Democratic Northwest. [volume] (Napoleon, Ohio) 1869-1894, 1891-05-28
The Mutual Benefit Life Insurance
Company.


The forty-sixth annual statement,
with report of President Dodd to the
Board of Directors of the Mutual Bene-
fit Life Insurance Company, of New
ark, N. j., il before us.
1t is very refreshing to find in life in
surance literature such an interesting
presentation of the principles under
lyinga pure life insurance company,
together with the honorable methods
essential to the growth and prosperity
of such company, as 1s found IN This
report.
Mr.. Dodd succeeded to the Presidency
of the company in 1882, and its growth
from that date until the present has
been uniform and substantial.
In 1882 it had 46, ,652 policies in force.
At the close of 1890 it had 65,1 ,154 poll
cies in force. The amount insured had
increased from $127 ALI ,677 to $172, ,84O,-
944. The assets have grown from $34,-
O72, 2,O99 % to SAG, ,654, ,892 81.
The increase, therefore, has been 40
per cent. in number of policies, 81 per
cent, in assets and SO per cent, in
amount insured.
The most remarkable showing of the
business of the Mutual Benefit Is found,
in its economy of management as COM
pared with the business transacted. This
Co., cain safely challenge every other
company in the land in this regard; and
as a result, President Dodd announces
in this report that from the surplus on
hand, distribution will be made to all
participating policies as their premiums
fall duo during 1901, in proportion to
what each policy has yielded to the gem
eral found.
ITO an ordinary life policy, issued In
1890, will be given about % per cent. of
issued in 1845, will be given about 81
per cent.
1t is claimed forthe Mutual Benefit
that these dividends surpass as an aver
age the dividends paid by any other
company in the United States. Presi-
dent Dodd says: The steady growth of
this company has been an un-
forced and healthy one, quite equal
to our aims or wishes. New business is
by no means important for solvency or
abundant strength. Indeed, a cessation
of new issues might be turned to q
steadily increasing ability to meet the
company's obligations, but new issues
are essential to q continued corporate
existence. For this purpose, accessions
yearly to our membership are requisite;
but they could be much fewer than they
are and still maintain vigorous per-
petuity without detriment to the inter-
ests of the policy-holders. This is
beyond dispute. We owe our present
increased business to the merits of our
policy contracts, to the favorable terms
on which they can be procured at first,
to the facilities the company affords for
keeping them in force and to the fair
terms on which they can be surrendered
or payments of premiums discontinued.
They have been most approved where
they have been most closely examined.
The equitable terms allowed for sur
render tend to their persistency. The
non-forfeiture provisions embodied in
them have the same effect. When
these provisions were adopted in 1879,
after prolonged reflection, 1T was per-
haps open to question whether the sys-
tenn would work well, but there is no
question now. The experience of each
year proves its expediency for the MEM
bers and the company The Insurance
AQe.