The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1891-04-21
LIFE IN 1901.

the most marked in tho history OF the
busin IS and we'll compliments the
moro general diffusion Of knowledge Of
all kinds and progress ofthe last decade
in matters of art, science and industry.
a marked feature of this development
has been the evolution from tho pure
ordinary life features Of assurances,
wherein the necessity Of dying to win"
confronted the policy holder with every
recurring annual premium payment and
gave him no ~residua-y interest in his
saving or contributions beyond tho pro-
vision for his family after his death.
1t is remarkable that after a genera
TONS experience of this old form of in
surance, a popular demand, both of
business interest, and for moro varied
Investment, should have arisen for the
application of the sound principles of
life insurance to the outlay of the saw
ings of all Glasses in the community,
to protect the dependent family, and
prevent wanti in the contributing policy
holder during the later years of his
life. Then the cash returns on his in
surance if its protective features
should have been outgrown, would meet
the / ecessities of his older years, when
those formerly dependent upon him had
outlivcd his care and protection.
American life companies of progress
sive tendencies were quick to respond to
this development OF tho business, and
foremost among them all was, as might
have been expected, the New York
Life Insurance Company, organized in
1915, and previously the pioneer of
non-fOrfeiture and limited payments in
life insurance.
by the first reform thus inauguratcd
the contributions of long periods, for
merly confiscatcd from the unfortunate
policy holder, who was unwilling or I'M
able to pay further premiums, was
secured to his estate, and, by the latter,
recognition was given to the advantage
of throwing the burden of insurance
upon the productive years of life.
a logical sequence of these require
ments was the Tontine Investment Pol
icy, SO proitably employed by tho New
York Life and other enterprisiDg com
petitors, for the capitalization Of prem
ium payments into a return in cash, in
fixed periods of ten. fifteen and twenty
years., where such provision was desired
by the policy holder; and, to the student
of life insurance in this county, there is
nothing more strongly marked than the
development and increased popularity
Of the business attending the recogni-
ton of personal interests embodied in
the Tontine contract.
When, in 1884, the Tontinc system was
further modified in the introduction of
the non-forfeiture feature, not originally
included in the Tontine contract, it was
made as nearly perfect, fsr the average
necessities of mankind, as any plan yot
devised by the mathematics of actuaries
and the ~far-seeing experience of life in
surance managers.
The New York Life Insurance Com
nv l~@~
1880. was represented by assets of S43,-
s 3,934.S1, by income of IS, o64, 719.4 Al, by
new insurance written of S22.229, 97y,
and insurance in Iorce OF Sl35,726 ,026;
in 1890 showed Sl15,047, SO9.9 OF assets,
S32, 1873, 100. 06 income and $3.50, 5T6, O65
new insurance, with $3.50 33S, 726 in
surance in force. And when it is re-
membered that during the whole forty
six years of h cOmpany's existence it
has never been Obliged to use it's pre-
MUM income to pay a death-loss, but
has made all such payments out of the
interest, rents, etc, earnings Of its as
sets, with a surplus OF S1,773, 1876. 80 ad-
d%itional, in its difference between such
earnings and death claims, with a saw
ing to its policy holders from table rates
OF S54,65S, 500. 35, the excellence of it's
management is clearly appar-
ent.
And the company's acknowledgements
OF success, fully combining investment
and prott ction, is we'll illustrated in the
popular appreciation of it's liberal four
per cent. guaranteed interest bond, and
return premium contracts, wherein, in
the one case, after the need of insurance
has been met, during a period of fifteen
or twenty years, the %bondholder receives
from fifty to sixty-fye per cent. of it's
premium cost, in cash earnings, and
four per cent. guaranteed ANIMAL inter
est for life. upon his aggregate pay
ments, as though no Such return of anv
portion of them had been made and the
lace value OF his bond is a paid-up insur-
ance for life. AND in the return premium
policy the full amount of the premiums
IS guaranteed to be paid, as a mortuary
dividend, to tho policy holder within
the tontine period whenever death oc-
ours, so that the whole cost of insurance
is bornc by the interest of the premiums
and the face of the policy is left to the
poilcy holder as a margin of profit,
whether his death occurs early or late
in life.
Corresponding to the general success
OF the company is that of its South
eastern department mprising the
.".S' - -h"i iuiu, NlTSiHla, west VIZ
ginia and District of Columbia) whose |
headquarters are Baltimore, Md, for
the same period OF time, from the Access
sion OF Col. j. Il. Jacobs to it's charge,
as general manager, on March 8, 1881.
Then he found the existing business of |
the company in Virginia 10 be:
insurance, $751.560. Premium income,
$lS.747.S so,
while en- December 81, 1890, the books
OF the department show, in the same
State,
Insurance in force, 81, 035,51O. Prem
ium income, $3.50, $50. 10.