Perth Amboy evening news., 1906-08-24
THE COLONIAL LIFE co.
BEFORE THE COMMITTEE.

| Not to the extent of one cent"
How much have you expended to
influence legislation"
Nothing"
Have you contributed at all for
political purposes?"
Not n dollar"
MI. Corbin: Where do you de-
post your funds?"
I'm thirty banks scattered over the
territory in which we operate"
What is that territory"
New Jersey, New York and
%sylvania."
How many active agents have
you in all capacities?"
about $50"
What do they earn?"
From $13 a week to $35 and up
wards"
by the way, have you a policy in
your company"
"A fairly large one"
Did you receive or deduct any
commissions on your p~remiums?"
81 did not. | paid, and the com
pany received the full amount
What classes of insurance does
the Colonial ~issue?"
Its principal divisions are INDUS
trial insurance, where premiums are
payable weekly and ordinary insur-
ance, in amounts from $500 to $780,
J 900, with premiums payable annual
ly, semi-annually or quarterly.
"Wha is the present proportion OF
outstanding insurance." 5l
Twelve million dollars industrial
and about $3,500,000 ordinary
1.-The committee is informed that a
large part of the industrial business
that is written lapses off the books.
What profit does the company make
on a lapsed industrial policy?"
Instead of making money the
company loses by a lapse. A sure
proof that the company does not
profit by a lapse is the great effort
that is made to induce policyholders
to continue. Our agents frequently
make a dozen calls to collect a ten
cent. premium from a delinquent
,member, and after a policy is lapsed
we try to get it revived-even Offer
ing to place the overdue premiums as
a lien against the policy and restore
the policy to full standing by the sole
payment of the current premium
when are death claims paid?"
"Within tw~enty-four hours after
receipt of proofs"
Us there much litigation over
these smaller policies?"
1.-The Colonial has never been in
litigation over an industrial policy,
perhaps due somewhat to our pfac-
tice of requiring a beneficiary to be
named who has an insurable inter-
est"
These i~nterrogations were inter
/ cNnrCn5 INV tnnhntoo1 nvn1onofinn au
to various features of the business,
chiefly indicating the care of the
management in the detailed conduct
of it's affairs, such as the selection
and inspection of its risks, the con-
struction of it's premiums, the pay
ments to it's agents, the disburse-
ments for expenses, etc. The witness
was on the stand for the greater part
of the days session, and was subject
ed to a most unsparing and minute
examination of nearly every %conceiv-
able phase of the company's bust
ness. Mr.. Heppenheimer responded
readily and freely and evinced a
marked desire to give the fullest
publicity to any and all featurse of
the Colonial and its methods.
In summarizing the investigation
of the Colonial the sworn testimony
of its executive officer reveals it abb
solutely innocent of the principal of
lenses charged against certain New
York companies, viz, extravaganza,
improper use of funds, political con-
tributiOns, careless management,
dummy directors, etc. It's financial
standing is strong. It's recognition
of duty to policyholders is clear. It's
administration is able, economical
and honest.
1t cannot help but be gratifying
that the one life insurance institution
located within the borders of Jersey
City was revealed before the com
mittee in such a light. Upon inquiry
at the Colonial offices it was stated
today that at the present time it has
over $500, 900 insurance in force
on the lives of residents of this city,
and the wonderful progress the com
pany has made has apparently been
due to strict adherence to such
methods as enabled it to court in
vestigation at the hands of the legis-
lative committee.-Eyening Journal,
Jersey City.
The BOYS in the Perth Amboy
Branch of the Colonial Life, 122
Smith street, under Morris Schickler,
assistant manager, are naturally very
proud of the showing made by their
company.