New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-04-05
The PENN being purely Mutual.

EXTRACTS FROM THE REMARKS OF THE EXAM.
INER.
EXPENSES" The expenses Of procuring and maintain
ing the business considering the amount OF new business OBJ
tanned, quite moderate"
MoRTALITY."T mortality experienced indicates .
good selection OF Tisks."
AssETs.-"Tne upon bond AMI mortage, and upon
collateral show security equal to all That is claimed for
them by the Company in its statement"
REAL ESTATE" The real estate owned by the Company
allow cost, largely Of the COmpanys
principal Office the being property bought In under fore
closure but producing whole fair interest In the shaps
OF rents"
THE ACTUARIAL AND BOOKKEEPING DEPART.
MENTs ARE sYsTEMATIzED WITH MUCH SKILL
GREATLY REDUCING THE LABOR OF EXAMINA-
TON AND THE GENERAL MANAGEMENT OF THIS
COMPANY EXHIBITS INTELLIGENCE. AN INTEa
RITY OF PURPOSE AND THOROUGH UNDER
STANDING OF THE BUSINESS OF LIFE INsUR
ANCE IN ITS VARIOUS RAMIFICATIoNS."
The following presces the report Of the Examiner f. w.
Peet TO the Insurance Commissioner the STATE
to the Pennsylvania Life Companies;
EXTRACTS FROM The GENERAL REPORT OF f. W.
PHILADKLPIIA March &c, 1877.
Hon. J. NJ. FORSTER, Insurance Commissioner. HdTr&
Of the public MUD relation life growing Of
the S 81 O nd eshpsty than y 10 s
the companies Of Pennsylvania have heretofore been sub
The thorough examnaion made by you Of the real
and bonds enable you TO verify yourself Of
regards loans bonds and mort
considerable magnitude, well all
which doubts submitted 10 yOu aid are
included in accordance with your final de-
cs0n.
during the greater prt OF these
hardly TO state the methods used IN
which detailed hereafter sunce
il all the ordinary and unusual means OF
checking the correctness Of our conclusions were employed
and there can reasonable doubt Of their accuracy In
particular ali those items in the nature OF contingent assets
such as accrued interest and deferred aud outstanding
premiums which experience has shown IN 81 many instances
10 have been hiding OF fraud and cTeessness Lave
been thoroughly investigated 10 each instance Premium
their individual usually been
overlooked have instance been accurately Verhed,
the delay thereby entaed ana am able 10
item OF assets which has been claimed by any
COMPANY aud allowed in this report has been actually In
spected either by by myself those assisting me.
and disbursements In each ease were SUBJECTED
careful ascertain the correctness Of the various
which different classes OF income and expendi
entered and pleased TO be enabled 10 state
that In there legtmate or Hypothetical
entries purpose Of initiating the payments mide
the ratio Of expenses 10 income Oh ulefNso
false preston In this part Of our d1es We
were struck OF the conservative amounts pad
for procuring Of business and the entire huhcency oil Una
margins upon premiums for the procuring and nana nng he
l.. ..u--
The Department Registers OF Policies in force were IN every
hc books Of the respective conp4
MES and found The given ~ the port
ale the results careful valuation OF all policies IN ocei
made by Actuay OF department. and
| mitted .-.. f. r. ", " i,iar-,,,,oo,
| Special Examiner and Acuary OF The Department
The PENN has nearly Of Assets for each 500 Of aoL
tiles according to the figures Commissioned
President. SAMUEL {. HlEI.