= 9. What proportion of the net present value of a Policy (calculated on the Company's assumptions of Mortality and Interest) is given as a surrender value? ANSWER-Discretionary. 10. Within what period, and upon what terms, may Policies lapsed by the non-payment of premium be revived, and what is the established practice and rule of the Company in reference to this class of Policies? ANSWER-If paid within thirty-five days. 11. What are the limits of travel and residence allowed by the Company without extra premium? ANSWER-North of thirty-five degrees. 12. What is the largest amount insured by the Company on any one life, and are insurances allowed in other Companies to an unlimited amount? ANSWER-Largest amount insured, $5,000. Yes. 13. What is the largest percentage of premium allowed to be taken in Notes or otherwise on credit? [No Answer.] 14. How many "days of grace," if any, are allowed for the payment of premiums? ANSWER-Thirty-five and forty-five days. 15. Are policies ever issued under an assumed age, differing from the real age of the party insured? ANSWER-No; except in a variation of a few days. 16. Are policies ever issued for the benefit of persons having no legal or actual interest in the lives insured, or in excess of such interest? ANSWER-No. 17. What amount, if any, of existing policies were issued on diseased, unsound or impaired lives? ANSWER-None. 18. What is the number of Female lives insured by the Company? ANSWER-One hundred and nine. 19. Does the Company issue Fire, Marine, Accident or Casualty policies of any kind, and if so, what kind? ANSWER-Accident, as by special act for death only. 20. Is the business of the Company transacted on the purely Mutual, the strictly Proprietary, or the mixed plan? If on the mixed plan, what proportion of the profits are apportioned to stockholders besides legal interest on their capital? ANSWER-Strictly proprietary. 21. What amount or proportion of the outstanding Policies of the Company were issued on the non-participating scale? ANSWER-All. 22. What is the estimated amount of Cash premiums, premium Notes and credits received by the Company on existing policies? [No Answer.] 23. What is the aggregate amount of Premiums received (including notes and credits), and also of Losses and Claims paid since the organization of the Company? ANSWER-Amount of Premiums received, $87,445.92; amount of Losses and Claims paid, $9,000. 24. What amount of stocks and other securities are deposited in various States and Countries, under the laws thereof, for the protection of policyholders, and where have such deposits been made? ANSWER-$100,000 in the Insurance Department of the State of New York. 25. What amount has been Credited and Debited during the year to Profit and Loss account? ANSWER-Amount credited, $61.724.55; amount debited, $29,441.02. 26. What amount, if any, of the outstanding risks or premiums of the Company are entirely free and discharged from all future commissions? ANSWER-Cannot he ascertained. 27. What is the largest percentage of Commissions ever allowed to Agents on first and also on renewal premiums? ANSWER-On first premiums, 25 per cent; on renewals, 7 per cent. 28. What is the largest percentage allowed on first premiums when received, in full of all claims for future commissions?. ANSWER-25 per cent. 29. Are any of the Agents of the Company allowed to retain premiums for or on account of commissions in advance? ANSWER-No. 30. Do any of the officers of the Company receive a commission or percentage on any of the business of the Company, or retiring allowances, annuities or any other remuneration besides a fixed and regular salary? ANSWER-No. The principal office of the Company is located at Syracuse, Onondaga Co.; the Company was incorporated June 4, 1866; commenced business June 6, 1866; the duration of its charter is perpetual. Stocks bonds and other securities (except mortgages) held as security for cash loans: Deferred premiums for the year... Interest accrued, except on mortgages and premium notes.. 88,656 29 46 66 288,612 69 Loans to policy-holders on their policies.. 605,419 15 700.00 All other loans, premiums unpaid secured by the policies, including interest, premium notes and interest due and accrued on said premium notes..... Furniture .... Agents' annuities Amount of all other property belonging to the Company: Aggregate amount of all Assets (except future premiums)$2,608,740 76 767,868 90 18,730 16 $127,564 98 II. LIABILITIES. Total net amount of unpaid losses and claims... $44,500 00 Net present value of outstanding policies as per last Valuation made by the Company on the 31st day of December, 1867, by the English Table at five per cent interest :— Policies for whole term of life, single lives: 1. Equal annual premiums, or oftener-[so stated] Endowment policies: 1. Equal annual premiums, or oftener-[so stated] Policies on joint-lives and survivorships: 1. Equal annual premiums, or oftener-[so stated] Annuities, by Carlisle 5 per cent Table: 1. Equal annual premiums, or oftener-[so stated] Totals Value. $658,935 Amount required to safely re-insure all outstanding policies as per the legal standard, being the ENGLISH LIFE TABLE No. 3, males, at five per cent interest (estimated)........