The Providence news. (Providence [R.I.]) 1891-1906, 1894-09-15
INSURANCE.

for the benefit OF its policy holders O
members and having no capital stock an,
no stock or shareholders, and holding al
Its property in trust and in resery
for its policy holders or members
nor to that part of the busines
pal stock and shareholders which is con.
Quoted on the mutual plan, separate from
| It's stock plan of insurance and solely fol
the benefit Of the policy holders and mem
bers insured on said mutual plan, anc
holding all the property belonging to and
derived from said mutual part of the busi-
ness In trust and reserve for the benefit o
It's policy holders and members insured
on said mutual plan."
1t is stated that the Mutual Benefit
Life Association of Amer lea will 90 out OF
business. 1t was organized in 1883, and
had about 81, ,00O, 900 OF insurance in force
last January.
The American Benefit Society is the
name Ola new fraternal order organized
in Lowell, Mass. 1t proposes to paw 300.
$1,000 and $1,000 death claims.
The Hudson Fire Is the name of q new
Lloyds soon to be started in Brooklyn.
The Johnstown Fire Insurance Com
pany has been organized at Johnstown,
Pa, with capital of 100000. A charter
was granted 1t Aug. 20.
Ihe Globe Fire of New York city has
been licensed to do business in Illinois.
Fred L. Cutting Of Boston has been ap-
pointed deputy insurance commissioners
OF Massachusetts, to succeed William s.
Smlth who resigned to connect himself
with the John Hancock Mutual az
actuary.
Charles N. Jones has resigned his posi-
tIon as associate actuary with the New
YORK Life, the resignation to take effect
in December.
The Insurance and Finance Chronicle
has been lnGk inn int 4 ha. -
vestments OF life companies, and is
responsible for the statement that no less
than 81 per cent. of the total investments
OF the Mutual Reserve Fund Life Asso-
citation in 1893 consisted of loans upon
real estate, and that the mean assets
interest and rents received, 1924, ,26O, rep
resented but 3.25 per cent"
Inc total insurance in force, divided
among 6l life insurance companies of the
united States, on January last amounted
to ,62S, ,939. 120, representing 1,749, III pol
ses,s .eaes' Inc average policy was, therefore,
s26l6, as against s26S5 for the preceding
year, and s2707 as at January i. 1892.
More than half OF the total is held by tie
three New York giant companies. Nine
companies have each in excess of
sloo, 100000 in force, aggregating
three fourtbs OF the total. Five
companies have in force between
s75, ,6OO. 600 and 800, 900 900 each: four COM
panies range between $50, 900 900 and e75-
DOO, 600 In force; IL have between $40 OO0. 900 |
and 5000 900 each, and 20 have amounts
ranging from 100000 to q, ,26O, 600. The |
ordinary insurance consists of 1,223,722 |
policies for 1898, ,3S7 ,S56 whole life, |
policies for s1,O35, ,524,763 endowments
'r 23 per cent, the remaining six per
.ent being term and other policies.
fifteen companies report in force 5. .766. .746
Industrial policies for S662 ,647, 1854 on Jan.
asst, as against 5, ,125, ,S68 policies for $685.
SS, .4o on Jan. 1, 1892: The average in
iustrial policy Is for $115.
The United States Supreme Court has
endered decision of Importance to ali
lie insurance managers in the case of the
connecticut Mutual Life Insurance Com
gainst Atkins, as executor of q. b. Smith.
eceased. The Connecticut Company re,
used TO pay the claim of Smiths bene-
clary on the ground that he had COM
nitted suicide, Notwithstanding il was
learly shown that Smith was insane
hen he killed himself. The decision of
ne Supreme Court settles the point that
lie company cannot interpose the fact
suicide as plea for non payment of
aim, provided 1t can be esta blishsd that
no act was committed while the person
as insane.
conservative estimates place the loss by
le forest fires in Michigan at more than
O,OOO, while the pecuniary loss from
le same cause In Minnesota will run far
'yond double those figures. Among the
ntrioutions In st. Paul for the sufferers
e agents there of leading New York in.
rance Companies raised $1,000
Inc united states Mutual Accident
'mpany claims that of the 90 accident
stock and mutual, doing busi- | =
ss during 1893, and reporting to the ,
rious insurance departments, no COM
my connning Its business to the grant :
& OF personal accident insurance paid a.
nch in claims during that year as the Q
,ited States Mutual has paid during the
st seven months Of 1894. Only two maid
IL as much during the entire wear as
Is company paid in seven months.
d more than two thirds of the Others
Id less during the year than this com v
ny paid in single month OF the cur n
1T year. !,
VT. FREDERICK Lee, prominent manu-
turing merchant of Dowagiac, in Vest
Michigan. has just taken the fuII
,it OF 100000 insurance in the Mutual =,
he Toxic, Japanese Marine Insurance a.
mpaDy, has filed its papers with the Ell
urance Department OF California. N re
Newell OF San Francisco will he its | 1
lerican manager.
toward 7. Gray has been elected vice
sident OF the Hanover Fire. He will
continue general agent OF the com | &,
'y's Western department, with head nv
lrters at Chicago. TT
he fire insurapce premiums received in -,
York City during the first six VI
nths OF the year, as reported to the oil
v York Board Of Fire Underwater
ounted to s5,297, POI. This was A gain
All $50 over last year. The COMPANIES -
I made the principal gains were: The "
al, s2S, 1853; Ph9nix OF London. s18.~ sic
Continental, s1l,523; Greenwiob of
os6; North British Mercantile wa
2; Northern, s511s; Pala, ci,
/, Sl9,9S6; German American. s37-
Home, s16,696; London Assurence -
poratiop, s9296; Norwich Union. $40
Bowery, s29,433; Niagara. s1s'b7b.
, S2O,2S6; Western, Toronto. S24'sa0, ~
snix, sl6,s57; Firemen's Fund. $1l'7os, -
nsylvania, s23,579; Fire Association 90,
'02. and Merchants OF Newark. SO
The Liverpool, London and t,iohe 'ep'
suai took in the most money, s2s9'0al
nong those killed in the Rock Island
Dad wreck near Lincoln, Neb.. Iast
tn, was DIR: C.. ~. Pinney OF Council e
Is, Ia, medical examiner and referee IA
he Mutual Life. lie had been con. 30
cd with the company OR Ia years. N