Wichita eagle. [volume] (Wichita, Kan.) 1886-1890, 1888-09-16

The New York Life and Contested Policies.
The New York Life had losses unpaid
Jan 1st, 1883, the sum of s6l9,2J2 Inc
Massachusetts Mutual Life closed It's
books Jan. lst, 1888, without death loss
unpaid, and not a contested policy on lis
books. See what eX-U. S. district attor-
ney says:
The opinion of VIM. Carey, late U. S.
attorney of Utah:
T. NcCullom, Esq, Hutchinson.
Dear Sir:-Having been requested by
you for legal opinion as to the relative
merits from a legal standpoint, OF two lie
insurance policies, submitted to me foi
examination, one issued by the Equitable
Life Assurance society of the United
States, 120 Broadway, New York. and the
other by the New York Life Insurance
company, have carefully examined both
policies, and while each company appears
to be conducting its affairs in a business
like manner, | unhesitatingly advise you
to take the policy you contemplate III the
Equitable one. OF principal reasons that
has lead me to this conclusion is expressed
in the policy of the Equitable, viz: IL the
policy natures after the expiration of said
TWO years this policy shall be indisputable,
while the New York Life Insurance conn
pany seems to me to reserve many priv
leges which | fear might lead to vexatious
litigation. Yours Truly,
WILLIAM CAREY.
Opinion of S,uss & Stanley:
WICHITA, Kan, Sept. IA, 1888.
J. NJ. Knapp Esq; Wichita, Kansas.
Dear Sir:-Having been requested to
make a comparison of two life insurance
policies handed to us, one an ordinary life
policy of the Massachusetts Mutual Life
Insurance company, the other MONITOR
feting limited tontine policy of the New
York Insurance company, and give our
opinion as to which was more favorable
to the assured from a legal standpoint; we
will state that we observe some material
differences in the conditions imposed by
the terms of the policies, and these differ
ences appear to be III favor of the Massa-
chusetts Mutual. We note the following:
l. Greater restrictions are placed upon
residence and travel by the New York
policy, and such restrictions extend to the
whole time covered by the policy.
,. The New York policy prohibits a
large number of acts and occupations not
mentioned in the other and declares the
policy null and void in case such prohibit
ed acts or occupations are committed or
engaged in.
3. The Limitation within which an &C
ton must be brought is fixed in the New
York policy at one year, IN the other at
two.
4. The New York policy by its terms is
not assignable.
5. The New York policy provides that
no suit shall be brought against the com
pany upon the policy except in the courts
Of the state of New York or in the circuit
court or district courts of the United
States; the other contains no limitation in
this regard.
6. In case of death the Massachusetts
Mutual pays the full amRnt of policy.
with the surplus added; the New York
the original policy only, the assured losing
his surplus and profits.
:. In case of nonpayment of premium
after the policy has run two years. the
Massachusetts, Mutual gives a paid-up
policy for the state reserve, which gives
the assured the right to participate in the
surplus and profits in proportion TO the
amount he has paid: whereas the New
York Life gives a paid-up policy for the
state reserve only, which excludes the
assured from participation in the profits.
s The assured in the Massachusetts
Mutual. after two years, can withdraw the
cash value of his policy at any time during
life while in the New York Life he can
only draw it at the end Of the Tontine pc
Rod. SLUSS & STANLEY.
dies 1t