Trow's New York city directory, 1865, Part 296

Author: Trow, John Fowler, 1810-1886
Publication date: 1865
Publisher: New York, J.F. Trow
Number of Pages: 1183

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every man is more or less liable, it often becomes a means of support when everything else is gone -cheering with ease and competence the declining years of those who, without its aid, would have been left to all the miseries of poverty and old age. 3. Life is uncertain, while death is certain ; and a Savings Bank makes provision only for life. The average length of human life is only thirty three years. Of 500 persons, only one lives eighty years, and of 100 only six live sixty-five years. Those who can cheat themselves into the belief that they run no risk of dying, will not, of course, imsure. No one, however, need consult books to learn lessons of mortality. 'Tis the burden of pulpit eloquence ; the lesson of the graveyard ; and the teaching of every day's experience. The uncertainty of life being admitted, it will follow that accumulation upon the Savings Bank principle, does not meet the requirements of the case.

To illustrate : suppose a husband and father, thirty-three years old, wishes to leave his family the sum of $2,000, and for that purpose deposits annually $50 in some Savings institution. In the course of thirty or forty years he will thus accumulate the required sum. But what guarantee has he that he will live ten years, or even one year ? He has none, and, of course, no security for pro- vision for his family. But, if he pays $50 as an annual premium for a policy of Life Insurance, he will be SURE of leaving $2,000 to his family whenever he dies-in six months or twenty years! Thus, while all other means are fluctuating and uncertain, and riches often " fly away," a Life Insurance policy (if from a reliable company) is certain, and becomes a patrimony JUST AT THE TIME IT IS MOST NEEDED.

The question is no longer, SHALL I GET MY LIFE INSURED ? but rather, WHERE CAN I INSURE IT TO THE BEST ADVANTAGE ?

In answering this question, it will be necessary to explain, briefly, the

DIFFERENT KINDS OF LIFE INSURANCE COMPANIES.

They are all based upon the same fundamental principles, but are divided into classes, according to the different plans of their organization and the different methods of conducting their business. They are either Stock, Mixed, or Mutual Companies.

Joint Stock Companies issue at fixed rates, the profits being WHOLLY divided among the proprie- tors, and the enormous dividends thence divided have, in some cases, raised the value of the stock to seven hundred per cent. upon the amount paid in.

Mixed Companies are also Joint Stock Companies with proprietary bodies, but the assured are allowed to participate to a certain extent with the proprietors in the profits of the business.

Mutual Companies are owned and managed exclusively by policy-holders, all of whom have their proportionate share in the surplus accruing from the business.

The Mutual Company is clearly the most perfect in principle, and experience has fully tested and placed beyond a doubt the perfect security of the system. No Mutual Company, when once well established, has ever met with disaster on account of the mutual principal; but, on the other hand, they have rapidly accumulated funds, reaching sometimes in amount to millions of dollars. In Mutual Companies, too, the assured have entire control of the funds; there is "universal suffrage," and the form of government is essentially " democratic." A Mutual Company divides the whole sur- plus among the insured, after deducting only the actual cost to the Company of carrying on the business, which is not the case with the first class mentioned, and only in a degree with the Mixed companies. This plan of operation insures the applicant at the lowest possible premium, for all that is over the sum required to insure him safely, is returned in dividends, which is not the case with the Stock companies, and only partially so with the Mixed companies, the proprietary body in the latter having first to receive its share of the surplus before a dividend can be declared to the insured.

The Governor of Massachusetts has recently vetoed a bill to incorporate a Life Insurance Com- pany, because, among other reasons, it was not a Mutual company, and had no limit as to its ex- penses. He says: " Purely Mutual Life Insurance Companies have been proved, by experience, to be the safest and best for the insured."

A PURELY MUTUAL COMPANY 18, THEN, THE ONE IN WHICH TO INSURE TO THE GREATEST ADVANTAGE.

SUPERIORITY OF THE NEW ENGLAND LIFE INS. CO.

