif per cent, tn
difference between A and hcelre per cent
This Company confines its loans, an
investments to those States which allo,
the largest rate of interest. Its interes
bearing securities, range from eight +
fifteen per cent, and average over II pc
cent
The Company is strict and cautious
both in taking risks and making loans an
investments. All companies organizes
under the Laws of Kansas for the purpos
of Insurance on the lives of individuals
are required among other things to depos
it with the Treasurer of the State $4,000
until this requirement is complied witt
no company, foreign or domestic, can is
sue policy in the State. This sun
must be in actual cash, or its equivalent
Section 80; Art III, of the Act o
March 9, 1871, provides that, "Whenev
er any Life Insurance Company organize,
under the laws of this State shall deposi
with the State Treasurer the amount 0
the net present value of any policy or an
nuity bond, valued by the American tabl
of mortality, interest at four and hal
per cent, in securities of the character il
which by the provisions Of this act, Insu
rance Companies may invest their funds
it shall be the duty of said Superinten
dent to issue to said company registered
policies of insurance, or annuity bonds o
such denomination or amounts as the sale
company may require. Such pOlicie!
and annuity bonds, shall bear upon thei
face the words, This policy, among {
limited number is secured by pledge Of
public stocks, or bonds and mortgages,
with the said department and shall be
countersigned by the Superintendent OF
his authorized deputy This section ap,
plies exclusively to registered policies
The Superintendent is required on deliver
ing said policies or annuity bonds to any
Insurance Company to charge the compa-
MES respectively with the net present val
ue of such policy or annuity bond, valued
as aforesaid, according to the amount and
number of premiums paid annually, semi
annually or quarterly thereon and the
terms thereof.
On the first Of January of each year
the companies, thus issuing registered
policies, are required to make or return
to the Superintendent of the insurance
under oath of the President
and Secretary, and actuary of the exact
of the registered policies receiv-
ed from the department, and the premi-
UNI account of the said policies, and shall
deposit with the Treasurer, additional and
similar securities to an amount equal to
any increase of value of policies before
that time issued, and the same shall re-
main in force until it shall appear to the
to be fully liquidated,
cancelled or annulled
1t is evidently the object of the Law to
exercise a supervisory care over the Or
ganization and conduct of such companies
and see that they are not Onl y organized
on a safe basis, and that a continued vigi-
lance be kept over their business and
affairs, but in cases of registered
policies that they deposit with the Treas
rer before the registration of each policy.
the amount of the net present value Of
the policy, and that the amount be in
creased value of the policy
BY imposing these requirements, and
extending these privileges to Life Insu-
rance Companies for the benefit and pro-
lection of registered policy holders it was
not the intention of the Legislature to
make the State liable beyond the net
present value of any policy so registered.
The net present value of policy means
the amount due on the face of any policy,
1t any date, lrhethcr the assured be dcacIOr
'irjag.
The State always holds und0ubted secu-
rites from the Company sufficient TO COW
er the net present value of each, and eve
y registered policy, which undoubtedly
makes the State liable, and makes the
policy an absolute security. This policy
among limited number is secured by
pledge of public stocks, or bonds and
mortgages " Such is the certificate of
he Commissioner Of Insurance of the
State Of Kansas, over his signature and
seal of Office, made on each registered
policy:
This indicates that the Company
mas deposited in the Office of
he Treasurer of the State, public stocks,
,r bonds and mortgages, sufficient to Sc
cure the policy. This is the very highest
or security that policy holder in
my company can ever have These depOs-
Is are beyond the control of the Company
Tor can they be affected by the decline or
depreciation of State bonds or other pub
ic stocks, as this company, and other
organized under the laws of
his State are only credited with cash
ralue, and not the face value of such de-
)osits.
| examined into the system and order
# business of Commissioner of Insurance
or the State of Kansas, as well as the
avs of the State relative to insurance,
md was pleased TO see the importance
which the State attaches to insurance,
having established department of Insu-
urance with chief and subordinates of
ugh ability aud business skill, with
legislation to prescribe terms
or the organization of companies. to d.
ect their general management, to guard
he interest of policy holders, and stimu-
ate and encourage Insurance business.
Under the system explained to me by
he Superintendent of Insurance the most
prudent enquiries are applied to test the
and genuineness of all securi-
les, stock, bonds and mortgages taken by
he Company, thus guarding against the
My possible means by which the eompa-
y or registered policy holders could be
imposed upon or defrauded
As to the solvency of the company
here is no question As to its rapidly
rowing importance and prosperity there |
no doubt. As to the ability of It's va
ious officers, and their subordinates, and |
he thorough and systematic management
{ the Company's affairs, there is nothing |
-amting. And as to the holders of reg
stored policies they hold in my opionion |
be most secure and the highest order
f life policy, that the wisdom of mod |
IN life Insurance has been able to devise.
| think those of Us who have insured |
l this Company have made fortunate
nd judicious selection.
All of which is respectfully submitted. |
NJ l.. BLACKLEY.
The following Resolutions WAS
hen offered by Mr.. W. Z. Brewer
nd unanimously adopted:
ReSolUcd r That we have heard