The daily morning journal and courier., 1905-10-24
Insurance.
Insurance. To Editor of the Journal and Courier:

To Editor of the Journal and Courier:
 Among the many misconceptions which prevail with regard to life ln- surance is the notion that it .s int3E4- ed to be a money making business for the policyholders. In reaiisj', now ever. life insurance is simply a 'I9ss- sharing" business, and can never oe made anything more, so far as Inc policyhoiders are conceEn5d. Presl- dent McCurdy is right, therefore, when he says it is not the business of the managers of a life insurance company to make money for the pOlicyholders. When he said that, however, lie ioid only half of the real truth ill the case, Had he told the whole truth, it would have made him blush perhaps, pre- vidad he has not already effe2tually cauterized his conscience. The whole truth in the case is this: It is not the duty of the managers of life ln- surance companies to make money for the policy but it is their duty to so manage the business that the losses of the company, or the o0iicyhollers shall be as low as it is possible 10
  1 security.
 Instead of stating this obvious truth McCurdy indulges in senselass twad- dle about the charitable mission" of life insurance, when he knows perfect ly we'll that no legitimate life iEsur- ance transaction ever can involve one , cent of "cha rity" Life insur a,tce n"Ver calls for charity" and never b2stows ] any. It calls for nothing but the pre- miums agreed upon, and brotherlS | honesty i'll the management of the bus mess, and brotherly justice in the adjustment of the losses. It is as im- possible to make money out of a life l insurance policy without the interven- | ton Of fraud, as it is to make money i out of a fire insurance policy without the intervention of fraud, for in both cases the insurance means 'loss-shar- ing'' and nothing more.
 Life insurance In it's spirit and nur- pose is divinely benefcent, but it nev- 1 CT proffers cent of charity to any policyholder; they all pay their way 1 fully. Ideally considered, life insur- ance represents human nature at it's very best-sacrificing self for the sake of dear dependent ones, old or youhg Hence, in it's real spirit and purpose, l life insurance cannot be improved .up- on very much, it is Christly in a high 1 degree. In it's conduct on the other hand, We have, in these days of hu- ] initiating disclosures, ample reason for feeling that life insurance represents
 human nature at its very worst! I To secure all the good there is for us in life insurance. two things are in- 1 dis2ensable; namely, intelligent and wise application Of7all the fundamental principles involved. and honest, eff cient management of the business. We have not yet compiled with either of these essential requirements. We have bungled in most absurd manner with
 the fundamental principles involved,
 and thereby neutralized to large ex-
 tent the bSueficent purposes of life in-
 surance. And, as the investigations | now going on abundantly show, the life isurance business of this country
 has not been managed with an earnest desire to reduce the losses of the pol | icyholders as much as possible, but mainly for what was in it. for the l managers themselves, their families
 and kindred to the third and fourth l generation!
 All this should be promptly changed