The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1897-06-16
Anderson. s. c.. juno IA, 49,

~ w. No
Anderson, s. c., June IA. 1887.
Mr.. Anderson, Agent Hartford Life In
srlrance Co., Anderson, s. C--Dear Sir :
II has been reported to me that you have
made the statement that the Mutual Ben
clit Life Insurance Co. has the right under
| it., charter to call or assess for premiums
in excess OF the stipulated premiums call
oil for in the policy contracts in other
words, that this Company is or assessment
Company. 1 have been informed also
tt at you claim to have q copy of our char
ter, that you quoted from same, and that
OF this you base the above statement. II
such is the case I certainly do not know
the Company I represent, and an presume
you would not make the statement il you
respectfully ask that you give me in writ
! ing a copy If the section on which You
base this statement or opinion.
An immediate compliance with this re-
quest will greatly oblige.
Yours, respectfully.
(Signed) M. NJ. MATTISON.
Anderson, June 18th Should be 14th) 1897.
MI. Madison II you will meet me at
my room this afternoon about 4 80, Reese
House, I will be glad to show the charter
Of the Mutual B., and II I am wrong in
any of my statements I will gladly &C.
knowledge same. Hoping I may have the
pleasure Of seeing you, I remain
Respectfully,
(Signed) c. M. ANDERSON.
Anderson, S. C June II, 1907.
Mr.. G. M. Anderson, Agent Hartford
Life Insurance Co, Anderson, 8. C.-Dsar
Sir Yours of even date Is received aud
noted. It will not be convenient for me
to meet you at your room this afternoon,
besides it is unnecessary that I should.
All 1 desire is that you furnish me with q
COPY of that part of our charter on which
you base the statement, made by yourself
and other sgents Of your Company to diff
f.rent parties here, that we can assess In
excess of regular premiums:
I, therefore, again request that you fur
nish me in writing with o copy of that
clause. This you can do with very little
trouble, as you say in your note to me that
7ou twill be glad to show the charter of
The Mutual B."
Your prompt attention will greatly OBJ.
lige as we desire, rs speedily as possible,
to put oursrlves right before our policy
holdera. Yours respectfully,
(Signed) NJ. M. MATTISON.
Anderson, 8. c., June Il. 1897.
Mr.. Mattison: 1t would take some time
to prepare q copy of your charter. II you
wish to make q copy of it yourself I vii!
allow you the use of my book, provided
you use it in my presence otherwise you
may obtain copy OF your charter by re-
uniting the Spectator Company $500.
(signed1 6. N. ANDERSON.
"
The object Of the above correspondence
wan to ascertain if Mr.. Anderson would
put over his oEn signature the garbled
extract from our charter which he has 30
industriously used against the Mutual
Benefit.
Since he declines to give it, or to give
anything, we herewith give the provision
Of the charter On which we are informed
he has based his representations.
The provision in tho charter Is as fol-
lows:
"If at any time it shall 30 happen that
there shall be Just claims on the corpora
ton for Losses sustained, to a greater
amount than they have funds on hand to
discharge, in such CAGES the directors for
the time being shall, with all convenient
expedition, proceed to assess such def
cheney, in a ratable proportion, on the
members of the association or theirlawful
representatives, according to the amount
ofeach mem bers insurance; Provided,
That such assessment shall mot
exceed the amount. of the mote
or obligation given by each
member; which rates or assessment
shall be approved by a majority OF the
directors, and notice in writing shall be
given to each member, or his lawful rep
resentative, Of the assessment and the
amount by him, her, or them, required
to be paid and each and every member,
or his lawful representative, 30 notified,
shall pay the same to the treasurer for
the time being, within sixty days after
such notification, and in default thereof
shall forfeit all right and claim to any
policy that he may have obtained, and be
no longer q member Of the association
and shall also be liable for the amount of
such assessment, with interest, to be re-
covered by action of debt, with cost of
suit, before any court Of competent juris-
diction."
The effect of the foregoing provision is
simply protective n for policy-holders
who may have borrowed from the Com
Company can not call for payments on
such notes in some instances and not in
others, but is required to treat all 6orrow-
erS alike by u pro rata call, If a call
should ever be made. In point of fact
the money so borrowed of the Company
and secured by the notes has been
needed by the Company in the fifty years
OF its existence, and WiU neper be called
for while Tie Company is solvent. The
funds represented by the notes are o part
of the reserve. Every such loan to a
p~olicy-ho!der is within the reserve be-
longing to the policy, and is needed only
natures. This is o we'll known and ia
miliar fact to all life insurance men. No
authority need be given by a company's
| charter In order to enable the company to
make loans to its members on their pol
icies, but mhere Companies making such
loans have no such provision for equality
of treatm ent of its borrowers, the members
whO borrow are not protected as IN the
case Of the Mutual Benefit.
That there is nothing assessment about
the Mutual Benefit is sufficiently clear
from the provision itself, but If Mr..
Anderson still holds to his proposition
we offer him 500 for a certificate from