Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1908-01-29

REPORT of the Directors of the
UNION MUTUAL LIFE INSUR-
ANCE COMPANY to Policyholders is
herewith submitted.
The past year was an unusual one in
Life Insurance experience. The condi-
tons under which the business was
transacted differed broadly from any
previous period, and were more oner-
Gus than at any prior time. Under
the eXactinS new laws of several
states it was difficult to maintain the
cnthusia site interest of agents in the
work because Of the decreased. many
say inadequate, compensation they
could be given, the result being that a
substantial portion of the field work.
ers. The men who actually secure the
applications felt it necessary to aban-
dpn soliciting. Other canyassing
agents, willing 10 meet these statutory
requirements and determined tn encr-
getically prescott" their labors. are
gradually being secured so that til,
retaIding of agency work will. as tin,
passes, be overcome.
Nevertheless, though the attending
clrcum distances were advcry. I.6n.
Policies Of $2,;29 80 i...uranc" |, ~
the paid-fol basis were place. ~,
the bODle
Rega,d.c.'s .. IL" us .'yt Y. t.-y i:
suranse cc:au.t -. ;pNcr.r IN, com
panv T. made ErStify!..; rcogrec
tin:,I.ci. +. t,.r A>o:t< nsN.n- in
! creased sl017.2 ana now standing
at 1891, Sits, while the Sr,.Dlus
shows & strong advance to s6s2 5S2.:..
TN" aprraiseinsnt of the ComDany's
securities. used in viluing tie Assets,
was made jointly by three New Eng
land banking houses of high standing.
Timberlake d Webb, of Portland.
Maine" whose senior member was
formerly Eank Examiner of Maine.
Kiddrr. Peabody & Co and Lee. Hig-
| gins on x Co. OF Boston, Mass, who
ar" sell known throughout the coun-
try. Messi3. Timberake & Webt
I were assisted i'll the work by the pres
e'lr Haak Examiner of Maine, Hon
| William 3. SHELTON
The Premium Income for the veal
Reached $2.-14.o@S.01, which is some
| what less than i'll 1893, and is ac-
counted Tor By the decrease in New IN
| surance, tn, renewal premiums being
| larger i'll aggregate than the figures Of
~ III ago. Tie Income from other
sources. interest. dividends. rents, etc,
was greater than the year before,
Whil" tic Total Income of the year
stands ~ s2.a22. S091S.
insurance in Force upon the paid
for basis On December 31St. 1907. ag-
grecated He policies of s62,s4 so,
. n in
soCiatcd together for mutual aid and
| guldli by 4 common impulse to con-
tinuc. beyond the years they shall live,
the projection of dependents which
duty oDliga.es and family fealty i'm
pelS.
Death Claims paid during 1907 ag-
erc9at" 1851, l0l IS. being 1926. So
Srcuter than the year before. and
representing money actually disbursed
i'll thirty-siy states and territories and
| Ill Canada, carrying comfort into
nearly five hundred homes where sor-
row was supreme. smoothing many a
path otherwise rough with hardship
Rut sentiment Is not alone the foun-
datlon upon which Life Insurance
stands; sound business sense forms
another important part Of its under
lying support.
In other ways, principally by En-
dOWmentS and surrender values, sub
Stdntial sums were returned to policy
holders In 1867. the whole amounting to
81, 2fi, s5,.26. which, added to the mil
lions previously disburscd. made the
aggregate of payments to policy
holders since tn" organization of tho
Company $40, $3.50. sum so very
large that it beWilderS comprehension.
especially if ii be undertaken to con-
slider the wealth Of good this money
has accomplished. the untold help that
it has carried to stricken homes, the
encouragement that ii has extended to
careworn widows.
Among the settlements made every
year there are sure to be several under
policies that lave been kept IN force
Tor varying periods by the provisions
o; the Maine Non Forfeiture Law.
where payment Of Pre- muns was dis
continued long before. and where occa-
sionaly the beneficiary is unaware
that the insurance has the slightest
value. The men who abandon policies ,
usually do 50 under the perplexity OF l
misfortune. needless of all that the |
act implies frequently assuming that
the insurance is of no different i'm
portance than other possessions which |
have become valueleSS. The cash |
yielded under such conditions by
policies altogether neglected always
gives unfaiiing satisfaction to those |
III whose hands it is placed. and |
thou Si they may not understand how
the result is possible. they invariably |
consider it an Indication of liberal and |
honest trei tment.
IN 1907. Il Policies that were valid |
under the terms of this extended in |
Surance feature. representing S33, 1895 |
Insurance. were paid, which carried |
the aggregate to $50 claims that have
been settled through the operation of |
the Maine Eon-Forfeiture Law since |
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