The Baltimore Underwriter Volume 39; A Monthly Publication Devoted to the Interests of Insurance

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. 1888 Excerpt: ...deal of interest both by other corporations and the Penn Mutual's policyholders. So far as can be judged from a casual view of the matter, the plea of the defendant company is a complete answer to the claim. It says that it has not, and, under its charter and system of operation, cannot have any net earnings upon which to pay a tax. If any surplus remains after the expenses of the year have been met, that surplus, or such proportion of it as may be thought expedient, is divided among the policyholders. This, however, is not in the nature of a profit. It is simply a return to the policyholders of the amount they have paid upon the insurance they are carrying in excess of its cost for the preceding twelvemonth. The difference between such payment and a dividend of profit is obvious, and we believe will be recognized by the courts as good at law.--Philadelphia North American. The Brooklyn Life Insurance Company.--This company, which was long since distinguished as the people's company by a most accomplished Insurance Superintendent of this State, inconsequence of its scrupulous adherence to the interests of its policyholders, continues to be worthy of this appellative. It has been in existence nearly a quarter of a century, having been organized in 1864, and has from year to year advanced in the confidence of the public. Though nnable to show as large accumulations as many of its contemporaries, its funds have been expertly invested and cheerfully and liberally dispensed in the discharge of its obligations. And as an illustration of the investment feature we may mention that at this moment its ratio of assets to liabilities is larger than that of the greatest life company of the world, the Mutual Life, in the proportion of I.II to 1.06, i. e. whilst the Brookl...