Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1912-01-17
cop ANNUAL REPORT OF
~ Union Mutual Life Insurance Company,
PORTLAND, MAINE

PORTLAND, MAINE
pany to Polcyhoders dnring the sxty-two that
it has been conducting the business at s4sO1s IL
sum so vast in volume, distributed it has been in
comparatively small amounts, and SO prodigious in
helpfulness, scattered it has been wide
and into thousands Of communities that may well
be amazed at the beneoent work which Life Insurance
is bringing to pass in the world.
Every man 1oes not prosper Some and business
crowded with gatherings and money elusive. Such peo
pie at one time another may be compelled aban.
don their policies either by necessity or through for
getfulness. For thirtyfour years Union Mutual poll
ces have contained provision to safeguard the inter-
ests Of those thus unfortunate after premiums for
three full have been paid in cash. by which pro-
much insurance has been kept valid and payments
made which would otherwise have been lost. Known
originally the Maine Non Forfeiture Law this des-
ignat:on has gradually been omitted other States
have enacted similar laws that extended insurance
In event OF lapse stands the requirements
in all States where standard policy provisions have
been set forth by Statute. Following this experience
Of nearly three and oue-haf decades during which
by the operation Of this helpful feature 695 Claims
covering 81, ,6So.s5 have been paid, the Union
Mutual nds itself stronger than in the belief that
extended insurance Is one OF the most important and
valuable rights which Policyhoder can have. In
1911 81 such claims paid representing 900 In
surance No small part of the advantage accruinp
under these Is due unquestioned fact that
such payments likely to 60 to families where
want Ia more pressing and necessity urgent
lack of funds lie the most which brings
to the point of abandoning Policies
In other reports the growing volume of loans upon
Policies has been deplored. The situation not bet
tering The habit spreading rather diminishing
of borrowing account Of Policies for whatever
necessities may arise trivial though they may
thus, most often for insufficient cause mortgage is
placed upon the future happiness of the family Loans
which made for the purpose of meeting premiums
when other means available, are to be COM
mended, but indiscriminate borrowing because 1t is
possible under the OF the Policy is an inadyisabe
procedure. While the Company can readily make
these advances account OF the Insurance. the harm
les from the standpoint Of the Policy taking
that much of the protection away the
whose later necessity for it s likely surpass the re-
qurements of the present.
Taxation Of premiums continues prominent as an ex
pense. Added to the already burdensome State taxes
is the corporation tax imposed in recent years by
Federal Government upon what is designated as net
income, from which deduction is permitted of the
item termed "dividends'' upon Policies (Which are
really only returned unused payments) the common
of which msnomer seems to have been responsible
for the requirement that they be included in the
amount upon which the tax is paid While not of it
self large puts further distinct factor upon the cost
of transacting the business.
During 1911 Monthly Income Policy was adopted
containing original and attractive features and the
number of policy forms materially increased all
of which should assist toward advancing future BUSH
Poncyholders help in the development of the
Company in two important ways-by suggesting the
names of people who ought to have policies and men
tioning men who would make desirable agents. Co.
operation of this character will be especially welcomed
by the management, and will go we'll toward serving
to promote interests of this mutual institution in
which all Policyhoders should have abiding interest
With firm confidence in the future of the Union
Mutual Life Insurance Company the management be-
Heves the outcome of the New Year will be increase
the prosperity and advance the standing of this nst
tuition which represents much that is good in the
ambitions OF its Policyhoders for protection the
settlements with benefcares when the time of matu
turity comes.
Respectfully submitted.
FRED e. RICHARDS, President.
ARTHUR L. BATES, Vice President.
EDWARD A. MOVES,
FREDERICK Robe,
FRANK E. ALLEN,
SELDEN common,
DAVID &. HAMILTON,
j. FRANK LANG,
HENRY B. CLEAvEs
JOSIAH II. DRUMMoND,
WILLIAM T. COBB,
EDWARD B. WINsLow, Directors.
PORTLAND, MAINE, January 16, 1912.
)WLE, Manager, Ellsworth