Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1888-02-24
WeW advertisements.
Union Mutual Lite Insurance Co.
VIRGINIA AGENCY.
J.R. sHUMATE, Manager.
$40 MAIN STREET, LYNCHBURG.


The tolloaoing letter from Hon. John {.
Cochran, Of University, Virginia. captains
itse!f:
CHARLoTTEsvI LILLE, VA, Feb 9, 1885,
MR.. JOHN SHUMATE.
SUPERINTENDENT FOR VIRGINIA OF THE
UNION MUTU LIFE ms. Co. o. MAINE.
LYNoHBURG, VA:
Whilst you have been reasonably
successful in introducing your Company to the
people of Virginia, yet as the Company is compar-
aively unknown to our people, as Its past business
| has been chiefly confined to the Northern and
Northwestern States, where 1t has earned and
| Justly maintains an honorable and successful
record, / am not surprised that you have met with
the difficulties that attend the introduction OF
| new company and that you have encountered
much opposition from some inscriptions agents
of other companies, who are Ypfriendly to all fair
| and honorable competition.
As have held for several years large policy In
your Company, and the opportunity being favor
| able one, attended the soth day Of January
| last. at Portland, Maine the regular annual meet
ing Of its po,icy-holders, for the sole purpose of
| thoroughly examining for myself the standing and
| management OF the Company. Every facility to
| do so was promptly and cheerfully accorded me
| by the President and subordinate officers. Not
|
me, but the details were fully shown and explain
| ed even so far as to allow me personal examina-
ton of the bonds and other securities held by the
Company In its safe deposit vaults for the sole
| benefit of its policy-hoders.
The result OF my visit is to satisfy me beyond
| any reasonable doubt that the Union Mutual Of
| Maine is:
| 1st.-As reliable and as safe Company for its
| policy-ho!ders as any life insurance company
in the land
| 2nd.-That its management is emlnently cOnserva'
| tive and guarded in all affairs; and that 1t Is
| controlled with singularly scruDulous atten-
ton to all Its details by a large Board Of
Directors. composed of gentlemen occupying
| the highest social, political and commercial
| positions in the State.
I 3rd That its assets largely more than suff1-
| cient to protect its policy holders. are accu-
| rately reported in its balance sheet, and
| consists of the pest securities known to the
| financial markets
! 4th.-That throughout the entire history OF the
Company, now covering thirty-eight years
+, chartered 1S4s) it has promptly paid every
| death loss and every endowment policy at
maturity; and that it deals most literally
with its policy benefciaries, refusing upon
principle to interpose merely technical OBJ
| iections to the pay ment OF policies, when such
objections might have been successfully used.
| 5th.-That holding its charter from the State Of
Maine, it comes under the "Non-forfeiture"
| law Of that State. which forbids the for
fixture of life or endowment policy after
three annual premiums have been paid until
all the equities under the law have been fully
exhausted For instance, policy-holder
who has paid his three annual premiums. but
has failed to pay the fourth Is ST i'll kept insur-
ed for nearly three years longer. and proper
tionately longer when the failure occurs at
a later date. This law. made solely in the
interest Of the insured, Is of immense benefit
| to the policy holder, who for any cause, after
his third payment. is SO unfortunate as not
| to be able to meet the succeeding annual
payments
6th.-1t has been objected to the Union Mutual
that in one or two of its reports In the last
six years, as published IN the comparative
tabulated annual returns made up by New
York actuaries, it appears that the Union
Mutual disbursements for those years were
in excess OF its receipts. The answer to this
objection is complete. For many years the
Union Mutual held many large mortgages
upon lands In the North Western States.
Several years ago the Company wisely con-
cluded to foreclose these mortgages and In
vest the proceeds nearer home in more
readily available securities. In the execution
Of this policy the Company had to purchase
a great guam tty of these lands, which It has
resOld recently at a profit Of 900 over all,
principal, interest, costs and charges of the
original loans. But whilst this was in pro-
gress the receipt OF interest was suspended,
and costs and taxes had to be advanced by
the Company Again. about the same time
the first fifteen. year endowment policies were
approaching maturity. The Union Mutual
had large reserve fund on hand. bringing
In a low rate Of interest. Many of the ell
DOcV- holders a n Z tn pnt
their money for active investment and the
money markets were tight. The Union
Mutual, whenever the application was made, |
anticipated the maturity of the policies by
discounting them at the then current rate.&
In this way the policy-holders were accom- I
modatsd, the Company gained in its interest
accounts ard lessened its liabilities. For the
reasons stated above. the receipts OF the
Company for several years were necessarily
smaller than its disbursements. and this,
though the regular business Of insurance was
az prosperous as ever; and In fact, as every J
sensible man must admit, 1t was wise in
policy, and conservative and STRENGTHENING
in its resources The Union Mutual could
not have adopted a better policy. ever though
its general reports should show an apparent |
loss OF income.
Whilst am largely insured Ia other companies |
well known to and justly esteemed by our people.
and in whose Standing have all confidence. am |
fully as well satisfied that my policy in the Union |
Mutual Life OF Maine is as safe an inI estment as
and upon more taUora6le terms to the insured |
than any poJicv now hold.
Yours truly,
JOHN L. COCHRAN.
sYears ago the rate was higher.
feb2i-3t
D1ssoLUTIoN OF, CO PARTNERsHIP.-Mr
- J: A. Cochran having purchased the inter |
Rur,a In, f,a firm