The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-01-23
News Of the Insurance World

insurance by the insured. or the loans be-
come a claim against his policy at death
The advice Of those In the insurs nee husi-
ness is. Never negotiate loan on your
life policy. unless you absolutely have
The reasons are obvious. The fact that
a policyholder can force his company to
make him loan whenever he feels like
III, and that In most cases such loans can
be obtained without the consent or
knowledge OF the bene6ciary-too often
greatest OF wisdom, caution and care.
Provident Life Reinsures.
Word has been received In Salt Lake
City to the effect that the New Yorl,
state insurance department has consent
ed 10 the consolidation OF the Provident
LIE insurance company and the Postal
Lie Insurance company n simply means
reinsurance. with the retirement OF the
Provldent. which is thought 10 be some
what strange. for the reason shat II was
better known and regarded as a much
stronger company than the Postal. There
is no doubt, whatever, that Superintend-
ent Hotchkiss knew what he was doing
when he consented to the merger, and
the general opinion Is that he did what
Ire doomed best for all concerned. having
in mind the absolute solvency and un-
impairment OF the insurance company
when the consolidation was effected E
u. Rittenhouse former insurance commits
sloner for Colorado, was president OF the
Providcnt, having declined a reappoint-
ment for the commissicnership about two
years ago, in order that he might take
the position with the now defunCt com
pany.
So far as can he learned. the Provident
mas never been licensed to do business
In Utah. but IT is thought 10 be more
than likely that numerous policyholders
reside somewhere within the state To
all such The Tribune suggests that they
take up the matter OF their insurance at
once with the state insurance depart :
ment. Dooly block. this city
Morton IS Probable Successor.
In the matter of the appointment of a
successor to the late Paul Morton presl-
dent OF the Equitable Life Assurance so
gan VIII have the naming of the man,
for the reason that Morgan holds a ma :
1ority OF the Equitable stock. There are
now two vacancies on the board of trus-
tees, and rumor had il recently that
George w. Perkins. formerly vice presi-
dent OF the New York Life, and until a
,ew @ months months ago a partner of the bank
been offered trusteeship by Morgan
Another selection for trustee was. until
the death OF President Morton. said to
lawyer Perkins would have succeeded
the late Grover Cleveland. and Ledyard
Ge0rse Westinghouse, resigned.
The other trustee is Justice Morgan j.
OBrien OF New York. In this connection
II should be explained that the recent
election as n director OF Gage E. Tarbell
was not a new selection. but q re- cleo
tion, Tarbell having served on the board
for throe years past
While 1t Is a little early vet to say who
President Morton's successor Will be, il
bell
The interest that Morton took in Salt
Lake City and the west has already been
reviewed in the columns OF The Tribune,
lt was only recently that he wired the
salt Lake agency 10 The effect that II
tne then talked of company investment
legislation became law II would mean
the withdrawal OF the Equitable from
the state of Utah, Those who We're ac-
quainted with Morton know that he would
have kept his word Texas enacted such
a law and the seventeen old line com
panies withdrew from that stale, among
the number being the Equitable.
Agent Sues Continental.
George S. Kimball has begun suit
against the Continental Life Insurance
and Investment company OF This city in
the United States Circuit court at San
Francisco TO recover 500. 900 alleged TO
be due HIM on an agents contract. In
his complaint kimbail sets forth that he
entered into contract with the Con
tinentaI 10 write $4,000. 900 Of life in
suraDce in five years and that after he
had wriitnp orar e. non In tma