The New York herald., 1876-10-25

WO have paid altogether since the formation OF
company 50 500, 600 death claims
The Mutual Life Insurance Company or New York
understood TO have had many such claims against
them those lately In litigation, but a HERALD
porter told by Mr. seward, one OF the officers Of
the company that they had settled all claims against
them and always paid the surrender value Of policy
ton OF surrendered policies have been upon sound and
healthy lives, the retention OF which by company
would have sustained it's vitality and promoted tho
tcrest OF the remaining members.
At the Equitable Company, who may be said TO own
PALACE LIFE ASSURANCE.
Mr.. James Alexander, tho vice president found,
who stated to the writer that the Supreme Court deci
sion OF course was very important TO tho companies
that had many Southern policy holders and generally
ol interest to all lie insurance companies settling
many vexed questions The decision was undoub iy
sound, but nasmuch contained q clause that the
insured entitled to the equitable value OF the pol
ICY some OF the companies would probably have to pay
out good deal OF money. Tho Equitable had long
since settled with Southern policy holders.
The Prcsden. of the New York Lilo Insurance Com
pany, Mr.. Morris Franklin, visited his office in
the superb marble building a. the corner OF Broadway
and Leonard street. He stated that the decision far
thor company was concerned was all they had been
contending ior. Tho officers OF their company had
been for years cndcavorng to settle these claims and
SAID TO tho southern policy holders, "Wc want to
treat you cquably; we don't want to mako money out
OF you and offer you surrender value OF your poll
c,cs, aud tho Court holds the samo In TACT,
tho Chief Justice said that fdcto the policy holders
not entitled To one cent but his brother judges
did not all agree with him In this"
POLICY HOLDER SAYS
One Of the largest policy holders in New York city
said TO the writer connection with this Bunect -
An essential feature OF this scheme OF life
is tho mathematical calculations necessary on which
the premiums and amounts assured are based and
these calculations again based the sumption
average mortality aud OF prompt pay mens and com
pound interest thereon. Delinquency cannot be toll
Grated nor redeemed exccP. At the option
tho understanding and practice in this depart
ment Of business. Some companies It IS
true, accord grace OF thirty days other fixed pc
Rod, within which the premium in may pe paid
on certain conditions OF continued good health
but this is matter OF stipulation or OF discretion
tho part OF the particular company. When no stpula
ion exists Il the general understanding that time
MATERIAL and that the forfeiture is absolute II the pre-
mum be paid The extraordinary and
peratc effort sometimes made when insured person
In extremes 10 meet premium coming due demon
strates the common view OF this matter" But outside
Of all this the companies ofentimos dcudc aud cnsnnre
their policy holders ways that cannot TOO strongly
condemn, aud there is point to which especially
wish TO call tho HERALD's attention. and 10 which
hope the eyes OF every policy holder in the country
be turned, and tnat H. when agent gets him his
policy he pays the premium In advancethe next year
ana the next he pays always, mark you, In advance
Then, u he defaults in one payment, tho company
tells him his policy has lapsed Now this - not so,
policy has not lapsed until he Is in default a
yoar--that is, II he paid the premium for year at
hrst Now look atshc printed regulations OF one Of
the largo companies In this regard Here they are
The company tJcs not agree to restore policy after
lapse for non-paymcnt OF premiums; and whcn in
dcnce OF the surablc cond,on OF The party must bo
gisen. No policy holder must expect 10 be notified
when his premium will be due. II Is tho practice Of
the company TO send these notices reminders whom
tho address is known, but no responsibility IS assum.d ID
on the part OF The company In consequence OF thor
non-reccption"
Now, when person from any cause nsslects 10 pay
his premium the physician can very we'll give GER
ncate that person is non insurable, and II the in
NUNS the companies In many cases Try TO iorce him
TO take paid up policy. All this is harmful TO cgli-
mate life Insurance. which, properly conductod ID
OF the greatest blessings Of the age.
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