The Eureka sentinel. [volume] (Eureka, Nev.) 1902-current, 1911-07-29
STATE LIFE INSURANCE
New Law Passed by Wisconsin
Seems to Be Meeting With
General Approval

An important step in the matter of
life insurance has just been taken by
Wisconsin in the passage of a law
creating State life insurance. A "lfe
fund" is established, from which life
insurance will be paid to policy holders.
but without liability on the part of the
State beyond the amount of the fund.
Life insurance may be taken out and
annuities purchased under this Act by
residents Of the State. The Commits.
sioner of Insurance is to administer the
law, the State Treasurer to be ex-
officio treasurer. the Secretary of State
is to audit claims. and the losses and
other payments to be made upon the
order of the State Treasurer, Attorney
General. and Commissioner of In.
surance. acting as board.
The Commissioner Of Insurance is to
furnish copies of forms Of policies to
every State factory inspector, to the
clerk and treasurer of every county.
town, city and village. and to every
State bank. whose duty it shall be to
fill out aud transmit applications for
insurance and annuity. and such
schedules and rates shall also, be
furnished to any other person applying
therefor. Policies of life insurance may
be issued to persons between the ages
of 90 and 80 years in amounts Of $500
or multiples thereof. but not more than
$1,000 upon any one risk until the mum
Der of insurants shall exceed $1,000. nor
in excess OF $1,000 until the number of
insurants shall exceed $4,000, aud so on,
but not at any time in excess of $4,000.
The usual medical examinations and
fees are TO be exacted from all the in.
sured. The premiums for life insur-
ance in the life fund shall be based
upon the American experience table of
mortality, with additions for extra
hazards, and with interest at three per
cent per annum, to which will be added
for expense and contingencies 81 per
year per $1,000 Of insurance, and the
amount distributed equally through
each of the possible premium payments,
the present value Of which shall be
equal to one.sixth of the present value
of the costs Of insurance ON the basis
aforesaid.
Annuities may be granted to persons
between the ages of 20 and so years. to
begin at the age of 60 years or more. in
sums of 500 or multiples thereof, not
exceeding $500 upon the same risk. The
premiums for annuities shall be based
upon the British office annuity tables,
1898. with interest at three per cent per
annum. with additions for expenses and
contingencies distributed equally
through each Of the premium pay
ments, the present value of which shall
be one-sixth of the net single premium
for such annuity.
The forms to be provided will set
forth in detail and with exactness the
CNtiJ POhSyg WIG
precise premium charge, the fees, and
all of the mutual obligations as between
he State and the insured.
This is. we believe, says the Salt Lake
Tribune, the first attempt by any State
to go into the life insurance business.
The step is certainly cautious one.
closely limited, and if conservatively
administered, there would seem to be
no reason why it should not be sue
cess; and with success and the growth
OF the business, doubtless limitations as
TO amounts will be considerably ex-
tended. The particular thing expected
of this law is a marked reduction In the
cost Of life insurance. and the safety of
the measures enacted would appear to
be complete. The limitation on the
amount of insurance, even at the maxi
mum number insured, being $4,000,
would appear to be popular move
rather than one for fancy insurance, and
as such it ought to be popular in the
State where the experiment is intro.
/ dncad