New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-09-23
NATIONAL INSURANCE CONVENTION.


ADDRESS BY COMMISSIONER FINCH OF INDIANA On
LEGISLATION TO PROTECT HOLDERS OF LIFE
poIJCITs-TnE CONTRACT IN Lice lNsuRANCk
DECLARED TO BE VERY ONE-sIDED-DEFENsES
OF THE COMPANIES.
There was larger attendance at yesterday
session Of the sixth National Insurance Convention tau
there had been previously The Executive Con''hItDo
reported that additional States were representa- .!
James NJ Spencer OF Rhode Island, A. T. McGi OF Mir
nesOta, Deputy Commissioner Dean OF M"SsdcI"'o y
and Deputy Commissioner Smith Of Kentucky. Coniii'
soner John A. Finch Of Indiana offered the following ics
outiOD:
Pesored That there necessity for legislation for
the projection OF holders Of life policies
Mr. Finch then addressed The Convention In part as
follows:
The contract for life insurance the most onesHo
known in business II is framed 10y the best sklli one
side can engage give immunity 10 inc one hliu
hold the o. her with the utmost strctness Inc agents
and of one side, who present ana urge VIC 'T
tract hal the opportunity 10 know all the paris OF le
contract and are skilled III presenting everything las
bly, the other is stranger to It III every par, l,u ,a,
In the continuance of the contract the c3nVtiedre'
discretion and Judgment OF one SIDE ohy Is done
or from any cause IS unable to continue pay ' n
4. ne nle ' To lose Go" every Ting he has paid, and
at best only able 10 secure WHAT - gIanleu IN u" @
uncontrolled and supreme Will Of the one sue, nhIea
tine policy has Inaured by the death OF the one on whose
lie il was issued, the beneficiary has been met ny more
unjust, nequ.tabe, more I'sefeod'e' au "
uneNpccted decnscs than can be found IN any OF an
otner CLASSES Of contracts How exactly tlue teSe s'"
ucnts are may DO judged by an examination OF inc
policy the practices and The dcfcnses OF lie insurance
framed by The best skill that the companies
Tue constant effort il 10 rest let the pncy hOCer heVery
pmV 'He policy binds ,he holder as with chain OF
yeted Steel 1t buds the company as With rope OF
Wncu the holder of the policy dies the beneficiary .
required mulch to prove me death as TO prove !. ~
q particular way. The forms must be followed or the
roof VIII be rejected or suspended In these forms
neither the safety EOr the enencc OF Tie benehcay
Iaele can be no doubt Of the necessity for some clearly
an" u ST. 5t o NJ tnat yoicy Holders
have not now sufficient protection 1t VII be diilleL
DUTY a legislature, Gud tho duty VIII Dc Eaue more
dinicuit by the action Of The companies. ,
would suggest a law with the following require
/. al life policies should be noqiOrfeiaDle B.. am,
. Life insurance companes shoAd be hd to make good
concerning ihe policy ana practice OF tIe 9onpany a., ,,
saf,hce c5aTalss. Up,n VIZ We an cineT contracts
made II apea m IT, Ssg By % TIE TIE GSpa 20 S u?
te purchaser beware says The Law let LIE insurance com
l. there sSod he defense permitted for any misate
Do aao udaie"I OF not ilad a r Sapo GS %'SGfT
ct,d 7-th case I'D Ve years caio re cry ultdEine
rel commit Suede while sane, the policy should DC
v and All premiums lived by The company with accrued
iuele should be refunded but 10 more SHOULD lie refunded
the principal SUM named III the policy anu the acc h-
T. il a company tends against payment ard judgment
&c adverse to IT, me uH n9n' Should %, ao to @ d n
Per the total from the time payment was
deuautct M gm.nt shOIi aiso include the attorney
f t4s plaintiff, al expenses Incurred Il making 'Ao
0ftrs..
ii these requirements enforced by legislation, life in
sirancc policy viii be policy OF Insurance safety security
valuable OF providing aGdlns, The IN
OF life II will thus be what at present it Is not
The resolution and The suggestions as TO law made by
Mr. Finch were referred to the Committee Laws and
Legislation. The Chairman then named as a COMMITTEE
on Taxation, Deposits, ana Fees Messrs Forster Spcn-
Ger, MCGi Welsh, and NE. Mr. Rhodes then read
proposed act 81 regulate the Orfetres OF life insurance,
which IeleIIed IL TIC Committee on Laws ana Legs
latiOn.
rof. Romans read a paper Life Insurance, after
vii PrpStU IN oil
J Insurance Company of Hartford, Conn, said:
IDclieve that every sound wellmanagcd, responsible
company this country desires your part the most
careful and tie most rigid supervision possible There is
nothing winch honest honorable company desires
keep from the public and In The main
think wl bear wlrIcss That the reports made 10
You annually absolutely truthful statements OF their
business The indictment presented against US Is not
warranted by the facts.
The Hon. William Barnes made suggestions after
Xlcu MeelIug adjourned until u 'clOck today.