The sun., 1898-10-30
LIGHT TURNED ON

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LIGHT TURNED ON.
The Covenant Mutual Life Insurance
Company is One Of the Best in
tho World.
Seldom, If ever. has life insurance
institution had the search-light of Sc
strong an official examination turned
into its innermost closets as has the
Covenant Mutual Life Association, Of
Galesburg, III. For two, months. lacking
three days, the combined examining
forces Of the Insurance Departments ol
Ohio, Iowa, Michigan, Missouri, Mime
sofa, Wisconsin and Illinois have lad
possession OF it's books and records, and
now at last comes the report Of the final
finding bearing the signatures OF the
Commissioners and ,Superintendents Of
the Insurance Departments Of the States
participating accompanied by u supple
/ mental report Of Actuary, Augustus Har.
vey's examination into the mortality ex-
perience Of the company from its very
beginning in Januaryl'77, embracing the
experience under the obsolete "post
mortem" plan, and including the busi-
ness of the past eight years that has been
written on the modern basis.
Without discordant note; without a
feature to mar the nnanimity Of the &C.
ton, the seven officials unite in report
Of their investigation that is simply 4
splendid endorsement OF the Covenants 8
present standing, an assurance Of the
tread OF its future progress, glowing
tribute to the ability and courage Of its
present management, az well as a concise
and explicit explanation of the just and
proper status Of the holders Of its poll
cies issued years ago and under the old
post mortem" plan generally in vogue
in those days.
Aside from the very gratifying reading
this document must be to each and every
policy holder in the Covenant Mutual
Life, as we'll as to all friends OF the sys-
tenn Of insurance, of which this company
is a conspicuous example, we cannot help
thinking what a frst-class boom-shelI it
is in the camps OF those who, before Che
examination began and particularly dur
ing its progress, industrlou,Iy sought to
dlscredlt the standing OF the company,
the motives of its officers and to spread
general unrest. h
We have looked ia vain for manly
acknowledgement Of error among them.
A few, it is true, with evident reluctance,
have said "rhe association is declared
solvent" or ''The report Of the recent
examination OF the Covenant Mutual is
favorable to the association" but thus
far not one Of its traducers has quoted
from the report the following sentence:
I'VE are impelled to believe that the
management OF the company has been,
and is, honest, conscientious, and with a
desire to conserve the best interests Of
all the members. n \ . .ti
1--WE find, as the result of this exami-
nation, brought down to May 10, 1893,
and covering the existence Of the Com
pany from the year 1877, that the Asso.
ciation is solvent under the law, its as
sets well invested and carefully managed,
with surplus over all liabilities of $685.
1874 II, whereas the requirements under
the laws Of Illinois for an emergency or
reserve fund would be $258, ,3lS.44, the
actual emergency or reserve fund is
$685., 99l. o."
The examination was begun on May
y, and was completed July 8. The re-
port is signed by Superintendent Van
Ceave, Of Illinois; Commissioner Fricke,
of Wisconsin; Commissioner Dearth, Of
Minnesota; Superintendent Orear, OF
Missouri; Commissioner Campbell, of
Michigan; Auditor of State Mccarthy, OF
Iowa; and Superintendent Matthews, OF
Ohio. We make the following exceprts:
.'The statement of business for the four
months and ten days o. this year shows
the Association I'd be sound financially,
and the thorough checking-up Of all re-
ceipts and disbursements with the origi-
nal vouchers, and through all Of the
books and accounts, vouchers being
found for the smallest item expended
from March 81, 1895, satisfies us that the
Association is honestly and carefully
managed, the system of book keeping
complete and in charge Of competent en-
ployes.
Investments are OF an excellent char
acter and carefully looked after.
Losses are promptly paid within
ninety davs from date Of proofs OF loss,
except such cases as are resisted for
cause. The amount Of resisted losses is
small in comparison with the total IN
curr.d. .s,a.f. ~ ...,
Salaries are reasonable in all in.
stances, and reasonable economy is prac-
ticed in expenditures. % Il
"We desire to say that, after most
rigid scrutiny into the affairs and meth
ods OF this Association, we take pleasure
in saying that in our opinion, the officers
and employees have in all cases acted con.
scientiously, honestly and according TO
their best Judgment in conducting the
affairs OF the Association. Gs
."rhe past sncct 81 OF the Company, the
promptness with which 1t has met its
obligations, and the earnest desire
shown to protect its policy holders IN
the future should commend II TO the
confidence Of the public. The Associa-
tion has already gone Through the
sweat Of the post-mMtem business, and
tbs past should be aet bury the past. l
N - ~ !. " .x6 thak st m - 1Ssks Nv ht4