It is a purely Mutual Company, and has made four distributions of surplus funds (1848, 1853, 1858, and 1863) in cash, amounting to OVER $1,500,000. It now has a well-invested fund of $3,000,- 000, which is much more than sufficient to meet all possible contingencies and make a large return to all the insured besides.

The New England Mutual Life Insurance Company do not pay their dividends in scrip, but always in CASH. At the close of every five years the Company, after paying the expenses of the business, reserving a sufficient sum to reinsure all risks, and cover all possible contingencies, divides the surplus propor.ionately among the assured. By this plan, there is no accumulating scrip, or possible liability to guard against; and the rates of premium are materially lessened by the cash dividends, the insured reaping the immediate rather than the prospective advantages of the mutual plan. Some Companies are compelled by their charters to credit their distributions on the policies in the form of a bonus, payable only when a loss takes place, thus creating an immense and unneces- sary capital, and depriving the members, in case of non-payment of premium, of all right to the bonus. In this Company, the distributions are a source of pecuniary relief in paying future pre- miums, and in times of great financial distress, are sensibly felt. In no event does the bonus (if a member choose so to apply his distribution) become forfeited. The cash distribution in 1863 amount- ed to $750,000.

Its standing and economy are unequalled. The Insurance Commissioners of Massachusetts, in their last report to the Legislature, compare the standing and the economy of the eighteen Life Insurance Companies which issue policies in that State, comprising the principal companies in the country ; and they place the New England Company FIRST in standing, i. e., in its ratio of value to

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liability, and FIRST in economy. This Company's expenses are only 8 per cent. of the receipts, while those of the others average more than 11 per cent. ! This is the oldest Mutual Company in the com- try, and, for that reason, must be the safest and most economical.

Its Directors are well known to community as men of integrity, sagacity, and experience in business; and every year the affairs of the Company are thoroughly investigated by a body of Com- missioners chosen by the State of Massachusetts, for that purpose; and a full and complete statement of the operations of the Company, with its assets and liabilities, is made to the Legislatures d Massachusetts and New York, and a report is made to the assured, of the condition of the Company. Every five years, at the time of declaring the dividends, the business is, as it were, closed, so that its actual position and solvency are made manifest at that time. This guards the assured against any possible loss from inefficiency on the part of the Company, and is a sure guarantee as regards the future.

The New England Mutual Life Insurance Company has deposited with the Comptroller of the State of New York, $100,000 for the security of its policy-holders in this State.

A company in which so shrewd a financier as the late ABBOTT LAWRENCE, and so profound s lawyer as the late RUFUS CHOATE, insured their lives to the largest possible amount, needs no ctber voucher for its economy, stability, and perfect security.

TERMS OF PAYMENT.

The terms of payment of the premium in the plan adopted by the New England Life Insurance Company, while ignoring entirely all uncertainty arising from the credit system, are peculiarly advantageous to the asssured.

PREMIUM may be paid quarterly, semi-annually, or annually ; or one-half of the amount of five premiums may lie over on notes for a term of years, on whole life policies, interest being charged st the rate of six per cent. per annum, on the deferred portions. Premiums for the whole life may also be settled in ten annual payments, or in a single payment.

This is not insuring on credit; for the Company gets pay, from time to time, previously to running the risk-the interest on the note being taken into the account. The notes, or any part of them, will be demandable after five years from the date of the first one, on notice of ninety days, so that the Company may have command of their funds, should the same be necessary ; but it is not sop- posed that such notes will ever need to be paid. There can be hardly a doubt that the principal may remain outstanding so long as the assured wishes.

Five annual life premiums being double the amount of the cash premium required for an insurance for the term of five years, it follows that the policy is adequate collateral security for a loan to the amount of one-half of the life premium. The Company, by this rule, never insures spor the personal credit of any member, its loans being restricted to those policies only which bare s pecuniary value. The Company also aids those members who have paid several life premiums in cash, by affording them a credit in times of pecuniary distress, for subsequent premiums, to sa amount equal to what would be paid them on surrender of the policy.

