New-York tribune., 1877-09-20
LOCAL MISCELLANY.
THE AMERICAN POPULAR'S POLICIES.
A HOLDER GIVES his EXPERIENCE AND viBws o1
THE CoMPANY's GENEROSITY.

The AMEhlCAN fOi % IObASA@Ss
A HOLDER GIVES BIS EXPERIENCE AND ViBws VI
THE CoMPANY's GENEROSITY.
The referee appointed to examine into the
case OF the changed poices OF the American Popular
Life Insurance Company has received over 400 out OF
the 500 policies which had been changed These policies
vary from 81 900 10 $4,000, ana are among
the oldest issued by the company. several datng pacA
1867 This changing Of the old policies Tor ne" ono'
was effected by circular issued IN January OF the pres
ent year. only few months before the suspension OF the
company This circular began with cheerful greeting
70 the policyhoIders ard then gave the information that
at recent meeting of the directors 1t was decided 'ha
in consideration Of the low mortality whcn tne com
pany had experienced each year since It's origin ana ior
other considerations tho Centennial year should DE eeie
brated by the addition of a small amount to the assur
anee OF all those who in good condition az that
time "This would not be much" the circular stated
" but 10 have ANYTHING thus added TO the assurance
would afford pleasure It was hoped to those VINO hau
stood firmly by the principles and methods OF the nc"
system only In use by the American Popular" Ihe ao
diton provided only small fraction OF the pro
miums that had paid by the policy-holders Ihe
manner In which the change Of policies was Effected is
shown in the statement OF D. c. Whedon OF Providence
r. l., the referee Enclosing the company eircuan,
he says: The obvious Inference Is that le ris
sired its assured sharers In s prosperity hIs
is precisely what understood, uhtI SuperIteiv ,,a
smyth had commenced pr9seedlng r - yonntsrly
me January 80, ST. he was careiu 90 id ~
explain why bonus not paid III cdsl OF splcu W
saying in substance, that either cou nave pee ,
was desirable not to diminish the iuus ana hlso W
keep their reserves In good condition. hch seeea 70
me very proper. content TO let the company chooSe
ifs own form OF bestowing its gift The wnole CONVEX
saon assumed that the desire ana purpose OF te com
pany make its assured sharers IN ne ptohiso OF
their speTous business and nothing 20 me contrary
appeared. Dr Graves made an examination OF my py-
steal condition, hut TO be unable TO say Whether
i would he adiudged anything, which would be deter
mined the office. The health certhcaie Is so urawn
that the proposition 10 exchange policies appears 10
come from the insured, whereas H really came from tue
company This certificate IL says gwen as coslu
Grafton 10 ndnce the company TO exchange i9I pong
No. policy, III the sum OF =, WIN auuitions'
without an increase on the premium theFeoi' -.
DIR. Graves took policy on receipt Mr. Mhedoh
continued, promising 10 return H. OF new onT nS
increased assurance, II bonus was allowed me inlH
ing dealing with honorable men ana sentsinen
took IL for granted that tine company nI lts lol VI
accomplishing lis generosity surely coulu NY SuptO
| was dealing with swndlcfs. The only result dreamed
OF in the change of policies was possible increase o the
assurance, and this, motion OF the COMPANY, lo1Sn
H. onu c;rcnlar noticed the date and particularly ihe
endorsement. Term OF Life nom Julj % io'o' "stcu
OF Juy 22 1867 as IN the old TINS change cOuu
moi rvnltin mi thought Itnigbt have been MADE
necessary by the change M the amount OF tne dHsl
knew that any rate Tie books Of The company Moo
show that / had been Insured SINCE Juy - ioo' II
did not enter my mind that | had DeeD che''eu,
nor yet tlat the cXcDange OF policies cOul9 oe con
stIued into surrender Of my ola poiey u sne ~ at
ont OF new one. The res cect ol the chage uu hot
suspect until il publicly stated Mhen the cDnloh
was brought before the Courts IL now appears, a.
understand II, that the exchange OF POilrits Mia
Ia relieve tie company necessity Ol tlc reserve
required by ola policies. now unde siaud 'iat ie
exchange OF policies cs nlt on lpn my ih ~ ''s
ont the ten ptemius wuicl rIve pId. Ihls never
agreed TO- contemplated or understood, ana hao Dten
gwen 10 understand thai al ths followed my cDiSelihE
e. .Cpt MS ALTERED bonus hOud mos, certainly nave
refused it, The renl facts as To the cohioh VI w
company. the motive OF me bonus ana ,hr eIc ol NV
,vcpge of poIce., % be- kept on 0i slsht lhe
simple flc is that under pretcnCc ~ bonus anu y!
If TIE real ttc'> in the matter ht toIy'
win n duIent and wicked purpose led me 70 the XIV
Ing up OF my old policy, aud /, trusting 10 Their honor
aud honesty iel mo thtu tdp.