Waterbury evening Democrat., 1905-12-26


 of Premium Rates Should Be Taught In schooIs--Advocates Departments sf Insurance In Universities.
 Joseph French Johnson, dean of New York University School of Commerce, who recently made an address at Coop er Union in New York on "The Educa- ton of the Modern Business Man." pointed out that the increasing com. plexity of modern business operations was elevating many kinds of business into the ranks of the learned profes- sions, special knowledge and trained intellect being essential to their sue cessful prosecution, says the New York Post. On the subject of commercial morality as related to education he said:
 Until we have business men who have been trained in the principles and right methods of finance the manage ment of our banks, of our insurance companies and of great corporations will not be subjected to wholesome outside criticism. Things will be done In the dark which ought not to be done. Immortality is usually the joint product of opportunity and ignorance When we have an enlightened business world there will be fewer dark places in it, and opportunities for fraud, conceal ment and peculation will be less. The trouble is not that there is low stand ard of honor or morality in business, but that there is practically no stand ard at all Well meaning men are of ten at loss to determine whether a certain profitable policy is honorable or dishonorable.
 Society is just now washing the win dows of the life insurance business, and many people are hoping that here after when a man buys life insurance he will really get all that he pays for. On that point am pessimist and shall remain one unless the subject of life insurance gets into our schools. We have had investigations before and profuse promises of reform. In few years the abuses of life insurance will be forgotten, new companies will be organized and new men will get con trol of the old, and then new and won derful ways of appropriating the peo- pIe's money will be devised.
 Publicity will provide some protec- ton, especially If the affairs of insur- ance companies are regularly exam ined by independent certified public accountants, but publicity alone will not be enough. It will put a check on old abuses with which the public are familiar. but 1t will not compel steady improvement la the management of insurance companies or any other cor poration. Nor will 1t create q recog- nized ethical standard to be observed by corporation presidents and direct ors. Nothing can do that except an enlightened public consciousness. quick intelligence among the people in- stantiy recognizing and condemning bad methods and unfair contracts.
 The clements of life insurance and the mathematics of premium rates should be taught In our public schools, while in our. universities departments of insurance should be established and placed on q par with the departments of science. languAge and philosophy Then men would be properly trained for this great and important business. and gradually we should have the evo- luton of an intelligent public opinion with regard to the good and the bad. Untn such q public opinion exists, no matter how sensitive the individual conscience may be. do not see how ws can have q moral standard in in Surance e any other business"