New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-23

THE REFORM OF A GROWING ABUSE.
Insurance men who have gone on thcir Vacauons,
who are about going, serene In their minus ana
in the re,t condition TO have Jolly time at tho sea
shore on the mountains or In the country Most OF
tho companies have had profitable experiences during
the six months recently ended, and officers and man
ayers leave their desks for brief periods Of recreation
fully satisfied with assets" surplus" and new
business To be there arc exceptional cases
OF bad luck but tho vcragc lot has been toerably
happy ono.
In that dcmoralzed branch Of underwriting fire
Insurance. the fire Hcnd. kindly let up little anu
many Of the companies have had a brief period OF
comparative good forturc-.ome of them have really
had phcuomenay happy time Of It. Still rates are
in a state Of confusion, commissions conform to no
standard and really there Is little cause for congrati
iatlon in tho fire insurance field. Thirty or forty
companies have declared their usual dividends, This
number about spondIng to tho dividend record OF
last July The particular thing in tho local fre In
surance business this moment is tho effort the New
York Board of Fire Underwriters is making to estao-
lish an inspection bureau. HERETOFORE
tho companies have relied on their own inspectors
for information as TO tho nature OF risks, the survey
service of tho board having been lmltcd to three or
four men. Now IT IS proposed to put disciplined
squad of fifteen or twenty inspectors, or surveyors,
in the field whose reports will be printed daily ard
furnished to the companies. Tho board is looking
for tho right man to be placed at the head OF thS
new department and no doubt he VIII be found.
Probably he has been foin1 already for the name oil
the president Of Of the older city companies Is
frequently named in connection with The POSITION
The cost of this combined inspection VIII be met by
a prorata assessment on the companies Great OK
rectations are entertained concerning the amout OF
GOOD an efficient survey corps can do and consider
able dimnuton in the number of fires and the severity
of losses is looked for after the system shall be In
working order.
The talk at the offices OF the life insurance com
panies is TO the effect that large volume Of now
business has been done bctweel January and July
Undoubtedly tho magnificent records OF last year
will be largely exceeded this year The life insur-
ancc boom is SIN and gives no Indication oil
falling off. Notwithstanding the growing competition
from assessment companies, the "oh-linc' pan
seems to be steadily growing in popular
ity. 1t Is claimed by discerning ohccis
of regular companies that the educational influence
excrtcd by tho assessment societies is worth to the
old companies many millions Of new business every
year. The permanent protocton which the old COM
panies give appeals to those who have seen the benc
fit of insurance of a temporary kind, and II Is simply
a process of graduating 10 come over into the oid
lincn camp. Like their fire insurance Consequences
the life insurance have focused their attention
on a reform. On July 10, reported by Tic Tribune
a meeting held in this city attended by the repro
scnavcs Of companies whose assets aggregate nearly
s4Oooooo0o. the object OF THIS meeuns was 10
find way TO prevent The discounting of first premiums
by agents This practice, known as ne r6a tS.
abuse has gown to bOthcisomc proportions ana inc
work of agents is much embarrassed by IT, Whcther
practicable method can be found TO remedy the evil
will be known carly in the fall whom another conference
VIII be had. Meantime o committee OF experienced llfs
insurance officers will carefully study the pecui aflcs
of rebate7 for tho purpose of advising the companies
what 10 do.
The miscellaneous insurance compancs-Plato Glass,
Accident, Steam Boiler Fidelity, etc.-havc all had
fortunate six months Perhaps the premiums in accl-
dent insurance afford the narrowcs margin for possible
profit Bnt the accident COMPANIES have done Well,
and so have all their neighbos In tho miscellaneous