New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-10-08
LIFE INSURANCE AND SILVER.
HOW POLICY-HOLDERS WOULD SUFFER
UNDER FREE COINAGE.

UNDER FREE tOINAGf
Washington. oct THE National Association Of
Life Underwriters began its seventh annual con-
yention in this city this morning. About 125 men
were present. representing associations from New
Hampshire to California. Benjamin 5. 'aief OF
poston tl.. PRESIDENT. In the OF his opening
remarks paid tribute to the memory OF the late
oX-Govcrnor w T. Russell OF Massachusetts, who
held the position OF arbitrator for the leading life
insurance companies. which fas since been fill,d
by the appointment OF Speaker Reed. The princi-
pal feature Of the days programme was the adj
dress by William T. Standen actuary OF the United
States Life Insurance Company. of New York. on
The. Effects Of Possible Silver Legislation on Life
Insurance Contracts" lie said in part:
Under the conditions which prevail to-day about
ssi3"sv~ Of annual income - n,,,as' in.lipa
FOR the regular life insurance coH'Pi,irs o',ih. ,
tons Of about S.700.UoTOU II the value or each
doll ir paid to the companies IL 10 ne scaled uoWh
10 an effective purchasing power OF about y cents
then in order TO maintain their 9piigations a, 'n,r
present value In effective purchasing power the
companies would need to increase their annual IN
come from s275OOo.0j0 to about SNeJlvu thaDle
tracts their Obligations Of about s. 7cccoOoo will
full In effective purchasing power 10 nhout s-,o"p
sity II they are to maintain their present PROUD
position Of absolute; unquestionabe ana apunua Jan,
confer on their patrons. Those VINO have been pay
Ing a dollar having effective purchasing power
cannot reasonably expect to get the same benefits
from The payment OF . dollar that has an effective
wants 5000 OF lie INSURANCE and expects 70 pay pay
for IL la coin that IL virtually subject TO - per
cont dcDrrciation will find that he cannot puy
s9J 90 OF life insurance Of the effective purchasing
power OF to-day. but only S3OU. III mas ptt''
sought 10 be shown that We shall be partaiiy r.
nudi,ting our obligations We shall do no susn
Thing We shall pay In the current com OF tne
realm IS many dollars as our contracts pIo|iu'
for dollars OF loo cents each; but UNDER 'he
threatened new order of things eich OF those ~
cents would be OF effective purchasing power VI
only about ons-hln To-. 80, ,,,,
limited conug, silver must ineVitaDiy iiipain
IN, insurance contracts Nothing OF the kiid Lie
Insurance contracts and will be carried OUT 10
m, strict letter IL is after the claims are paln
ana IN, life insurance companys functions are
strictly performed that the roubie VIII 'oihe ~,
tn man who in his prOvidcnt forethoutnt, n.snu-
,d 10 leave his family In the enjoyment OF All those
necessities comforts aud luxuries when an ainudl
incor. Of 1000 based upon present eofiu'iVotiS
vould secure TO them may have insured MS me
fnr Inc sum OF $4,000 When the money reaches
the hands OF his widow. the prices OF poth heces
s,ies pud Injuries will have so greatly enhance"
that the income resulting from ms pruuehce anu
forethought Will provide the wife ana cidreh "
only about onc-half OF what he intended TO proVu.
Tor thrm The change will not i'm any sense imlii
he functions OF the life insurance companies them-
.n,,.s except as 10 dividend benefits ana the basis
nf rr,mium ailments. Its action VIII be 10 impair
Inc present existing relation between assets anu
linidtie4 aud Eject the arrangement OF theSe I'M
unrtunt factors which 1t will he very nara suD''-
uueutly re-cStdbIiSh.
\ vote of thanks was given 10 MT Slahue"' an"
the convention adjourned until tomorrow.