Insurance Blue Book, 1876-1877; An Insurance Annual Containing ... Sketches of Representative Companies and Pictures of Their Home Offices ...

Insurance Blue Book, 1876-1877; An Insurance Annual Containing ... Sketches of Representative Companies and Pictures of Their Home Offices ...

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1877 edition. Excerpt: ... office or agency in any other life insurance company," and against centralization of power bya limitation of the term of onire to four successive years. Edson Fessenden, E. B. Pratt, and Guy R. Phelps, or any two of them, were to call the first.meeting _ Obtaining the charter, however, was found to be but a small portion of the trouble and labor of getting the enterprise fairly launched. To ask persons to insure their lives in a company that had no financial responsibility was not deemed prudent orjudicious. In order to obtain the confidence and patronage of the community, it was resolved to procure from the more promiritnt and wealthy citizens of Hartford a guaranty fund of fifty thousand dollars for the protection of policyholders during the initial years. Here was the first great obstacle encountered. None were found willing to risk their obligations to meet the contingencies liable to arise in such a novel undertaking. After many weeks of earnest solicitation, the late Thomas K. Brace, then President of the /Etna Fire, was induced to be one of a number to make up the required sum. Viththe influence of his example, after much difficulty and delay, the needed number was obtained, and in December, 1846, the Connecticut Mutual Life started on its successful career. As was indicated in the charter, the company had two distinguishing features--a credit premium system, and a return of the surplus payments to the members, instead of retaining and con verting them into reversionary additions lndeed, the two were but parts of one scheme, then novel in life insurance, of allowing the members to anticipate a future surplus by increased insurance from the commencement. President, and Dr. Phelps as Secretary. The latter...show more

Product details

  • Paperback | 220 pages
  • 189 x 246 x 12mm | 399g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236859995
  • 9781236859990