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Updated: May 29, 2025
Now then, the condition is, in brief, this: the companies are accumulating an enormous surplus, which, under the law, belongs to the policy-holders; but the administrations of the various companies are withholding these dividends, for the sake of the banking-power which these accumulated funds afford to them and their associates.
Another powerful force in the same direction is our insurance companies, practically all of whom now will refuse to insure any man known habitually to use alcohol to excess, because where lists have been kept of their policy-holders showing which were users of alcohol and which total abstainers, their records show that the death rate among the users of alcohol is some twenty per cent greater than among the total abstainers.
It would be very easy to get them to take the case, but you can see that in that event my friend would be accused of bringing the suit in their interest; whereas he wishes it to appear, as it really is, a suit of an independent person, seeking the rights of the vast body of the policy-holders.
We have here a colossal aggregate of altruism on the part of the policy-holders, an intangible national asset grander than all the material wealth which it represents; for the sordid element in all these savings is necessarily small.
We can show instances where the policy-holders have received a surplus above all they have paid to the company, with compound interest at six per cent, and no charge whatever for expenses or cost of insurance meanwhile. The Term Policy, as its name implies, is issued for a term of one or more years.
They were like plenty of policy-holders and did not read the contract, or perhaps some agent had in the excess of his zeal made it too easy for them. The reward comes only when you put your whole strength on all the time.
I should just like to relate a little episode that occurred in my very early days in Calcutta, which nearly resulted disastrously for every one concerned. It will serve, amongst other things, to enlighten people of the present generation as to the wide difference that subsists between that time and the present in respect of the treatment of policy-holders generally by insurance companies.
To all of these we offered free advice and a free trial upon the charges pending against them, as a sort of premium or inducement to become policy-holders, and in six months had over two hundred subscribers.
The reader knows that the present writer has no great confidence in the principle of Carmen; but if she had been married, and her husband had wrecked an insurance company and appropriated all the surplus belonging to the policy-holders, I don't believe she would have nagged him about it. And yet Margaret loved Henderson with her whole soul.
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