The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-04-16
Lite Insurance Report.

Sam'l II. Row, commissioner Of in-
surance fer this state, has reported as
follows 20 Governor Croswell, in ad-
vance OF his regular annual report.
He summarizes the standing and con-
dition Of all the life insurance compan-
les which reported 10 his department
Dec. 81, 1877. The reserve liability,
as tabulated, is from official depart
ment valuations. except in few in
stances.
The number Of companies represent
ed is 26. OF which 10 are purely mu.
tual; l6 have cash capital aggregat-
ing S3,Sl6,500. The gross admitted
assets are 1878, 373, 1887.
The amount is subdivided into met
or ledger assets, being sums actually
received and invested, a. shown 10y the
ledger balances, and amounts to 1862, .
AL ,S72. 80, and "Other assets" being
interest due and accrued, premiums in
course Of collection. etc, etc, amount.
ing to sls, 90l ,2l2.54.
The total liabilities amount TO 1922
l09, ,236. 96. These liabilities arc made
mp IA follows: Net premium reserve
(Which is not a present liability, but q
reserve required by law for future safe
ty), 1914, ,36s, 402 OF; claims for death
losses and matured endowments, So
3S3, ll3. SO; other liabilities, g., 357, 69l.-
20.
Over aud above these contingent and
actual liabilities the companies have an
actual surplus as regards policy-hold-
ers OF $50, $50, 1876.
Daring the year 1877 the companies
-. II !.
2s2. .577. 0i, and disbursed 500, 667. .977. =
As. OF the latter amount $50, ,069, ,095. %
was paid out TO policy-holders for
death losses, dividends, etc.
BY comparing the "amount insured
Dec. 81. 1876. with the amount insured
at the close OF 1877, the large shrink
age Of $40. 0.6l7. III is shown. Such fall
ing of in the amount Of insurance must
not, however, be construed as an indi-
cation Of financial weakening. The de-
crease In amount OF insurance has re-
lieyed the reserve liability. A majori-
~ of companies represented herein
show, for 1877, an increased amount OF
net assets in possession, and surplus
as regards policy holders, over the
year 1876.
The business of the life-insurance
companies in Michigan during the
| year 1877 was as follows:
Number OF policies issued. ............ 3,l7.
Amount Insured ............... .... sS,sGs,f1 ul
premiums I'sst' ~ =
Losses incurred ......-.....-. ...-.. 4st, J65 ~
/ Number OF policies ia force on the
Lives % citizens of this state Dee.
| 81, ls11.....-..... ..... --........--. to,lol
ltsuring the SUN of................ Si,osF,'ts .,
During the past year Commissioner
| Row personally examined the MIchi-
gan mutual life insurance company oil
| Detroit, and also the National life In
surance company of L. S. A., located
at Chicago, and found each TO be fully
solvent and able to meet all the re.
| duirements OF the laws of this state.
He has also on file satisfactory GER
tificates OF the examination during the
past year OF the Berkshire and Massa-
chusetts mutual life insurance com.
panies OF Massachusetts,. the Equitable
| life assurance society, the mutual life
New York mutal life, the Manhattan
life, the United States life. and the
Washington life insurance compauie:
OF the state of New York; also, the
Northwestern mutual life insurance
company Of Wisconsin, the National o
Vermont, the Penn Of Pennsylvania,
and the Union mutual life Of Maine
The Connecticut companies herein tab
ulated have been favorably reported
upon by n commission appointed by
the Legislature Of that state. No de
tails Of their examinations have beer
fled with the department.