The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1902-05-05
THE KANSAS MUTUAL.
Three Insurance Commissioners
Make Exhaustive Report.

A remarkable report has been fled
with the State Treasurer department
covering the condition of the Kansas
Mutual Life Insurance company of To-
peka. The examination was requested
by the company. Mr.. Church, insurance
commissioner or Kansas, called in six
expert examiners including the COM
nissioners of Illinois and Missouri. The
report is lengthy and gratifying. 1t
will be sent in full to all stockholders of
the company. The following is the gist
of it:
For the purpose Of verifying the an
nual statement showing transactions
during the year 1901, and condition at
close of business on December 31st Of
said year, each item in the cash book
and journal was checked and the foot
ing verified and the pOstings from each
of these books to the ledger were found
to be correct. The footings in the ledger
We're also verified and the balances ap-
pearing on the same December 3lst,
1901 agree with the balance sheet be-
fore closing the ledger The closing en-
tries We're also examined and found to
be regularly made, and forwarded cor
rectly under their proper headings to
new ledger. The deposit accounts kept
with the various banks during the year
We're verified and proven by the COM
pany's books, which also agree with the
statements and pass books of the
banks.
The Income and Disbursement ac-
counts for the year 1901 as shown in
the annual statement of the company,
were verified item by item from the
ledger balances and found to be cor
rect.
The list of policies in force on Deem
Der 31st 1901, was checked and verified
with the premium paying cards and a
Serlatum valuation of the policies IL
force on December 81, 1901, was made
upon the Actuaries' Table of Mortality
with interest at four per cent per an
mum.
Each and every item in the annual
statement was checked and verified
and wherever computations were neces-
sary to be made in order to verify the
annual statement the same was done.
ONE RESISTED CLAIM.
There is one claim which is resisted
| by the company on the ground that in
sured was killed in war The policy
! contract provides that if the insured
shall engage in war without having
| paid the extra war premium, that,
| should death occur While thus engaged
! the company shall only be liable for
the reserve on the policy. It appears
I that insured in this case did not pay
the extra premium. The beneficiary has
refused to accept the return of the re-
serve, amounting to S26.S8, and has
brought suit for the face of the policy,
81 100000.
While the company carried it in its
statement for the amoupt of reserve.
it is included in this report among the
/ liabilities of the company for the face
amount of the policy, not because the
company is held to be liable under the
contract for this amount but for the
reason that it is claim made and in
suit for such amount
(Since the close of the examination
the courts have decided in favor of the
company, fixing the liability at S26.S8) }
An examination of the agents con-
tracts shows that the company pays
about the usual or prevailing commits
sions as other companies Of like size
upon similar forms of policies
Death claims We're examined and
checked with the ledger for the years
1899 1900 and 1901
It is proper to state in this connec-
tiOn that the company has experienced
a com paratively low rate of mortality.
The gross premiums in course Of col
! lection, together with the deferred
premiums on policies in force December
( 81, 1901, were checked and verified with
( the premium paying cards, both as to
amount and date of payment
The real estate loans deposited in the
/ office of the state treasurer were verified
and found TO correspond in amount to
! that shown in the annual statement, the
| greater portion of the real estate loans
are upon improved farm property in
/ the state of Kansas and city property
J IN Topeka. All the real estate and pol
| icy loans bear interest at the rate OF
/ six, six and one-half and seven per
/ centum per annum. The valuation OF
! lHe respective properties was determ1n-
! ed by the assessed valuation and esti-
mated value by the county clerks of the
/ counties in which the property is To-
Gated, together with the appraisers and
! examiners certificates, and in only q
! few instances We're the loans in excess
! of fifty per cent of the valuations made
/ AS further evidence of the character 81
! the investn ents, there was found to be
/ no interest past due on these loans.
We may very properly add that the
company is solvent; that the reserves
| tequired by law to be maintained are not
impaired; that the securities deposited
with the treasurer of state aggregate
the amount necessary to meet the re-
/ quirements of law; and that the man
agement has shown good judgment and
discretion in the investment of the
funds of the company.
HENRY YATES,
Insurance SuDt., Illinois
THOS. H. WAGNER,
Insurance Supt Missouri
W. Y. CHURCH
Insurance Supt., Kansas