The daily worker., 1927-05-31


The insurance trust makes tens of
millions through overcharging and
forfeitures on lapsed policies. It also
makes tens Of millions on "lapse
charges" charged to underpaid field
workers. Everyone loses except the
polished gentlemen who direct the
looting.
Guady Reports.
And now comes the 1926 annual re-
port Of the Metropolitan Life Insur-
ance Company with its figures run
ming into billions of dollars to lend
heart to the mulcted customer and
the oppressed and goaded agent.
Tt is a known fact that half Of the
agents Of these billioIt dollar cor
porations are in the hands of loan
sharks. Such philanthropic institu-
tons as the Morris Plan and other
industrial" bankers have thousands
of industrial" agents on their books.
These banking" organizations oper-
ate in such a manner that when one
becomes a customer one remains a
customer. Industrial" banking for
industrial agentsl
"Of the People"
Let the agent whose pay is mort
gagged to these loan leeches take pride
in his company's annual report. 1t
is thing to be proud Of
The legend at the head of the re-
port reads, "The Company of the
People, by the People, for the Peo-
pie" That has a familiar ring. I
think ! have heard vote-seeking poll
ticians use that same shibboleth be-
fore, fat, oily corporation-serving
Big Business politicians who have the
dollar az to grind. people" indeed.
From the Peepul."
Last year the "Big Four" made so
million dollars on lapsed policies. This
enormous sum Of money went direct
" into the pockets Of the companies
who indulge in such maudlin blurbs
as "the company of the people" and
similar tripe.
Last year the Big Four" stole 3S
million dollars from the pockets of
their agents in 'lapse charges" The
legend should read, From the Peo-
pile
Lapse Rate Still High.
The report reads: "Paid for life
insurance issued. increased and re-
Viyed in 1926, S3,011, IT'S, ,150." But
the report fails to mention the inn
portant fact that of this amount only
81, 1,401, 734,835 of it remained in force.
That more than half of the insurance
ISSUED, increased and revived" lapsed
before the year was out. That of
the amount thus terminated only l
per cent was paid as matured endow-
ment and less than per cent was
paid as death claims. The balance of
terminations represented a loss in
enc form or another to the millions
of policyholders who could not keep
the pace with the inhuman conditions
imposed upon them by the "Big
Four"
Same Directors.
The report listed the companies
assets, but en- the report no words ap-
pear to show that half of these as
sets are accumulated through for
FIXTURES made on lapsed policies and
through "lapse charges taken from
the agents payroll
Take the list of newly elected di-
rectors. The same old gang, Schwab,
Fiske, Ollsheimer, Houghton, Wiggin
Noyes, ct al. The Metropolitan is a
mutual" company-of, by and for the
peepul. Sean the list Of Wall Street
directors and see if you see any of
the people present, see il there is
a name thereon who takes an interest
in the rights Of the policyholders or
the agents.
Unite"
As long as the existing gang sit
in control of this billion dollar ma
chine the fraud which is being per-
petuated on policyholder and agent
alike will continue.
The machinery exists for the talk
ing over OF these corporations by
those who really contribute to their
greatness.
The interests Of Schwab & Co.
are diametrically opposed to those Of
the customers and workers Of the
big Four"
The first duty Of the agent is to
ally himself with the defrauded poll
icyholder. They are in the same boat.
The directors and officials Of the in
suranee trust fleece the agent with
the same lack of .compunction as is
used in robbing the policyholder.
Propaganda Machine.
Every week 60,000 "Big -Four"
agents walk into 10 millions homes Of
industrial policyholders. In those
homes the agent is the insurance COM
pany. lie can show these defrauded
policyholders that it is in their inter-
osts TO elect and vote for representa-
tives who will guard their insurance
interests on the directorates Of these
companies.