$1,954,486 00 Amount of scrip dividends not ordered to be redeemed for which scrip is issuable or outstanding: To the stockholders...... To the insured... Total amount of all unpaid scrip and other dividends.. Amount of all other claims against the Company ... $8,481 91 239,311 85 247,793 76 11 73 ..... .$2,246,791 49 100,000 00 $2,346,791 49 Total Liabilities, except capital stock.. Aggregate amount of Liabilities. III. INCOME. Premiums received in cash-not classified: Gross amount, less $2,736.23, paid for re-insurances. Less deferred premiums.. .... $1,886,143 75 Net amount of cash actually received for premiums....$1,280,724 60 Interest received during the year in cash on notes and other obligations given for premiums, on bonds and mortgages and from all other sources (interest account) Amount of income received from all other sources: Aggregate Income received during the year in cash ....$1,363,812 09 IV. EXPENDITURES. Gross amount paid in cash during the year for claims and for additions thereon: 1. On whole life policies.... 2. On endowment policies Net amount of cash paid for losses and claims.... $197,819 86 Interest paid on scrip and other dividends to the insured... Paid for medical examiners' fees.. ... Paid for salaries, fees and all other charges of officers, Printing, advertising and agency expenses.. General expenses Bills payable... ................ Gold premium, furniture &c............... ...... $38,143 51 37,000 00 190,166 87 166,630 55 13,968 89 54,619 40 8,719 51 $8.713 46 55,790 33 Aggregate Expenditures during the year in cash........ $810,873 79 V. MISCELLANEOUS. 1. Number and amount of policies in force at the end of the previous year, including additions : 3. Joint-lives and survivorships Deduct polic's decreased in am't and ceased to be in force during 1866, Total remaining in force Dec. 31, 1866....... New policies issued during the year 1867: 1. Whole life policies 2. Endowment policies... 3. Joint-lives and survivorships ........ 3 ............ ...... 50 1.382 208,000 568 11,371 $34,878,112 1,885 5,726,250 9,486 $29,151,562 9,486 $29,101,562 Deduct policies decreased in amount and ceased to be in force during the year 1867, as per schedule D... Total policies in force at end of the year 1867. Deduct amount re-insured in other companies. Total net No. and amount in force Dec. 31, 1867 ....... 50,000 2. Number and amount of policies which have ceased to be in force during the year, with the mode of their termination, as per Schedule D: 3. Statement of all the dividends, bonuses, apportionments, or distributions of surplus, made since the organization of the Company, and of the mode and manner of paying the same :— Jan. 1, 1865. 3d dividend, Jan. 1, 1866. 7. Amount of div'ds forfeited, 8. Amount outstanding and as yet unapplied 175,012 47 Total of each dividend $2,497 $28,216 $77,671 $247,793 76 $207,012 47 General Interrogatories : 4. Upon what Table of Mortality and rate of Interest are the Company's premiums based? ANSWER-Carlisle, four and five per cent. 5. Is the Loading calculated in all cases by the addition of an equal percentage to the net premiums?-and what is the average percentage of Loading on the participating, and also on the non-participating scale of premiums? ANSWER-Variable-about thirty per cent. 6. Has the annual Mortality experienced, or the expenses of management, exceeded the assumptions on which the Company's premiums were based? ANSWER-NO. 7. Who made the last valuation of your outstanding Policies, as detailed above under the heading of Liabilities, and upon what principles and in what manner was the same made, whether by valuing the gross or net premiums, by grouping the policies, or by seriatim calculations, or how otherwise? ANSWER-By the Actuary, Professor H. A. NEWTON; generally in groups. 8. How often does the Company declare dividends or bonuses of surplus, and when and in what manner are the same paid?-and are such Dividends made upon the basis of an equal percentage upon premiums or how otherwise, and upon what principles? ANSWER-Annually; under present rules paid on settlement of fourth annual premium; generally by equal percentage upon the premium. 9. What proportion of the net present value of a Policy (calculated on the Company's assumptions of Mortality and Interest) is given as a surrender value? ANSWER-Varied by circumstances. 10. Within what period, and upon what terms, may Policies lapsed by the non-payment of premium be revived, and what is the established practice and rule of the Company in reference to this class of Policies? ANSWER-No established practice. 11. What are the limits of travel and residence allowed by the Company without extra premium? ANSWER-Outside the tropics. 12. What is the largest amount insured by the Company on any one life, and are insurances allowed in other Companies to an unlimited amount? ANSWER-Largest amount insured, one-thousandth of whole amount insured by the Company, considered a maximum. 13. What is the largest percentage of Premium allowed to be taken in Notes or otherwise on credit? 14. How many days of grace," if any, are allowed for the payment of premiums? ANSWER-Thirty. 15 Are Policies ever issued under an assumed age, differing from the real age of the party insured? ANSWER-Yes. |