The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-11-18
ASSETS INCREASE
The Policy Holders of Late
Kansas Mutual
Apparently Favored by Plan of
Reinsurance.
TRUSTEESHIP PROFIT
Going to Benefit Of Former Old
Holders.
Illinois Life Makes a Good
Showing.
TRUSTEESHIP PROFIT


George E. Cole, in charge of the Kan
sas office of the Illinois Life Insurance
company, made an explicit statement to-
day. in regard to the distribution of the
funds and bonus of the old Kansas
Mutual, furnishing a compilation of the
assets of the company at the time the
receivership closed, showing that dur
ing the four months of the receivership,
the assets increased $4,000.
Mr.. Cole says:
1.-The actuaries appointed as special
masters by Judge Hook to determine
the equities of the Kansas Mutual policy
holders in the company's funds and in
the bonus of S1OO, 900 paid for the busi-
ness by the Illinois Life are rapidly
completing their work. They have
found it necessary to go over the rec
ords of the old company for the past
twenty-one years. 1t is expected that
inside of thirty days the Illinois Life will
be able to advise the policy holders of
their individual credits as determined
by the actuaries.
THE indications are that the plan of
reinsurance will be found very salts
factory by the policy holders.
THE actuaries have in hand the ap-
portionment of a much larger sum than
the assets of the Kansas Mutual
amounted to on the day the trustees
took charge of the business. The state
ment of assets furnished to the trus-
tees by the officers of the old company
showed assets of 1921. 900 on February 20,
1903. The trustees scheduled the Kan
sas Mutual assets on June 80 at $772,000,
which valuation the Illinois Life agreed
to. This amount, plus the 100000 paid
for the business. makes a total of $685.
600 which is S145,0000 in excess of the
assets of the Kansas Mutual on the day
the trustees took charge"
In explaining the disposition of the
$134 600 of surplus which the Illinois
Life represented in its circulars May 70.
1908. would be distributed to the Kan
sas Mutual policy holders. in addition
to the $780, 900 bonus. Mr.. Cole says: .,.s
BY order of the court. 100000 of this
is set aside fer the beneht< of policy
holders as an accumulated fund as re-
quired by Sec 1928, general statutes of
1901. Other portions are set aside in
like manner for the payment of divi-
dends on the old 1888 plan of policies. 1t
all goes for the carrying out of the con-
tracts made by the Kansas Mutual with
their policy holders, except such Dor-
ton as has been decided to be the sur
plus subject to distribution. In addi-
tion to this surplus. then, we have the
receivership, and the 100000 bonus.'
The Illinois Life company in a cir
cular issued May &c last, ten days after
the final report of the trustees, made
the following statement as quoted in
this paper yesterday:
This company proposes that the en-
tire surplus assets over and above
death claims and legal reserve, approx
imately S134, ,539. Sc, and the entire bonus,
approximately $107 ,505.87 shall be i'm
. mediateIy apportioned among the policy
holders as a credit on their accruing g
premiums"
The Illinois Life undertook to have
the company's unassigned funds, ap-
proximately $134,0 600, apportioned
among the policy holders This work
is now in the hands of the actuaries.
After the issuance of this circular
the court said of this $134,000 of list
ed assets enough must be set aside
for the purpose of carrying out the
agreements with the old policy holders
who had taken their insurance in 1886
and 1888 under a plan which was later
abandoned. This order of the court
disposed of the bulk of this S134, 900 in
volved, but of course it all goes to
policy holders
Mr.. Cole viii make no estimate on
the liabilities of the company at the
time the receivership closed because
he says that is a matter which is in
the hands of the actuaries Mr. Brin-
kerhoff of Illinois, and Mr.. Upton of
Kansas.
Mr.. Cole says today that the state
ments made in the State Journal last
evening were misleading to the general
reader and that the facts recited in the
quotation credited to him did not at all
apply to the condition of the Illinois
company at the present time, but SIM
ply referred to the condition of affairs
at the time the trustees, of which Mr.
Cole was one, made its report in May
last, that he made no reference to s134
900 surplus, nor to any deficit, that
there will be no deficit.
Mr.. Cole expresses the UNQUALIFIED
opinion that the policy holders of the
old Kansas Mutual Life are in the best
possible condition under the circum-
stances.
1t will certainly be a matter OF
eongratulation for our readers who
were policy holders in the Kansas Mu-
tual to learn that all of the policies OF
the old company. the disputed ones OF
sc and 'SS, as we'll as the later ones. are
to be carefully carried out and that the
fund for this purpose has been set aside
Under this condition some of the Older
policy holders will have from five hun
dred to seven hundred dollars coming
to them. The other holders, however
and the great majority of them will re.
ceive their equitable share of the sur.
plus and their reinsurance dividend.
HI M TT KEn AVU NFGERn