Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1894-04-28
LIFE AND CASUALTY.
Features Of Part Iwo Of Insurance Commits
]. sioner Cars Report.

Hon. S. w. Carr, the insurance commits
sloner Of this State has issued part of
the 26th annual report from that depart
ment. This part relates to life and cas-
ualty companies doing business in this
State.
This report shows that the taxes paid for
1893 by the fire companies engaged in the
differen. kinds of insurance in this State
amounted to s29.l23 60. In 1892 the total
the total tax was s3l, 65s.14. The fees re-
ceived last year amounted to 1924. The
commissioner says:
lone domestic and % foreign life insur-
ance companies transacted business in our
State during the year 1898; of these COM
panes all confine their operations to the
United States with the exception of three.
While each succeeding year sees large in
crease in the volume of business, it has also
witnessed gradual elimination of old-fash-
ioned, iron-clad and harsh policy restric-
tons and conditions as regards residence,
occupation, paid-up policies, surrender val
ues, loans, etc., all Of which improvements
are IN the interest of the insuring public,
until today, many of the companies policy
contracts may be considered .ideal ones
from policy holders standpoint.
With these Improvements, however,
have grown up one or two abuses, the first
and principal of which is the ever increas-
ing cost of new business; the rate of COM
missions and the bonuses paid to agents
have been rapidly increasing year by year,
until 1898 finds it twice what it was in the
previous decade. The rapid strides made
by the insurance companies during the past
few years, the enormous proportions to
which the Sc companies have grown;
the fierce although friendly rivalry
that has sprung into existence;
the laudable desire to have the
largest assets, the greatest surplus, the
largest amount of new business, the greatest
premium income or to ''lead the world" in
the insurance field have all contributed TO
this evil and to the evil of advertising state
ments which cannot be allowed by any 10
surance department and which can only
create false impression with the insuring
public-the assets and income of the COM
pauies often being swelled by items of
questionable or of no value.
"Pub.ic opinion while slow to kindle can
reform nations when once aroused, and it
is possible that if the companies do not of
their own volition return to more conserva-
| tive and economical business methods, that
not only the new business will be checked,
but the companies may, by legislative ac
ton be compelled to restrict their expendi
lures.
1.-The past year has been a severe one for
insurance companies as well as for other
business and especially so for the smaller
assessment associations. Since the last re-
| port of this department, four assessment
| companies of this State have gone into the
hands of receivers"
Following is an outline of the business
done by the life companies in Maine for
1898: policies issued, 20,272 amounting to
$22. 595, i03 .45; policies terminated, H.
400, amounting to Sl8, l56, S47.34 policies
in force Dec. 3lst, 1898, 43 ,66S amounting
to S4l, l54 1924; premiums received ST.
| 1892 ,565 81 losses and claims paid, $780,
| 350.44.
| The casualty companies wrote risks in
Maine during the year amounting to $l3,-
1873 1924 AS premiums, 1874, 552.90; losses
paid, S25 ,280.17.
An outline of the business transacted in
Maine during the past year by assessment
life and casualty companies is seen from
the following 1924 certificates written
amounting to $l0,Sl0, 1926; certificates term
mated, 1925, amounting to ST., lG9 SOS; ;
certificates in force Dec. 81, 5000,
amounting to 1874 G2l, 5S7; losses and claims
paid during the year, $3.50, 1913.
The fraternal beneficiary organiz atoms
admitted 1851 members and the consequent
amount was SIS ,O54 sos; the membership
terminated during the year was 3741, and
the amount S., 1903, $40; the membership,
Dsc. 81, was 90 1923, amount S44 029 1856 ;
losses and claims paid during the year,
1851 $50 81.