The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1921-05-20
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A ND T HI G S

"houS Oh Insurance. agents VIM o.
here from all parts of the state to- at
tend the Life Insurance Sales congress
It's hard for the average American
citizen who from early manhood has
been held up by "57" varieties of life.
insurance agents to realize that Ire
insurance had its origin much later
than the leading forms of property
Insurance.
Its real rise to importance dates
back only about a half century, but
in that time 1t has grown to enormous
proportions and is now one or the
great outstanding businesses in the
modern world with far reaching IN
fluence in many spheres Of our home,
state and national life
The first attempts at associated life
insurance, as far as is known, were
undertaken in Great Britain. In 1893
there was formed the Society of AS
surance for widows and Orphans and
in 1906 THE Amicable Society for
Perpetual Assurance Office" 1t has
been estimated. according to Hueb-
her. an authority, that between 1893
and 1920 probably so life insurance
schemes were started
But all of them were conducted un-
der methods very defective as COM
pared with those now in general use;
in fact, Mr.. Holcombe, who looked into
the matter, says in Observations on
Life Insurance History" Yale insur-
ance lectures: 1T may be taken as es-
tablished that no plan of life insurance
as we now understand it had been con-
templated by any company or society,
lature in Europe prior to the year
1860"
In 1862, when the total amount of
life Insurance in Great Britain is said
not to have exceeded by only little
$1,000,000, the Equitable Assurance So
ciety of London commenced operations,
and this society may be regarded as
the first to use the modern system of
insurance, its policies being issued for
fixed amounts and the premiums
graded. according to age. But while the
institution of life insurance was first
carefully studied and applied in Great
Britain, it is easily demonstrable that
its greatest growth has teen in the
United States, dating chiefly since the
War Between the States
The story of the development Of life
insurance within the past half a CEN
fury in America is one of the great
romances of the business world, and a
thrilling story could be written around
the pioneer insurance solicitors who
blazed the trail to success through
the unsympthetic country and made
the approach easy for those who have
followed after them until today every
up-to-date and forward looking man
is glad to welcome an insurance agent
| into his office or home to hear the
merits of life insurance
| 1t is not my purpose or province to
bewilder you who read this column
/ with statistics showing the number of
reputable companies engaged in writ
ing life insurance. 1t is absolutely
unnecessary for me to stagger YOU
with figures of their assets, for some
of the larger companies resources seem
more like governmental institutions
than mere private corporations. After
the house cleaning some years back no
one who knows the facts any longer
doubts their solvency or questions their
methods.
The life insurance -olicitor for years
was under a cloud and the butt OF
many joke. Some Of the older ones
even remember the time when a kind
of internecine war was waged among
the rivals of the different companies
and switching policies" were con-
sidered great sport. But those things
have been done away with. The bus-
ness and social status of the modern
life insurance solicitor is unquestioned
He Is persona grata both in society and
trade. AS a matter of fact, the solici-
| tor who is abreast of his calling is a
professional man, for life insurance
has been developed until 1t requires
specialized training and ability of the
highest order to win at it.
And on account of the improvements
and the Importance of the business and
the really valuable service performed
! by life insurance sales agents in our
twentieth century life is my reason for
extending to them hearty welcome to
! birmingham in the hope that they
will form a permanent state organiza
ton and thereby further stabilize in
surance in Alabama. Herbert Baum
general chairman of the local commit
tee, together with the various chair
men and their associates deserve grea,
credit for Bringing the Life Insurance
sales congre SIS, to Birmingham and fol
the manner in which tiey are enter
tanning the delegates and the visitors
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