Evening journal., 1900-02-21

FIRST YEAR BUT TEN PER CENT.
OF THE POLICY WOULD BE PAID.
At the outbreak Of the Spanish war
the managers Of the New York Life
Insurance Company issued two circu
lars that mark the company as dis
loyal beyond thought.
One circular, issued in the United
States, announced that policy holders
serving in the American armies and
nayies would be taxed per
cent. of the face Of policies, extra
upon the cost of their insurance and
that IL the assured died before the ex-
piration Of one year ONLY 10 PER
CENT. OF THE FACE OF THE POL
ICY WOULD BE PAID!
The other circular was issued in
Spain. It assured policy holders who
served in the Spanish armies and
navies that they WOULD NOT be-
charged anything additional upon
that account for their insurance. 1T
went immeasurably further and offer
ed to LEND THE SPANISH SOL
DIERS THE MONEY NECESSARY TO
PAY THEIR PREMIUMS if such pol
icy holders found themselves unable
TO meet their payments
In further contrast with its notice to
American soldiers and sailors that in
case of death their policies would be
cut down 80 per cent, the Spanish SOL
diers we're assured that in case Of
death their policies would be paid in
full
The American circular, dated April
27, 1898, said:
ITO the Agents of thV New York Life
Insurance Company: The president au-
thorizes the following announcement of
the company's position at this date, in
the matter Of war risks:
"The following is a copy Of a clause
which will after today (April 2O, ap-
pear on the margin Of all New York
Life policies issued TO men who are
now members of some kind OF military
organization.
During the first year of the con-
tinuance of this policy. if the insured
shalt die while engaged in the naval
service Of the United States, or while
engaged in military service in the trop-
les, or in consequence of such service,
the amount paid under this policy shall
be only one-tenth of its face
THE foregoing restrictions will be
waived If the insured, Immediately
upon entering the naval service or be-
fore leaving the United States upon
military service shall pay to the COM
pany at its home Office, Nos. 346 and
34S Broadway, New York city. an ex-
ira cash premium equal to 5 per cent. of
the face value of this policy.
There is nothing in this policy
which imposes any restriction upon the
insured as to military service within
the United States, and nothing which
imposes any restriction Of any kind OF
nature after one year.
"Of course policies issued after today
april 20, on the lives Of men not
members OF any military organization
will be, as the foregoing circular states
entirely free from any condition and
issued exactly as accumulation policies
were prior to Thursday, April 81.
'(Signed) GEORGE w. PERKINS,
Second Vice-President."
The Spanish circular, issued at Mad
rid dated April 23 1898, said;
Dear Sir; "Hostilities have unhap
PLY commenced between Spain and tn,
United States
IAN event so unfortunate, and t
which the company is utterly foreign
brings with it many losses, as wei
from a moral as from a material poin
Of view-losses inseparably connecte,
with war.
"A great number of persons. wheI
insuring their lives, have not had be
fore them the circumstances that Nigh
lead to their being called to the servicl
of arms in the event of war; and tina
insurance companies have on thei
part, and justly so, refused to assum
the exceptional responsibility in cas-
Of the death of the insured engaged il
active military service in time Of wal
Hence it may be said that the familie
Of a large number of persons who's
lives are insured, and who enter int
active service in the army, do not en-
JOY the advantage Of insurance for tn
simple reason that the contracts of tn
parties who go to the field are null an
without force whatever owing to thei
act.
The New York Life Insurance Con
pany, consequent to its essential char
acter, mutual and international, and /
its capacity Of administrator of the il
terests of its clients, their families an
properties, declares by the present, ths
~ dHuulos uHutT lne present c1rCuu
stances. the restrictions respecting Il
service in arms contained in the III
policies issued to Spanish subject
Therefore, what Spanish subject soev,
who may have policy in force in II
New York, may. without fear of pref
dicing his insurance and without pa,
ing more premium than that stated
the policy, accept military service du
ing the present war. He may cons
quently be sure that in the event of h
death in the war, the company will n
refuse to pay the insurance on the Ii
Of one who died in the performance
his duty.
The company declares further tn
all possible facilities will be given
the Spanish insured in order that tn
may keep their policies in force. If sa
holders Of policies should find ther
selves in difficulties regarding d
payment CT the premiums