Synopses & Reviews
Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: LIFE INSURANCE AS A CAREER 'ike insurance, in the words of DeMorgan, 'though based upon self-interest, is the I most enlightened and benevolent form jwhich the projects of self-interest ever took. Stripped of its technical terms and its commercial associations, it may be pre- 'sented in a point of view which will give it strong moral claims to notice. In its origin a British institution, life insurance has developed most rapidly and on the largest scale in the United States. Practically unknown in this country a hundred years ago, and of insignificant proportions even fifty years later, the last half century and, in particular, the last decade record what must be conceded to be the most marvelous business success of this or any age. While there are many forms of insurance protection, legal-reserve life insurance alone offers the absolute assurance that the obligations incurred and the promises made will be met. Of legal-reserve companies there are about eighty in active operation, with about four million Ordinary and about thirteen and a half million Industrial policies in force. The accumulated assets of these companies exceed $2,000,000,000, and the annual payments to policyholders, $200,000,000. The annual income is more than $500,000,000, while the surplus to policyholders exceeds $300,000,000. Life insurance has been defined as a social device for making accumulations for meeting uncertain loss of capital, which is carried out through the transfer of the risks of many to one person, or to a group of persons, in clear recognition of the principle that the aggregate danger is less than the sum of individual dangers, for the reason that it is morecertain, and that uncertainty of itself is an element of danger. Primarily devised to provide for the support of wido...
Synopsis
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