The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1915-05-03
LIFE INSURANCE
In VAST FIELD
United States Leads the World In This
Line, n Business that Affects Rich
and Poor, City and Country.
By K. 5. Graves, Times Staff.

present great proportions. The compa
nies engaged in life insurance In
America have gathered the funds with
which the world has been financed In
a great measure. At the same time
they have given value received for
every dollar paid for life insurance
with the single exception Of the man
who has allowed his policy to lapse.
Lie Insurance companies gather
their funds from the population Of the
whole country A policy represents
for The Insured an Investment, and
one Of the safest that can be made
Life insurance has grown to be one Of
The greatest institutions In the wrold.
and controlled as il is 10y law. Ia safe
Tor the Investor The millions gath
cred hy the life Insurance companies
are not boarded. but are invested over
and over again These millions are
used to build railroads, to finance
steamship lines, to build cities and to
develop fnrms The farmers Of okla
mona and other states are using mil
Hons ot life Insurance money to de.
velop their farms and to invest for the
bettcrment Of their possessions.
And not the least among the agencies
for the Improvement Of social condi
lions. for the abolition Of poverty and
for education are the life insurance
companies. Through them the entire
population OF the country IL banded
together for the purpose Of protecting
the widow They are for the help Of
the orphan, TO arrange for the educs
tiOn Of those who are fatherless and
10 bring them TO the estate of sell
supporting citizens. They enable many
90 lay by Tor old age. and to accumn
late funds for their own use in old
age
Cosmopolitan In Makeup.
A life Insurance company. to use
me words Of one Interested I'm pro
Noting them, Is mn organization Of rich
and poor from all sections ~ the com
try They stand IN a solid line with
rheir common funds to meet the calam
tiles that may come to this country
the canmitics that cnuse most Of It's
poverty and vice and crime
Those who nrc In life insurance com
panies ARE Interested I'm stable bust
ness conditions, IN peace. health and
prosperity An intricate network Of
Interests connects individuals widely
separated through the medium Of the
corporation at the other end ~ the
country
The history Of life insurance Is per
haps more interesting than that Of any
other line " business. The supcryi
sion ana regulation Of insurance Of
all kinds has come 10 he one Of the
most important problems I'm political
science, II was provided for by the
trainers Of the United States Constitu
ton. and although supervision was
crude NJ first, II has grown more per
feet with the increase " business. In
every state In the union there IL now
an officer charged with the superyi
sion ~ insurance. the intention being
e. make II safe for the investor.
First Reports We're Crude,
In the early history Of life Insur
ance in America the first reports we're
brief and crude. Compared with the
reports made now NJ income. disburse.
ments. assets and liabilities, such as
are required by law. those early re.
ports appear fruitlessly brief and In.
complete. Supervision In these days
has grown far beyond the matter Of
by the companies themselves
The law Rtcps In and provides that ex
penses must he kept within certain
bounds dividends must be cqultahly
n%pportioned In mutual companies. and
line companies must make public
every transaction In which the policy
holders may be Interested
Policy forms must be- filed with the
Insurance departments " the differ
ent states, showing what form of con
tract the company proposes 10 issue to
those whose money y Invested there
in In Oklahoma as In other states
the law specifically states the provi
thit must he contained I'm the
should the policy not meet
the requirements Of the law. the com {
pany ~ not permitted to carry on bust
ness IN the state As q further pro. {
lection a license IL required md the 1
state must know that the Insurance
company is reputable In Oklahoma 1
,very ugcnt must have a license '
Foreign COMPANIES. u
Foreign companies are required To r
report 10 the Insurance commissioner v
Is attorney upon whom process NAV v
70 had I'm case n suit Is 10 he brought n
n when any legal action against the C
COMPANY ls IN he undertgken The 4
Oklahoma law requires the company In Fl
gre that amy process served npon b
UGH a representative shnll be OF tho ri
anne force and validity os n served II
ipon the company and that the liza Il
illty shplI remain Iu r,rre mo- Io,c 4
"A any liability exists Thus instead
( being compelled ru ro outside NJ Of
he state for relief n unu be- Ind I'm NJ
he state courts. Ia
Insurance companies nrc required IN Ia
lie statements showing their financial n