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About Yale Alumni Magazine | View Entire Issue (Oct. 7, 1897)
FOR EVERY $1,000 OF LIABILITIES HAS. THE - INSTRUCTION IN INSURANCE. [Continued from rst page.] in premiums since their organization, $3,172,981,945, and paid to policy-hold- ers $2,042,777,962. The sum invested for the benefit of the insured amounts to $1,252,144,632, thus accounting for $3,204,022,504. In other words the com- panies have accounted for the entire premium receipts and increased them by 3.84% after paying all the expenses of operating the business. There are now 34 stock companies having a combined capital of about $12,000,000. There are now insured under the industrial plan about 13 per- sons out of every hundred. This cal- culation is based on a population of 52,000,000, there being 13,000,000 or more of the population in States where industrial insurance is not transacted. Accurate statistics as to the number of people employed at the home office of the companies cannot be obtained. It is understood that the New York Life, the, Mutual and the Equitable employ over 500 each. The number engaged by the Metropolitan and the Prudential is about 1500. It would be within bounds to make an approxima- tion of between 6,000 and 7,000 as re- presenting the strength of the clerical staff. As illustrating the wide field of in- vestment covered by life insurance companies, the following table is of interest. Life insurance companies in the United States owned, at the end of 1896, real estate to the value of $135,051,- 096. They had loaned on bond and mortgage, $442,035,471; they held in United States bonds $21,487,314. Of their stocks and bonds, their holdings were $477,110,630. They made colla- teral loans amounting to $38,456,686. The premiums noted and loans on poli- cies amounted to $44,833,176. The cash in Offices and banks was $46,075,301. The net deferred and unpaid premiums amounted to $24,177,975. All other as- sets were valued at $14,324,374. The companies’ liabilities were $1,066,541,- 285, leaving a surplus to policy-holders of $177,019,826. | BEFORE 1875. The history of life insurance in the United States before 1875 was com-. prised for the most part in the years immediately preceding that date. Up to 1842 the business was carried on in a desultory sort of way by a few com- Panies, only one of which is now in business. This company is the Pres- byterian Ministers Fund of Philadel- phia, which was organized about the middle of the last century, since which time it has strictly confined its benefits and privileges to clergymen of Presby- terian persuasion. Prominent among the companies incorporated in the early part of this century were the Massachu- setts Hospital Life, The Pennsylvania Company for the Insurance on Life and Granting of Annuities, The New York Life Insurance and Trust Company, and the Girard Life and Trust Com- pany. These companies are still in successful existence but now confine their energies entirely to the carrying YALE ALUMNI WEEBABLY IT CAN SHOW $1,260 OF ASSETS. THE SINE QUA NON. You men of Yale, who have been back to your first or second reunion, know what we mean when we say that an observing man cannot grow old without a steadily increasing respect for stability and reliability in men and in institutions. Perhaps you will ask how this applies to The PRUDENTIAL! We are not going to answer your question all at once. For purposes of brevity, we will, for the present, put our reply in this single sentence :— Zz THE TWENTY-TWO EVENTFUL YEARS IN WHICH THIS COMPANY HAS SWUNG INTO THE FRONT RANK OF THE FINANCIAL INSTITUTIONS OF THE DAY, THE SINE QUA NON IN THE CONCEPTION AND EXECUTION OF ITS EVERY PLAN HAS BEEN THE FACTOR OF ABSOLUTE SAFETY FOR ALL THE THOUSANDS, AND NOW MILLIONS, WHOSE INTERESTS ARE INVOLVED IN WHAT IT DOES. MORE OF THIS LATER. THE PRUDENTIAL INSURANCE CO. OF AMERICA, JOHN F. DRYDEN, President, NEWARK, N. J. on of a trust business, although each of them still has upon its books a good policy of life insurance. : In 1842 The Mutual Life Insurance Company of New York was: organized. It began business in Februarv 1843, and that date may be considered-as the real - commencement of the business of life insurance in’ the United States. The Nautilus Insurance Company ex- changed its name to the New. York Life Company and began business soon after. The Mutual Benefit-of New Jer- sey followed in 1845, and the Connecti- cut Mutual in 1846. From that time on business began to be distributed among many institutions which took their rise in the fifties and sixties. It is proper also to state that the New. England Mutual was chartered in 1845, though the period of its activity was deferred for some years. 1865 saw a. marked development: in the life insurance busi- ness, as the companies then began to offer plans and in more varying form than before. .The later sixties saw also the formation of many companies which through ignorance and careless man- agement terminated their existence about 1875 or even later. It does not appear that life insurance is treated of as a practical study at any general educational institution in the United States. As bearing on the ad- visability of introducing it as a branch study in schools, colleges and universi- ties, the following extract from one of the insurance journals is given: THE STUDY AT VIENNA. “A new course of instruction has been inaugurated this year at the Uni- versity of Vienna, Austria. It is a series of lectures on mathematics and statistics in reference to insurance. Coupled with this course are lectures on political economy, the science of finances, commercial law and foreign languages. Graduates of this course will receive preference to appointments in the government insurance office, and with insurance companies. It will sup- ply a long felt necessity, since it was almost impossible to find young men sufficiently versed in figuring to