The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1883-03-22
life Insurance.
The Hartford Life md Annuity Insurance
Cc.-Its Statement for 1888.

The Hartford Life and Annuity Insurance
G.-Its Statement for 1888.
from the New York Scientific Times.I
The necessity of life insurance TO those
Eho ara not possessed of far more than an
abundance of the wealth attainable IN tkls
world from material standpoint, mas long
since been generally recognized, anu those
VINO neglect the advantages OF this nature
presented By many companies cannot oe
considered Otherwise than culpably NEGLIGENT
Of most important and urgent duty. Inc
chief difficulty that has been experienced IN
the nast BY those on whom famiiles were
dependent in availing themselves OF the
security offered by this species ct insurance,
was the exorbitant rates eXacted by organic
atoms formed upon the older systems, and
which were only within the reach of the
wealthy and those who required their bene-
f;ts the least. A system which has rendered
Itself the most popular of the age is the safety
fund system of the Hartford Life and Annui-
~ Insurance Company, Of Hartford, Conn.
This system combines an improved plan OF
cooperation with safety fund deposit, and
which, while giving perfect security at the
lowest possible rates, renders loss to investors
an impossibiity. Tbs system has occasion
cd the most yit1peratiye attacks from COM
panies employing q system that is daily
growing more and more obsolete, ana whose
fnal demise Is rapidly drawing nigh. Under
the system of which we write the members
mutually protect each other by establishing
q safety fund which not only insures COM
plete protection but becomes source OF
profit: while the advantages are secured by
Simply paying stipulated sum to the COM
many for tranSacting the business and aiding
in the establishment Of fund which is truly
5enominated tssafety" one. The expense
of carrying g certificate, aside from the ex-
penses inst enumerated, is strictly governed
BY the actual losses experienced, which can.
be seen by ali to afford insurance at the low
est possible cost. Every dollar received for
the safety fund is invested in United States
registered bonds, the Security Co., Of Hart
ford, chartered trust company, aching as
trustee, and from reserve independent OF this
insurance company, and is subject to the
demands Of the members, according 10 the
terms of their certificates. After the ccm-
pIetion of the safety fund, If an assessment
should fail to produce sufficient to pay loss
in ff,l. it win be divided among persistipg
members, paving them while Irving the full
face of their certificates. Within the next
two or three wears, at the rate OF progress
now being made, this safety fund viii have
accumulated 10 the point fixed for subsequent
division OF further interest accumuiauons
semi-annually, as dividends to those mem
bers whose certificates haze been IN torce
FIVE years, ana these dividends viii De paid
10 their credit TO pay for future assessments
and dues, as they occur. We nave neither
in fnll The operations Of this system, aud
trust that it will suffice with our readers
when we state that we have given 1t
thorough examination and find it to have
periected the cooperative insurance system
nv keepinc assessments at low rate and
insuring the protection of the last man,
Something that most other assessed systems
vet devised do not do. No better Authority
on insurance is alive to-day than the Hon.
Elizur Wright, the eminent actlary and ex-
Insurance Commissioner of Massachusetts,
and as his opinion Is of much more Yalue to
the naiority of people than your correspond
enfs, we submit an extract ofa letter written
by him concerning the safety fund system.
He says:
aHaying examined the safety fund plan,
am satisfied that it may be safely relied on
as answering every valuable purpose OF IN
surance, while il does not expose its holder
to the risk of large loss by his inability to
persist in his payments | think You nave
fairly supplied the two things which have
been lacking in what is called cooperative
life Insurance. for want Of which il has to
large extent failed to answer the purposes OF
insurance, /. The cement to secure persis-
tence of payment. 2. The equitable assess
ment of contributions for the payment of the
face of she certificate in case of death.
These two deficiencies being supplied, you
have manifestly reduced to minimum the
cost of providing. with the greatest attainable
certainty, for the widow and orphan, on the
cooperative principle.
The old plan of life insurance
while under its best management
itmakes the death claim sure, commonly
makes the Insurance unnecessarily costly,
aud, with hardly any exception, exposes the
policy-holder more and more as he proceeds
IN his payments to an excessive loss BY dis
continuance. The risk is almost always
erieyously underratsd Therefore, consider
ing the extreme mutability of human affairs.
consider one of your certificates Of mem
bership under your safety fund plan, as far
superior in value to an ordinary Insurance
policy which does not stipuiate q precise and
fair surrender value, payable at the close OF
each policy year, if the insured elects to dis
continue.
After the above, any further remarks as TO
the practicabisity or value of this system
from US are superfuous, and as an iilustra-
ton of the old and homeiy saying, "the
proof Of the pudding is the eating" we call
attention to the statement, for 1888, of the
Hartford Life and Annuity Company, which
is appended below:
rrSaScrar STATEMENT. JANUARY ]. 1883,