Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1918-02-10
ANOTHER YEAR
IN INSURANCE

The following is from The Spectator,
q journal devoted to life Insurance: /
Last year witnessed u further ad-
vance in the progress of the New
York Life Insurance company, which
progress is unchecked by the serious
conditions of war times. In fact, the
var seems 10 have stirred the agency
force to greater efforts than tver be-
fore, as the new paidfUr business pro-
duced last year not only exceeded by
many millions that Of the preceding
year, but closely approached that of the
biggest year in the history of the COM
pany In that banner year the New
York Life transacted large volume of
business III foreign countries, where
its efforts are now considerably Cur
tailed by the war, and it also operated
in Texas. from which state it was com.
peeled to withdraw owing to adverse
legislation Bearing these facts in
mind. therefore. it would appear that
the Year 1917 was the best for new
business production which The company
has Vet seen.
The efforts of the agency force re-
suited in the company being paid for
14S.517 policies for $$1G, 600, 600, an
average of $212S per policy The total
new business paid for is more than
twice the amount originally permitted
by the so-called Armstrong laws. en-
acted by the New York Legislature in
1906. Those laws have been amended
, from time to time SO as to permit a
company to increase its new business
/ in proportion to the degree of economy
( effected in securing it. The New York
Life has been exceptionally successful
III keeping down the acquisition cost
/ Of its new business. so that it is able
/ to write each year practically all the
/ business it can conveniently handle in
| proportion to the existing insurance
ON its books.
While the writing of new insurance
/ is desirable for a life insurance COM
/ pany in performing its proper function
/ of giving the protection of life insur-
ance to all, it is equally important to
see that the business once written is
retained in the books. In this respect
| the New York Life makes a good show
( ing for the year 1917, as it added to
the amount outstanding over one hun
bred and sixty-one millions of bust
ness, equal to about fifty per sent OF
the amount written. This is a very
good showing in view of the age of the
company and the large volume of bust
ness on its books, and indicates that
strenuous efforts are constantly be-
ing made to conserve the business
secured.
One interesting feature of the state
ment of the New York Life, as pre-
sented to the public, relates to the
mortality rate experienced last year
With Il largely increased volume o.
business on its books, the mortality
rate for 1917 was not only lower thar
in the previous year, but actually fel
below that of any year in its history
lnasmuch as the company has large
amount of business in force in bellig-
erent countries, and was called upof
TO pay an appreciable number of wal
claims during the year, it is eviden
that the mortality among non combat
ants in the several countries in whicl
the company operates was eXtremel,
light. 1t is also an indication of tn
high degrees of care exercised in tn,
selection of risks by the medical staff
Loans TO pOGcyholders have beef
subject of comment to a great eXten
in recent years, and it is apparent tina
some effect is being felt by the policy
holders, for the applications for loan
have shown tendency in the past tW,
wears to decline Last year the New
York Life advanced to its poicyhold
ers on the sole security of their con
tracts, $23, 122,213, which was 1882,