Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-12-29
ANN|ER[g||NC REPORT
All Those Who Want First
Class Insurance Should
Read 1t.
SOUND, SAFE AND RELIABLE
Synopsis of the Report of Examination
of the Northwestern Life and Savings
Company by the Insurance Depart
ment of the State of Wisconsin-Read
and Compare.

| Every holder of an insurance policy
| is interested in knowing that the COM
pany in which he has invested his
money is conducted on safe, conser-
vative lines, and that his beneficiaries
will get the amount their policy calls
for in the event of death. The North
western Life and Savings Company, Of
| Des Moines, Is one of the best COM
panies in Iowa, and it's officers arc
among the leading business men of the
state. Having met with such marked
success in Iowa, the company has in
vaded Wisconsin, and the subjoined
report made by the insurance depart
ment of that state is certainly fatter-
ing. The report follows:
1.-The examination was made as OF
December 1, 1902, and covered a period
from jan 1, 1901, to Dec. 1, 1902.
| All disbursements for expenses and
death losses were properly checked
from vouchers, and receipts Were
checked from cash book into the
ledgers.
| A trial balance of the books was
taken Dec 1st, 1909. and a certificate
from the cashier of the bank gave
| the amount on Deposit Dec. LIST, the
same as shown by the books of the
company.
The Northwestern Life & Savings
Company provides in it's policy con-
tracts, that the entire first year pre-
miums and 8 per cent Of subsequent
premiums shall constitute the expense
and mortuary fund; also the reserve
plus per cent interest which was
contributed by the deceased policy
holders.
BY this method of management the
stockholders are able to make quite
a saving as will be seen by the last
annual statement filed with this de-
partment, where the stockholders cap
italized twenty five thousand dollars
| (s25,000) from the surplus.
All policies issued by the company
provide for a savings fund in which
lall persistent policy holders share, at
the end of the period for which the
policy was written. The savings fund
consists of:
/. All interest earnings on the re-
serve fund in excess of four per cent.
q The entire reserve of members
who lapse, and all interest earnings OF
such lapse fund.
3. Fines and penalties collected for
reinstatement Of lapsed policies.
A. All profits accruing in the reserve
fund by reason Of policies surrendered
under loan or surrender privileges.
The examination disclosed the fact
that the management had kept within
the amount agreed upon for expens.
and mortuary purposes and they still
have stockholders surplus.
The Northwestern Life and Savings
Company does not enter any claims on
its record until after proofs of death are
received, consequently 1t did not report
the amount OF death losses on Dec. 81,
1901, which had been reported and no
proofs received. We found death loss
es reported and not entered to the
amount Of $4,000 which should have
been carried in the annual statement
as a liability.
We also found as reported in the an
nual statement on Dec. 81, 1901, 49,
0oe.95 of loans on company's policies
which were assigned to the company
amount was loaned on policies which on
Dec. 81 were delinquent, and as these
policies have a paid up value, we con-
tend that the company should carry as
liability a reserve equal to the amount
Of the loan.
The death losses unreported, minus
the reserve carried by them and the
reserve on policy loans which were de-
linquent, carried as liability would
have reduced the surplus of the COM
pany on Dec. 81, 1901, from $52,65T.65 to
$44,1S512
The funds of the Northwestern Life
and Savings Company are invested in
first mortgage farm loans on property
worth twice the amount Of the loan and
the mortgages are deposited with the
auditor of state Of Iowa.
All policies upon which loans have
been made are assigned to the company
and deposited with the auditor of state.
The following is a statement of the
condition of the company on Dec. l,
1902:
Balance Dec. 81.
1902 .. $ sos, 306.73
Income on first
year premi-
umns .... 720,a3s.S1
Income on re-
newal premi-
ums ........ 37s,e2o.33
Income on in
terest. etc. s4,o16.31- 1.1s4,o75.44
s1,s42,ss2.l7