take the important work of an insurance company’s actuary.” At the International Congress of Actuaries, Messieur Vellut of Brussels advised that the principles of life insur- ance be taught in all schools and to both sexes from the elementary school upward. Considering the universality of life insurance, it would seem desira- ble to have a better knowledge prevail- ing as to the principles upon which the Science rests. ° Life insurance is trans- acted by local companies, and statistics are obtainable as to their business, in Australasia, Austria, the Balkan States, Belgium, France, Germany, Great Bri- tain, Holland, Italy, Russia, Scanda- navia, Spain, Switzerland, Canada and the United States. There are companies operating also in South Africa and Japan. In the Barbadoes there is a local company, and if the report has been correctly made, the risks are en- tirely on lives of West Indians. In all the British colonies and dependencies, life insurance is established. In the prosecution of the business it calls for: ‘ after receiving the ball. the aid of professional men, and the law and medicine are represented among its officials. It involves the practice of mathematics and invokes the aid of the statistician, and the study of mortality and sociology. Life insurance has a literature of its own. Those responsible for the mathe- matical accuracy of the tables upon which the system is based, have formed themselves into actuarial societies and number among their~ representatives men of the highest attainments. At the World’s Fair a congress of life insur- ance was held, another indication of the importance of position this line of busi- ness had attained. HARVARD'S OPENING GAME, Williams defeated 20—0—Practice of the Week. Cambridge, Oct. 2—The first two weeks of football training at Harvard closed this afternoon with a half hour game with the Williams College eleven. It was the opening game of the season and was played on the new gridiron at Soldiers’ Field. The result, 20 to o in Harvard’s favor, showed the team to be in fair condition and rather better than the average of Harvard’s teams at this season. : The practice for the past week has been full of life, with only one mishap to retard progress. Knox, who was a substitute half-back last season and an average player, turned his ankle in a scrimmage and will be out of the play for a fortnight. The coaches have for the most part confined the practice to elementary football and rehearsing of signals and team play. There has been only one scrub game and then the intervals of play were short. | No change has been made in th make-up of the line. Wheeler has not been playing all the time at right tackle, giving way to Swain on some occasions during the latter part of the play. Doucette at center has been re- lieved by Burden frequently, as the former is not yet seasoned. Donald at left tackle has been showing up strongly and Shaw and Bouve have played the guard positions in a way that has gratified the coaches. With Captain Cabot and Moulton on -the ends of the line, there is danger that competition for the outside places will rélax and no good substitute end will be developed. | Behind the line, Dibblee has replaced . Brown at half-back and his work has been the feature of the week. He is exceptionally light, but has a good burst of speed and gets away quickly What is of more value, he has that spirit and grit which marks a_ successful half-back. Judged by his work in the Williams game, he looks like a fixture. Sulli- van, the other half, is not yet in form. Cozzens has-been played as substitute. Haughton is showing more aptitude for the full-back position and, thus far, gives excellent promise. He is im- proving in the kicking game, both in respect to distance and accuracy. : The game to-day showed weakness in offensive play behind the line. There was no one except Dibblee who could make good gains, although the heavy line enabled the team to make its distance on four downs. The visiting eleven was not strong enough to test the defensive play to any considerable extent. Their-nearest ap- proach to Harvard’s goal was 25 yards. Harvard.scored three touchdowns in the first half, the play being too fast for the Williams defense. Toward the close of the first half Burden’ replaced Doucette at center and McGuire went in at quarter, This .combination did not prove effective and the play was slow in consequence. “Only one touch- down was scored in the ‘second half. ~ The. score against’ the ~ Williams eleven last Fall was 6—o:. Two years ago it was 32—o0. The summary:— HARVARD. ,WiLLIAMS Cabot ehieicis: Sed. dhe ped Rez Rutter Wheeler, h tc.-..cozoaniug . brats desc Baton Swaitei tis J eck Hie vw Bouve; dl nara. cig aio hyeaes Binck PIOUCMULG, GC. . eee a ‘c., Beiler Burden, c. °° Pork: Shaws. eich? i465 938 242 oF ak tig: Lotz Donat t. 45, ors inset: Simmons Moulton, #8. “es 5 l.e., Chadwell Cochrane, @: bs 734k... q. b.; A. Davis Maguire, :q. bit PE Dibbleées 1 hibs c r.h. b. Branch Sillival, “Tah: ey oA : 1: h. b., Draper Cozzens, r. h; b. — Haughton; fb. ;3 4.00.08 bs sDenman Score, Harvard 20, Williams 0; ‘touch- downs, Haughton 2, Bouve, Cozzens; goals from touchdowns, Cochrane, Haughton; umpire, Fred Draper, Wil- liams and Allie Gould of Harvard: liams ’95; referee, B. Mackie, Harvard 794; linesmen, A. R. Marsh of Wil- timekeeper,. J; G. Graham,:B. A- A; time, two 15-minute halves. J. WEsToN’ ALLEN. The New Exchangeable Policy e OF THE . Phoenix Mutual | be cata Insurance Co., of Hartford, Conn. — Provides insurance for life at a low premium, with guaranteed Cash, Paid-up, Loan and Extended In- surance Values. And at the same time the policy can be changed a few years later to a Limited Pre- mium Life or Endowment Policy without losing advantage of the premiums already paid, or having to pay a higher premium on account of advanced years. For sample policies, terms, etc., address the Home Office.
