The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-06-25
LOUISIANA DEPARTMENT
LIlIlSyOCIlIIOl
AN ERIC A.

NEW ORLEANS, May 49, 1875
To Policy Holders in this Department:
by direction of the Board of Directors of this
department, take pleasure in submitting for your
consideration the result of an examination of the
affairs of the Association by the Superintendent OF
the Insurance Department of Missouri
Respectfully, J. B. HOOD, Presi ,ent
| STATE OF MISSOURI INSURANCE DEPARTMENT !
st. Louis, May 10, 1875.
Hon. Frank P. Blair, Superintendent Insurance De-
partment:
SIR-Having completed personal examination
made at the request of the Directors of the Life As
sociation of America into the condition. on the first
day of April 1875, of that Association present the
following report
As require ed by section of the Act of March 3D.
1874 for the purpose of making this examination the
rate of interest assumed was six per cent per annum
and the rate of mortality was that established by
the American Experience table.
The loans of the Association, secured by deeds of
trust mortgage real estate, an ountifg to g.
2Ole7s 81, have bssn carefully examine one by one,
and close scrutiny made into the title ard value Of
|
security, inquiries were made of parties not con-
| nected with the Association. Loans to the amount
of ST. 7o5 81 have net been admitted because of de-
fectve security. The remainder g. 1912 TO- is in
my opinion satisfactorily secured. The policies of
| insurance on perishable improvements were exam
ined in every instance to that the policies were
in force and made payable to the Association in the
event of loss. ...
The values of the stocks bonds, and other collat
erals pled ged for the payment of $l36 1893 o. amount
loaned collateral, we're carefully considered In
each loan.
In the amount ofpremium notes and lOans $685.
042 II, note or loan in of ak per cent
serve has been included nor any policies not in
force.
The value of the real estate owned by the Associa
tiOn stated at $27O 400 49, represents its cost value
after deducting membranes, no addition being
made for supposed value over cost.
The amount of stocks and bonds owned, is 1870.
422 g. This is the aggregate market value LIST of
April, 1875, closely it possible to ascertain
it. The stated amount includes sl4o 600 of Missouri
bonds. and ST., 1876 in United States bonds.
The amounts Of cash on hand and on deposit at
Departments, S7l,996 o. and of interest and rents
accrued sss364 81, fully verified. The accrued
interest was not estimated, but was carefully com.
puted in this Office.
The gross amount of uncollected and deferred pre-
miums, aggregatng s356,677 &c. we're ascertained by
actual examination of the Associations books and
are all on policies in force, and SO reported. From
the above aggregate the loading SIPS e92 49, has been
deducted leaving the net outstanding and deferred
premiums 1857 1856 90.
The following statement exhibits concisely the re-
suit of the examination and shows surplus to policy
holders of 5000 994 90 over all liabilities.
Statement Of tho Condition of the Life Asso.
citation of America, of St. Louis, Mo-,
on the first day of April, 1878.
ASSETS.
Amount of loans secured by
deeds of trust mort
cages on real estate. =. 81 1874, 172 10
Amount CT loans secured by
pledges Of bonds, stocks,
ETC. .-.-..s---....-...--. 136, 1913 "
Premium notes ami loans not
in excess Of per cent. 4
reserve policies in
force. 91so42 II
Value of real estate owned
by the Company, taken
at cost, after deducting
all imeumbrances. go, 400 As
Market value of bonds and
stocks owned by the
Company. .-.-... 3lO,422 SO
Cash in Office of Company. 943 81
Cash deposited in banks and
at departments. ....... n052 40
Accrued interest. s4,s64 80 |
Accrued rents. ........... $500 81 |
Gross amount of
premiums I'M
collected =. s29s,o4s 50
Gross amount of |
deferred pre-. |
miums ....--- $500 IS |
S3s6,677 50
Deduct loading. 12s, s92 SO
Total admitted assets ........... S4.247, 377 90 |
LIABILITIES.
Claims for death losses, in
GLIDING resisted claims. S153ssO 90
Reserve on basis of Ameri-
can Experience table, and
per cent interest. 3, 1872 $40 90
Amount due for advanced
remlttances- -----.----.--- 4,U9l ~
Amount of premium notes
on re-insured policies. 17.Oo2 90
Premiums paid in advance. 069 10
Present. liabilities as to policy holders 1893 90
surplus 1905 1874 90
The investigation. conducted almost entirely out
ide the business hours of this Office was partici
,ated in by Mr. W. J. Lard, Cashier Of the Depart
aent, and Mr. A. F. Harvev. The results of their
abors also are embodied in the foregoing report,
which is very respectfully submitted. II
c.. KING, Deputy Superintendent.
LOUISIANA DEPARTMENT, l.