The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1894-09-01
MILLIONS IN THEM.
Commissioner Duryea's Re-
port on Industrial lnSur-
ance Companies.
STATISTICS FOR LEGISLATORS
Sixty Policies Lapse Where One Is
Paid to the Beneficiary
Gigantic Profits.
snecinl to the .Lerseu citu Ne,rs.


TRENTON. Sept. /, 1S94.-Te the annual
report of Commissioner George s. Dur
wee, of the State Department of Bank
ing and Insurance, just issued, the IN
quirer for facts and statistics concerning
Industrial life assurances lapses naturally
turns. The facts therein set forth by
the companies may not at all surprise IN
surance experts. To some other people
they will be simply amazing.
The industrial Insurance business IN
this State is done by six ompanies[tne
Prudential and United States OF New
ark; the Citizens Mutual of ATLANTIC
City; the Metropolitan and Germanla OF
New York and the John HancoG OF
pany began the year With 900 lndustriai
policies for $3S, 455 in New Jersey, ana
issued { LIS policies durin aea me New yed Jersey sor
policies ceased to be in force" In its
business here and elsewhere the company
ceased to be in force by death and
5,414 by lapse. With that proportion over
1850 of the New Jersey Terminated pol
ieies must represent lapseS.
The Prudential's Company's record OF
policies ceased to be in force during
the year is interesting. It shows tnas
&c, $50, and their amount s3,S24,o5s. Inc
number that ceased by lapses was w.
GAG, and their amount s5,oehoSo. Inat IL
for the business throughout the country
In New Jersey 120, Isl industrial policies
for sl4. T61, S19 ceased to be in force dur
Ave lanses to one death had held good
here. that would mean that over n5,0OO
of these represented lapses; ,srs
LARGE NUMBER OF LAPSES.
The United States Industrial Com
pany's report is even more remarkable:
THAT enterprising concern reports that
during the year 1927 policies ceased to
be in force, 1884 of them by death and
Si,S43 by lapse. The proportion there IS
about sixty lapses to one, death. Inatis
on business throughout the country. IN
New Jersey 34,614 policies ceased TO De
in force during the year. They repre-,
scented 81. 5s2s56 If the proportion heid
good over $4,000 of these represented
1apses. u.av ;na,s-
trial companies; The Go nsEpnas
in New Jersey, the number of policies
in force being only AT. The Metropolitan
Sompa4y yre report Shows 0f pg bV death fsasS Abs,
amount S.. 534. eS9, and by lapse S4l,S32,
amount sl07, SS7. 046. The proportion mere
large ordinary life business done no doubt
decreasing it. In New Jersey 7s;S4s NOUS
trial policies ceased to to ! be in force aurt
have represented lapses. The John Han
cock Company does not lapse poncles
after they have run for a cer ,b;ln 10 Isl
policies, representing $1.14lS40, ceased TO
be in force by death, 212,277, represent
ia6se" That was on the general bust,
ness In New Jersey 7,18S policies ceased
to be in force during the year. II ons
held good, about $500 of these must have
repreeBRiEsNN EFTT ASSOCIATIONS.
In other words, if the proportions LOT
the general bushes held good apout
1000 industrial insurance pos,Gles
'ceased to be in force" by d Isa n IN MeM
Jersey last year, and about $4,000 ceased
TO be in force through lapses. Inc re
ports presented by the Commissioner 90
not show the people who faiie1 10
keep up their policies had paid IN. Iney
do not show how much new business the
rnlucky agents had to make up 70 the
companies to atone for the 1naplllty OF
policy holders to keep up their pay
What they do show is the misfortune
of the policy-holders and the importance
which 'lapses'' have in the business;
To the consideration of the people ana
the Legislature of New Jersey this report
is respectfully commended.
Other figures that it presents are OF
such magnitude as to challenge the atten-
ton. In the ordinary life insurance
issued in the state during. the year.
There were 42,5S8 policies in force IN the
State at the end of the year, their amount
being being S s%o ;ss2, ss5- to Th S. sg gT lss6 and f the
death claims paid to 81, 726, III.
It is when the business of the so-called
ternal societies is taken into considera-
ton, however. that the extent to which
dealings with insurance corporations en-
ter into the life of the people is best COM
pretended. In the State 3o2. 60S indus
trial policies for $37, 3S7, 1893 were issued
In 1893: the number of policies in force
December 81 was Sal Az, and their
amount $95, 1881, $50. The premiums col
lected amounted to s3,Sl9,342 and the
payment of death claims to $l.2S5A76:
The business written exceeded that of
the past year by 1O,S7S in number of
policies and 81, 1896. 464 in amount of in
surance. The average amount of each
industrial policy is $113.35.
The fraternal beneficiary associations,
of which t%hirty-one have complied with
the act of March II, 1898, and filed re-
ports, had in force December 81 last in
this State 56.502 certificates, a-ggregating
sos, 218, 600, and had paid during the
year claims a-ggregating 81, 290, 74.