The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-16
GROWTH OF INSURANCE
ONE OF u. S. MARVELS
Life Companies Lead All Others in Assets, but Fire
l. Concerns Do Much Greater Amount Of Business
, Marine, Casualty and Other Forms.

!
The insurance business has reached
Aut into such a variety OF fields and
developed to such an ormou extent
mat the figures showing It's hnpor-
ytance In the financial and economic
spheres are almost II not quite be-
Sond comprehension. They are fgures
chat the Mathematician can comput
easily enough but That the nina can
hardly grasp. accustomed though al
have become in recent years TO e
hunarods az millions and even billions.
But the magnitude OF the opera
don OF the insurance companies Is
not the only startling thing ABOUT
Them. The growth or the business
from such n comparatively brief tlme
ago that the beginnings OF eVen me
insurance IN this country n It's
early are within the recoi-
lection OF living persons furnishes
one or the o characteristic ex-
amples OF the development oi the
United states into the great country
which II IL.
with probably more than s2o,ooo.-
VOO,ooo OF lie insurance now IN iorce
IN TINS country II is a tact mat TINS
enormously important branch OF the
business was merely an ADJUNCT only
seventy years or so ago OF hre IN
eurance. not a separate business
very httle enort used 10 De mace
20 popularize or push II. nut IL
quickly leaped into favor when COM
panies were formed to engage In II
exclusively .nO carrier IL on WITH the
system n zeal which eventually
came to distinguish 1t.
MA a., cror. - n.r
~ never ceaseu grow ou' n".
Oome Trying times IL PractlcaiN hao
70 grope IN the uark as 10 mor,aiity
rates IN tne carry uays' anu reiieu
mostly on Enehsh experience IN tnat
fespect. SIMPLY assuming that une
American rate was higher than mat
OF Europe. as n large part OF the
country was newly settled n heaith
and lie therefore were not
70 pc so secure mere. rms diHlcuIty
was pictured In ~ foilowlng WORDS
BY . committee or n PIE Underwriters
convention In 1850:
and can have Mono for years 70 came
which will be entirely reliable as to
morality among assured lives. There
ford. We do not know what 1t costs
a. d insure lives in this country"
The business naturally was not
helped as to that drawback in the
following years, when the civil war
ragged and necessarily created an alb
N,VennI rnndttinn n a 20 rpnrtplifv. hut
that disability was of course removed
IN due time thereafter. enabling the
companies at length to calculate
scientifically and fix premiums for
policies property.
The civil war was not without other
diftcult problems. but peace brought
n big rush OF business TO compensate
for the trials. difficulties and losses
OF the companies during the war, a.
peace doubtless will do when IL comes
after the present world war. for the
reckrds show that the new business of
1868 was nearly seven times as much
a. that of 1860. In view OF the present
VAT IL is interesting TO recall how the
life. insurance companies Jared in the
civf war.
''S' war D'"co'''es'
-Four laws after the Presidents
proclamation calling for 10000 men,
SAWS a life u historian OF tina,
period, "a meeting Of delegates from
sixteen companies was held in New
York and IL was recommended thai
the companies give their consent e
the insured entering the military or
naval service: that the insured have
per cent. per annum on the amount
insured and 5 per cent. additional a,
Q climate risk for service south o.
- degrees north latitude. or to hav,
their policies renewed after the wa
on satisfactory evidence Of good health
In case of death.
'4rhe greater difficulty arose Will
policy holders residing in the Southern
States. 1t was difficult at first, .nc
later on impossible, for such polic.
holders to pay premiums, the non-pay
ment OF which voided the policies
Military service had the same effect
and nearly every able bodied man be
longed to q military organization q
some kind.
1.-TWO methods were finally settle,
p ''.
value; second, as an alternative I
cash value, allow reinstatement @
he policy after the war on. the nav