Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1912-01-17
Z0ND ANNUAL REPORT OF
W Union Mutual Life Insurance Co.
PORTLAND, MAINE

dends, endowmens, surrender values etc, were made
during amounting S9oo30I.oo the entire pay
Polcyholders the year aggregating Sr6S5
2o5 3, which fixes the total paid by the Company
Policyholders during the sixty-two years that it has
been conducting the business S46oI3,28I7I.
vast in volume distributed it has been in
paratively small amounts and so prodigous in help
fitness, scattered II has been over wide area and
into thousands OF communities, that may well be
amazed at the benehcent work which Life Insurance
is bringing to pass in the world
Every does prosper Some find business
crowded with gatherings and money elusive Such peo
pie at time another may be compelled to aban
don their policies, either by necessity through Tor
getiuness. For thirty -four years Union Mutual po
cics have contained provision safeguard the inter
csts OF those thus unfortunate alter premiums for
three full years have been paid IN cash by which pro-
much insurance has been kept valid and payments
made which would otherwise lave been lost. Known
originally as the Maine Forfeiture Law, this DIES
ignation has gradually been omitted other States
have enacted similar laws, that extended insurance
in OF lapse stands OF the requirements
all States where standard policy provisions have
been set forth by Statute. Following this experience
OF nearly three and one-half decades, during which
by the operation OF this helpful feature COS Claims
covering ST sos 6SoS5 have been paid the Union Mutual
finds itself stronger than ever in the belief that
tended insurance is one of the most important and
valuable rights which a Policyholder can have. In
1911 such claims were paid, representing 100000
Insurance No small part OF the advantage accrung
under these cases is due the unquestioned fact that
such payments likely to go to families where want
pressing and necessity more urgent, since lack
OF funds is the most cause which brings men
to the point of abandoning Policies.
In other reports the growing volume of loans upon
Policies has been deplored The situation is not bet
tering The habit is spreading rather than diminish
ing OF borrowing on account of Policies for whatever
necessities may arise trivial though they may be- and
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 no other available, to be COM
ncndcd but indiscrimnate borrowing because ii is
possible under the terms OF the Policy is inadvsabe
these advances on account of the insurance the harm
lies from the standpoint OF the Policyholder in taking
that much of the protection away from the beneficiary
whose later necessity for it is likely to surpass the
requirements of the present
Taxation of premiums continues prominent as an eX-
pense Added to the already burdensome State taxes
is the corporation imposed in years by the
Federal Government upon what is designated as net
income, from which deduction is not permitted of the
item termed dividends" upon Policies (Which
really only returned unused payments the common
use OF which misnomer seems have been responsible
for the requirement that they be included in the amount
upon which the tax is paid. While OF itself large
il puts further distinct factor upon the OF trans
acting the business. ~,
During 1911 Monthly Income Policy adopted
containing original and attractive features and the
number Of policy forms materially increased, all
OF which should assist toward advancing future bust
ness
Pocyhoders can help i'll the development OF the
Company in important wayS-by suggesting the
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
promote the interests OF this mutual institution in