The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-10-04
LIGHT IHROWN OH
LIFE INSURANCE
EXPERT ANALYzEs FUNDAMENT-
AL THEORIES OF TIE BUSINESS.


. = -
;Henr7 q. Liopincott. saperint endent
Of rgenciea 90. Tho kenn ;iGutu1l Life
Insurance company ca z Philadelphia de-
Eve?c,E n. address ata1sLe University Of
MIN, ia Yesterday atIe-loon Oh The
Funt a.leuLslse t,E I1lfe lnsuT..Lcc; With
!3o1ne Co--li.s,-.t fo1. s Rsscr.G H,v,nJs and
Causet.' Th1ssl sture5Ws the tif5J OF
a. series On i-1sura1ss,s sSo?ics which are
to b. iohve- ,0#1ss5ths university.
mental principles of. life insurance.; or
the theory Of eFplain life'; Of capital.
surplus and premium Concluding this,
ne gave. interesting comment and per-
sonal opinion on the existing conditions
in life insurance in the east. ~.
I, Looking at the life insurance situation
from the viewpoint of a policyholder,
it was never more encouraging than at
present, said Mr.. Lippincott. While he
did not ignore or Jbehttle the troubles OF
the last year, he thought they would
presently be found to be much more a
disturbance about than disturbance Of
life Insurance.; for The largest fact re-
-vealed is, not that the institution in
wolves some human $sfrailties,. but that
it is unshakably strong. -
3. Objects to Supervision.
ri am honored with. the acquain-
lance Of number of state superinten-
dents, among 4, them, Commissioner
O'Brien, Of whom; it is impossible to
speak too highlyts.as a painsta!king,
thoughtful and reliable official, ;, he
said. "There are others entitled to
edge and conscieEtiousness; but if this
were admitted Of all Of them, I would
still object to the state undertaking a
business which tho individual should
himself perform, and which will never
be completely done until the general
public gets to know life insurance as
it knows other things.
'The present theory is that the indi-
vidual cannot knows; that there must
be a public guardian to protect his in
terests in life insurance. quarrel with
it.. It is possible FOR all men who can
read and write and 'cipher' to get q
reasonably fair knowledge Of the sub
ject, to know the facts and conditions
surrounding any company and so be in
position to discriminate, against the
bad and accept the good. It may in.
volve occasional individual loss and
disappointment-the process of learn.
ing anything does expose us to that
as, for instance, when we buy food and
raiment and houses and lands, but the
state has not yet undertaken, in these
| and other particulars, to guard us
| against the consequences of our ignor
ance, inexperience or folly. ~
H. State Not the Thinker. :.
'"The state ought not to think 70,
! the Individual chat is -asdegeneratine
process, dwarfing him intellectually
making him less Of a man thru disust
of his powers. Unsound in theory, sup
lewiston, has not obeen justified by: re
4 suits. The recent legislative investiga
! ton clearly showed,, that. II did moth
i ing to correct abuses, gave no warning
! punished no one for abuses Of a grea
! trust, was content to accept emolument:
finally paid by, the !policyholder for thu
pretence Of protection. If, it be said thai
4 this was the fault of one department
and cannot be charged to the system
the answer is that the offending com
1 panies5, did business in every state ii
> the union. .s46.. 49,
s<In my view, tthe adequate correc
tive will be found in publicity. itsel
:. The result Of a.. general knowledge O.
life insurance and the wise discrimina
ton which the public will exercis
: when that knowledge is once attained
That at least this much Of my view i
! being largely entertained is shown b,
J.; the fact that several universities ar
I establishing courses Of instruction OF
:, the subject and, in time, public opin
ion will be formed, based on knowledge
which will be helpful to the good ant
deserving and destructive Of the Tin
stable and dishonorable institutions. ,