The Daily Alaska empire., 1938-12-13
INSURANCE GROWTH

By the end of this year. the total amount of life insurance in force in the United States will be the largest in history it revealed at the annual vention of life insurance company Presidents last week in New York Julian Price, convention chair man, is reported stating that the total amount of life insurance in force on December 31 will approxi- mate S1103O0 100000 He based this figure on data from POS companies which had in force at the be- ginning of this year 97 percent of the life insurance outstanding in all United States legal reserve com panes. Actual records were used for the first ten months of the year and estimates for the last two he said.
 The total amount of life insurance in force rep resents an average coverage of $1725 about 64,- 100000 lives MT Price stated He continued While the outstanding total is the largest record it the spread the protection rather than its dollar Value, that indicates it's importance in the under writing of human values When beneficiaries and pcicyhoders are counted together it is indicated that the current life insurance coverage extends to 100 100000 persons. Actual payments under present in force will be distributed long period of years in the future but each policy has very real present value in that 1t represents definite available at any time whenever the need for which it was designed arises
 .a It is estimated from figures furnished by the POS companies that life insurance acquired from all United States legal reserve companies during 1888 WILL amount to SlloUOOOU,UOO WHlcn IS SZ,99o0GU,UUU less than the 1e37 figures MT Price stated
 The Chairmans report to the Convention also disclosed that at the end of this year amounts paid credited by life insurance companies to policyhoders and beneficaries will total $2600000000 Of this amount 37.5 percent, $975 ,000000, will have been paid in death claims to benefciaries of deceased poicyhoders The remaining 625 percent or $l,625,- 100000 will have gone to living poicyhoders as tured endowments annuties surrender values policy holders dividends and disability payments
 The policy payment figures announced by the Chairman based on the records of 48 companies which sbursed last year 92 percent of the pay ments policyholders beneficaries by all United States legal companies From these individual company figures estimates for the country whole were made and the figures projected to December 31
 In discussing the theme of the conyention,i Underwriting Americas Human Values MT Price said:
 "The very circumstances of our national existence have tended to foster n America intense absorp- tion in economic activity Not only have we had a vast continent with a wealth of natural resources to develop. but we have had two to keep us con- paravey free from the threats of war which sap the resources and energes-physical mental and spiritual-of many nations less fortunately situated
 Our preoccupation with economic growth and development has appeared to many observers of Am rlcan life to emanate from narrow, purely material stc concept of life in which all values Subordn lted to that of money. This interpretation however seems to have missed entirely the significance from the standpoint of human values of the evolution of American life. Viewed in this light we find the most striking aspect of the picture is the enormous increase in the standard of living of population generally eyer period of 100 years On the average our people have better food better clothes better houses They are healthier, have more leisure and better edu- gated not only through schooling but through books newspapers magazines radio and travel They not caly spend more but they save more These average