The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1906-12-28

| What is in many respects the most
| informing and significant paper issued
J by any life insurance company dur
| ing the present year has just appear
ed over the signature of John K.
Hegeman, president OF the Metropoll-
| tan Life. While the communication is
addressed to the company's agents,
and is in the nature of a review and
announcement covering matters chief.
| ~ interesting to the field force, 1t de-
serves attentive reading by every one
| who holds or intends to secure life
| insurance policy.
1t appears that the Metropolitan
Life has for some time been engaged
in the preparation of new mortality
| tables" based upon its own expert
ence. By comparison of given periods
in recent years with corresponding
periods in former years, back to 1890,
the fact is established that among the
company's policy holders there has
been sufficient improvement in NOR
tally (that is, a smaller average of
deaths at various ages) to warrant
certain changes affecting future pre-
miums and benefits, all directly in the
interests of those insured in the COM
pany. With characteristic thorough
ness and frankness these results and
changes are specified in minute de-
tail, not put forth as estimates" or
vague promises.
! Their significance to the insuring
public is a reduction in the price of
insurance in the industrial depart
ment and through a readjustment OF
premiums charged in the ordinary de-
partment.
! Concerning the policies to be issued
in 1907 this information is given:
"Our new policies will be found
most attractive in form and even more
attractive in substance. They contain
all of the advantages and CONCESSIONS
which we can afford to give and which
the public have the right to expect.
The surrender values will be found to
be generous and take the optional
forms of extended insurance, paid-up
insurance and cash. They are the
standard forms of the New York de-
partment. the work of experts which
has legislative approval. They are as
plain to the understanding as they can
be made. We have discontinued many
plans as unnecessary. We shall issue
ordinary life, limited payment, en-
dowment and term plans, and We have
spilled for permission and hope to is
sue in addition three plans which the
public have stamped with their ap-
rroval-namely, the optional life or
endowment, under a new name, the
modified endowment with life option;
the guaranteed dividend also under a
| guaranteed increased endowment;
and the reduced premium life under
its new name, life with reduced pre-
MUM after 20 years."
One noteworthy passage relates to
the company's liberal policy of dis
tribu ing dividends and benefits not
contemplated in it's contracts with pol
icy holders. President Hegeman asks
his agents to note that this year the
co... pany has been disbursing the enor-
1rcus sum of about two millions of
collars in voluntary dividends upon
rOr-participating Industrial policies,
bringing the total amount of unprom-
ised dividends in twelve years to
about ten millions of dollars to indus
trial policy holders in the form of divi-
dends on premiums, dividends on
death claims and increases of bene-
hts UPON existing policies" He adds.
I'VE have been enabled to accomplish
this work all these years by steady
improvements in business methods, by
steady extensions of business terri
tory, by steady additions to insurance
in force. by watchfulness in writing
and taking care of business, resulting
in IL decreasing death rate, decreasing
lapse rate and decreasing expense
rate. These improvements we have
announced to you from year to year,
but perhaps from this very fact-their
gradual. steady progressiveness-
have failed to grasp their full signif-
icance. Yet year by year we have told
you our aim-to reduce expenses, to
improve the death rate, to better the
policies, to distribute the surplus, so
that each year a larger proportionate
amount could be returned to policy
he lders and a smaller proportionate
IN
lie goes on to say that although the
year is not ended, the records show
f;om July LIST to date December 1sD,