In this Company a person cannot forfeit a policy until its value is worked out in insurance. For example, if a person pays four life premiums in cash, this will insure him seven or eight years, or about three years after his four have expired, if he is unable, from any cause, to pay the sunnel premiums.

SURRENDER OF POLICIES.

It sometimes happens that the motive for making insurance censes before the policy has expired. Instances will also occasionally occur of persons being disappointed of the means of paying the pre- mium, and so being liable to forfeit their policies. In such case, the Company consents to a surrender of the policy on fair terms, if application is made for that purpose before it is forfeited.

All over and above the actual cost will be returned of the premiums paid.

Now is the time to effect an insurance ! As a man grows older, the rates of premium are higher, and his health is liable to fail. Life is uncertain, and delays are dangerous !

A good and popular form of policy, and one much in vogne, is a policy for life, the whole pre' mium being paid in ten annual instalments (which instalments may be paid quarterly, or other- wise) ; and if before the expiration of the ten years, the payments are discontinued, a paid up policy will be given for an amount proportionate to the premiums paid. On this form of policy a dividend is payable during the whole life of the insured. This form of policy enables the insured to make all the payments due on the policy in the prime of his life, thus guarding against future misfortune.

TAKE NOTICE.

(" A party out of the city desiring to insure, may go before a respectable physician to be examined, and fill up the questions in the application with plain answers, yes or no, as the case may be. The doctor will also fill up the medical certificate on the application, and forward the same to this office, and I will send him the usual fee, upon receipt of the application, even if the risk should not be accepted by the Company.

Any further information will be promptly given, and blanks forwarded free of expense when desired.

Address JOHN HOPPER, 110 Broadway, New York City.

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ADVERTISEMENTS.

GAYLORD'S PATENT PREMIUM HOSE, ENGINE, & HYDRANT COUPLINGS.

The advantages of this Coupling over all others, are, that it is perfectly water and air tight, and can be used with ease and rapidity, and considering the many advantages, the saving of time, the durability, the case of connecting und discou- necting, render it by far, superior to any other Hose Coupling now in use.

It is now in use by the Government, and many of our Cities. It is used on Railroads, Steamships, and in many Factories throughout the United States. It is also invaluable to Plumbers for Street Washers.

This Coupling has received testimonials from the Fire Department of New York City, of the City of Brooklyn, and all of the Insurance Companies of New York, the Board of Marine Underwriters, and Engineers generally throughout the Country. It is patented in Europe, and looked upon as one of the greatest improve- ments of the age.

This Coupling was used on the Engine and Hose that received the premium at the World's Fair in London. It also received the highest premium at the Fair of the American Institute.

The Atlantic and Great Western Railway are applying this Coupling to all of their locomotives.

HOSE OF EVERY DESCRIPTION FURNISHED AT SHORT NOTICE.

THOMAS H. BRAISTED & BRO., MANUFACTURERS, Office, No. 212 BROADWAY, NEW YORK.

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Hilft john - at 101+ 103 / hrva !; also = 86 west.

ADVERTISEMENTS.

F. N. GOVE

FELTER

MACHINERY DEPOT,

No. 79 Mangin Street, NEW YORK.

NEW & SECOND-HAND ENGINES, BOILERS, 1

SHAFTING, PULLEYS, BELTING, PLANERS, LATHES, &c. ALSO THE MANUFACTURER OF

"THE WORLD'S STEERER,"

GOVE'S PATENT.

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Trow's New York city directory, 1865, Part 296

Author: Trow, John Fowler, 1810-1886 Publication date: 1865 Publisher: New York, J.F. Trow Number of Pages: 1183

Author: Trow, John Fowler, 1810-1886
Publication date: 1865
Publisher: New York, J.F. Trow
Number of Pages: 1183