Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1915-01-20
Establishments.
To P0ticyholders:

-HE SIXTY FIFTH ANNUAL REPORT, exhibit
ng the business OF the year and the statement Of
the Company the thirty first day of December
1914 ia herewith submitted
Life Insurance Companies are so frequently spoken
of as financial institutions that the they
ply business corporations is commonly overlooked.
Life Insurance Company exists only for the purpose
insuring lives and payment claims and the charter
of the Union Mutual Life Insurance Company, granted
by the State OF Maine in 1s4s, provides.
The care and investment of the funds belonging to
Policy holders is obligation of the Directors chosen
by the Policy whose trustees they are but the
business in which the Company is engaged is the writ
ing OF Policies OF Insurance and the payment of claims
Hereunder they mature.
Our Company was organized and commenced BUSH
in 1s49 its first Policy having been written the
life of Elisha B. Pratt, of Cambridge, Mass the first
President OF the Company October 1st Of that year,
and paid Death Claim in February, 1861 since
which time Insurance protection aggregating millions
of dollars has been placed upon thousands of lives and
many millions of dollars have been returned to Policy
holders.
No unusual pressure has been exerted to write new
business during 1914 and general conditions, which
1T is unnecessary to make extended reference have not
been favorable for the promotion of business
Of the Company as in many other years when CONNER
cia activities of all kinds have been prosperous.
Notwithstanding these conditions, the unremitting
labor of loyal corps of Superintendent and Agents
who not only seeking their livelihood, but
devoted to the interests OF the Company, whose repre-
sentatives they are, and the prosperity OF which so
largely depends upon them, has resulted in the fact
that the New Insurance paid for has been greater than
the of several past although not quite
equal!ing the amount written in 1918.
During the year there have. been paid for 3,4S0 Poll
cies OF s62ss7so Insurance. of which s34 Policies of
1855 206 upon the lives of residents of Home
State.
The total number of paid for Policies in Force upon
the books of the Company is 43 SCI of s65 6s4 In
surance, substantial increase the amount in
force at the end OF the previous year.
The total payments to Policyholders since organza-
ton OF the Company have reached the of ESP 212
$50 go, of which So 277,9l0 80 paid in 1914 for
Death Claims, Matured Endowments, Dividends and
Surrendered Policies details of which included in
the appended statement.
The Oldest Policyhoder who died during the year
had reached the OF ninety years. having been
insured for than forty and one half years,
but another Pocyhoder who died at the of ninety
had carried his protection sixty three years and ten
months The average age of those who died during
1914 fifty five years. and the shortest period dur
ing which Policy becoming claim had been in
force two months and eleven days. death resulting
from eectrocuton by live wire. Fourteen Policy
holders died in 1914 whose Policies had been the
books OF the Company less than year, their ages
varying from eighteen to sixty two and whose aggre
gate Insurance was $4,000
There paid during the year under the extension
feature of Union Mutual Policies which has been
planned at length in previous reports, II Policies of
s25 bringing the total of Policies thus saved for
benefciaries to 749 amounting to 81 3s $3.50 Insur-
ance upon which the insured had ceased to pay pre-
miums through neglect for other causes and which
would have been lost their benehcares but for the
operation of this liberal provision.
Until within comparatively recent period Policy
intrequent occurrence but competition for
business led Companies to insert loan agree
their Policies with the result that when various
States adopted standard forms of Policies such provi
sions made compulsory, so that loans made to
Policyh the security of their Policies
stitute large and increasing percentage of the
assets of aE Companies Loans of this character add
to the interest income of the Companies, but reduce
B. T. So