The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-03-28
Life Insurance and Practical Gener'
ositv.

For some time past, corporations and
great fiduciary institutions-an organiza-
tions controlling or holding vast sums or
money-have been the chief objects OF
public attention. Honest men have well
coined this manifestation of public in
terest in the problems created by modern
methods Of conducting enormous enter
prises. Clear headed men realize at the
same time that some of the institutions
made prominent by their far reaching OPP
erations and intimate relations with the
public, are conducted by men of the high
est integrity and are performing a pubic
service of incalculable value.
The great Metropolitan Life Insurance
company of New York is coming more
and more to be recognized an institu-
ton whose attitude toward the public is
nearer to that of a generous philanthro-
pist than an oppressive capitalist. This
company conducts the business of insur-
ance in a way that can be understood by
the ordinary citizen. 1t estimates in the
light of universal experience and expert
knowledge the actual cost of insuraing a
life under given conditions. exacts legi-
innate premium based upon cost, writes a
policy as definite and clear as the sim
plest business contract, and then pays
every dollar the beneficiary expects or
hopes to receive.
This, of course. is simply maintaining
for no more commentator when prac-
ticed by a great corporation than it
would in the case of an individual. The
high estimation in which the Metropoli-
tan Life Is held today, however, cannot
be attributed to the mere fact that 1t re-
Trains from deceit and meets its obliga-
tons; it is due to repeated acts which
indicate that 1t regards its millions of
policyholders entitled to share from
time to time in its own unanticipated
profits.
This unique view of its obligations, it
should be noted is not the result of recent
insurance agitation, but has been held
consistently for many years. 1t has I'M
PEELED the company to distribute among
its policyholders during the past twelve
years more than thirteen millions of dol
lars.
1t has been made known in the latest
published statements of the Metropoli-
tan Life that all full life policyholders in
the industrial department who reached
the age of IS in 1906, and all who reach
that age in 1907 are to have their policies
continued for life without further pay
ment of premiums 1t is further pro-
vded that any one holding a full life in
dustrial policy which has been in force
fifteen years will at the age of so receive
the amount of the policy in cash.
Perhaps no former act of this company
is so significant as this voluntary gener-
,sity toward aged poicyholders from
whom it can expect no compensating re-
lations in the future. 1t is stated that
this concession alone costs the company
more than million dollars. Any similar
gift (for 1t is purel va voluntary gifD by
an individual would cause the donor to
be widely proclaimed as leader in
philanthropical work. 1t should not go
entirely unrecognized because 1t emanates
from Corporation"
Further concessions maze by the Met
ropolitan Life during 1906 AFFECT their
younger policyholders, and have taken
the shape of voluntary cash dividends
upon Industrial policies-dividends not
/ promised nor implied In the policies. not
bargained for. hoped for, or expected by
those who receive them. This is an item
of something like two millions of dollars.
making the total voluntary CONCESSIONS
during the year more than three millions.
sss