The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-01-21
TAFT ADDRESSES
INSURANCE HEADS
Model Law Would Effect
Great Purpose, He Says.
OUR PEOPLE INDICATED
Examination Has Proven Hon
esty Of Americans.
OUR PEOPLE INDICATED

President Taft was the principal speak
er yesterday at the closing session of the
Association Of Life Insurance Presidents.
which has endo avored 20 lay plans for
the enactment of uniform laws concern
ing Insurance. The President said, in
part:
You represent possibly the greatest
certainly one OF the most important-in-
strumentanties for the promotion Of the
saving of capital in the world. You rep
resent possibly the most important trus-
tees in the world, those who take care Of
others money in a fduciary capacity.
1t is not many years ago-certainly
not more than ten years ago-when the
Investigation into the management by
some of the companies precipitatet -rc9
this country what might be called an IN
Prospective investigation into the business
Of standards and integrity Of the coun-
try. and while the revelations Of those
investigations did not show any extreme
violations Of the fduciary relaton-I
mean extreme in proportion TO the amount
OF money saved for others with due care
they did show instances which aroused
the whole business community and the
community in general TO the necessity Of
housecIeaning, and the public became
most acute in condemning every depar-
ture. however slight from the str!ctest
line 10 be laid down for didduciary duty.
VindIcate American People.
Now, have no doubt that YOU are
glad, as we all are glad, that that exam
ination was had. and that It resulted ulti-
mateIy in vindieating the honesty Of the
American people, and also the general
honesty and business integrity q Amerl-
can business men.
You are here, as I understand e. 10 Sc
| cure uniformity in insurance legislation
throughout the country You are very
/ sorry that the United States may not ind
| in the Constitution the right 10 render
uniform the insurance business through
out the country.
/ Certainly the Supreme Court seems 70
| have settled that question, and YOUR only
I recourse therefore. IS TO secure SUN com
mon action by the states that the result
Will be similar 10 single Federal act
controlling the business. That IS a long,
hard task. because the conditions that
surround the legislatures OF one State
may differ very largely from the condi-
tions surrounding the legislatures Of 9TH
er States.
"The only function that the United
! States can perform is to pass mode
| law IN the District OF Columbia and
there show TO the world that Congress
aided. possibly. by a scientific commis-
sion, shall believe to be the best kind
| Of an insurance law.
q shall be glad, in so far as any DOwe!
lies in me. TO encourage such action. Ne
one who is at all familiar with the busi-
ness of this country can be blind TO tht
tremendous Importance Of the life insur.
ance business.
Must Read Policies.
at comes home to every one. and alsC
IT'S fduciary quality. I have been or
the bench and at the bar. and I hav,
ruled that men must read their policies
to know what they contain. with a view
to understanding what the contract is
iand then am conscious Of never havinl
read through any of the policies which
I have taken out, because I trusted th'
men who explained them To me. Bu
| Congress, by a fodel law, can effect ;
great purpose"
| George T. Ide. president Of the Homt
Life Insurance Company, Of New York
ISurg. Gen. Walter Wyman. Of the Publ,
Health and Marine Hospital Service; Dr
IM. J. Rosenau. Of Harvard and d e
NV. Dwight. medical director Of the New
England Mutual Life Insurance Com
pany. Of Boston. were other speakers.
Paul Morton, president Of the Mutua
Life Insurance Company. Of New York
and Jesse R Clark president Of tn
Union Central Life Insurance Company
, Of Cincinnati. were present at yesterday
session.
Surg. Gen. Walter Wyman delivered a
address, taking for his subject Work O
. the Federal government I'm the matter @
health conservation and what may b
done 10 supplant it," He described tn
t governments quarantine system as az
r Piled both at seaports and inland by tn
Public Health and Marine Hospital Serv
ice.
Reviews Bureaus Work.
The suppression of the many commo
contagious diseases, he said, would at n
ldistant day be as uncommon and rare a
they are common to-day. He reviewe
the work of the International Sanitar
= Bureau. which was established by treat
= with foreign countries, showing the I'm
pOTtant work that bureau has done.