This historic book may have numerous typos and missing text.
Purchasers can download a free scanned copy of the original book
(without typos) from the publisher. Not indexed. Not illustrated.
1912. Excerpt: ... Loss on non-participating. Could a fairer test
of the respective merits of stock and mutual insurance be devised f
It will be seen that during the first five years only was the
non-participating policy the cheaper. The sixth year shows a small
balance in favor of the participating contract, with a rapidly
increasing gain in the next two years. This is the experience of
two policies under precisely the same conditions from the
beginning, with no conceivable reason to suppose that the
participating contract has been especially favored. The net cost of
the participating policy has grown less each year, and a steady
decrease in cost during the remaining lifetime of the insured may
be anticipated, assuming a continuance of the present superb
management of the company and the prevalence of like conditions in
the future. Shall Policyholders or Stockholders Controlf Leaving
the question of cost, we pass to a discussion of the relative
merits of mutual and stock control. It is superfluous to affirm
that the entire assets of a mutual life insurance company, both
reserves and surplus, belong exclusively to the policyholders. As
much will be conceded as to the reserves of the stock company; and
it is perhaps an open question whether even the surplus and all
other funds of the company, not originally and directly contributed
by the stockholders, do not in equity belong to the policyholders.
It is certain that, aside from the comparatively small amount
originally paid in by the stockholders in cash, the entire assets
of a life insurance company have been derived from the premiums
paid by the policyholders. The question is, then, should the
policyholders be permitted to control their own funds, look after
their own interests and manage their own affairs; or shall these
General Books LLC
|Country of origin:
Howard Potter Dunham
||246 x 189 x 8mm (L x W x T)
||Paperback - Trade
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