New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-10-06
THE NORTH AMERICA LIFE,
REPORT OF ACTUARY KEYEs.

VALUE or THE NoRTGAGEs-hO" ~
REGISTERED POLICY CLAIMS. III. ,.,or-
Henry r. Person, the receiver u ''o .-t,,oa
ica Life Insurance Company recently ayr NJ
rr,orson W. Reyes actuary OF the company M
-. hos examined the books of the company a"'
- estimates of the value Of its mortgages an"
.roe-tv and the amount Of its liabilities lie sun
rttod I'm elaborate report Of the result OF MS h'es-
.;ti,, IN tie Suurcma Court on October - As 'n.s
rrt cannot fail of being read with interest oy All
thc owners of life insurance policies IN the uilOl
truate company, it is printed IN tul oeio"'
.s,,prcme Cont, State Of Ne'c- York. Science
tady Co,o,t. IR the matter Of Tie Norm A""''" -
.yro,ee C0upGny Of Nec York :-Pursu'ht 10 'io -
rro,oonfs OF section e OF chapter co., OF the INV" "
1890 under which his appointment was maui am -
b,ch his dutes nre defined The undersign'u Tue "0U
AIRY, appolnted by the receiver, win the aPP'"'" " nv
superintendent Of the Insurance Department s"""''
herewith 10 the Honorable the Supreme Court report
uron the condition Of the North America Life insurance
Company. go -,
The sctuary fuds himself confronted with the Iolo"
ING situation. which he hopes may serve as Jus
tnraton FOR presenting to the court anything snort VI
ole,e and khan tive review and exposition OF the ar
fairs aud condition Of tbs COMPANY Certain materlSl
questions affecting the immediate status Of the company
the novers and duties OF the receiver. and
vitality affecting the rights ana interests or poHs1.
holders arc unde~ the w and orders OF this court
thereon al present undetermined; whereby the lcgli
nate and natural functions OF the reFlVggl boI5ers
pended impaired In their exercise anu pohcy nOl
arr Kept in state Of doubt and SUSPENSE t %
tner duties and tleir If <hts. which ac0s 10 l1eia
and meuslnes thclf ulSlIV tifi.- - rssuu1o the
more hopeless the prospect OF their aDiV 10 fe' T
4eIopton be finally decreed by The order OF this court
H. view therefore. of the cmerSeucF OF we III
mis- this general survey of the CONDITION OF tue Nln
America Lie Insurance ComanV ui ne 't nT ~ fct
S Ii1bout icing complete and ezhausyp servo trs
authentic source OF Hil"4ihlt.V
upon which The court may safely proceed I'D set.ns
and administration Of justice which shall eVentuate ~
fin d determination OF the rights ana interests o. AZ
who lave u1ri in. sustain innate, or even remote
relations 10 the affairs of this -fated cor 1orailon
should ths view Of What Efg"l,n W. r A. S' TOO
sau4uHe, and tus statement, iu e. thrr FORM or SUI
inaequac To ITS use or should 0ler AMI further fcts
required 20 substantial or 10 -IPl..!' , VA
Gut, Of The actuary tae the further orders OF the
count thereon.
STATEMENT OF THE QUESTION.
A clear and definite statement Of the question which
Il, The purpose Of this exposition to meet and 90 an
svcr seems desirable, n only to operate a. restraint
upon the actuary in coudnng aim TO presentation OF
those facts and discussion OF those topics only when
nre relevant the question as so defined aud limited
The condition OF the North America Lie Insurance
muay is t0 be- ccauel. and % be SCI forth n hs
report. win view, primarily 40 icdsi' 10 lNS O-Niht
upon the following question -
Whe the scuu es deposited by said coiap'ny IN NE
Insurance De artmeut ana ;h. assets az cI 8 p Ii
lDe l,ii, r WON. oil saii corsy are .lac'. no
ar TIE laws Of tis state % pay sl ue policies anlu e.
ana other ,ba lions of tad company IS tley ~ mature ~
OBJ Terms thereof and 'Ac legal c'aIe ana t. o- '"'' 10
TIE business " .
Hareou Che actuasy does not understand his du7 70
b. DISCHARGED hy sateueni or ile c'uciH'l'i, Titu
ullt lc yeu foo tl'cc woid-. hu' tlat Dee E required 10
Jr..cuf n such form sD Zoe iutc iN.c 70 the court
The facts which "a careful iuNe 'lealnn 81" li prose-
cuf.d los enabled him to fut, hcariig upon this qu's-
tnu foletncr with such di-clsi oi these lHcs ANA
their beaf VIII Justify, 0r 80 least use o appear
F.,v.ur O. I- of rauiry indie tc der STAGE
ueff of tio Question" tue natural aud o-icl order OF
pce-cutueut 80 % be:
FIRST, Co seq ioil general ana c3uInit Eye we" OF
90 suilpH 10y business wicn -'ri tNnil iAc cldlfe-
onIeatnu- oi Oh. COMPANY H' tr same snH WaIufc ~
the tr m- thereof"
secondly. tO give IN detail the nature end confton o.
fhr.. i cations as liabilities already mafugpd and ray-
allie OF convert bIr into tAo cquv.ent OI e IT,
Qurc a gwen ana corresponding alu uul of assets aud
Credits r4 reserves" tncetrcr wi n furgre pre-
ui m. receivable, fully satisfy and disc arge and
- sd fi r,li-, I'm rcsDe.t ta fl-ir .rooif,t
cIart.r rc..rt aud irrespective v,ue and aIl otl,r
particulars which ma' helpto de te mite their ,Ufci'ny,
together vftl future premiums Orb he received TO meet
ana d.rlstre ne obligations Of tp cOip4y % the
eamr shall mature by the To- nl, th'lcni.'
In f- sin be tie ann of te aruarv so or a. nossi-
BE- o. et forth The facts conditions Of problem
IN te simplest and plang Ian -lgc aud 4- free may
Do from technical professional TERMS Che employ
OF which uorunireq u-utly euds q rather than
% euN glic the hlnd 8" any plt az insurance exert
The initial point OF time IL which The condition Of the
company b. herein set forth, and 10 which our computa
tiOus aud estimates primarily Ter, s tidt upon WIcu
the receiver was appouted-Mlrch $ last. At the
came time, changes tue chtlHceror condition " pro
mort e or m the situation genera o. which Lave occurred
since fu uat and which materially If ct the nd ton
20 De described or wicl' uonS NJ I'D then3S.ses ma
Gctc ne TIE value OF The future rs recu i've force
that mas make good exstDg detclsnces. VIII be no,ed
lgs tlt , G loh o. 'o ''i'' O - ' 'Ns1'
A. the actuar, reads and interprets the law under
which is eAosi2n OF 1ae c9a On OF ne csn2ny is