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Greater Wisconsin (Newspaper) - June 1, 1929, Racine, WisconsinI i to supplement of Wisconsin press association Mutual insurance in Wisconsin t t and what it Means Page 5 it is perfectly Safe and supportable to say that if there an any people in the United states who really ind truly know what Mutual insurance in those people Are the citizens of Wisconsin. They know about it from intimate personal experience with it in the fire line alone there Are one Hundred and twelve organised Domestic Mutual fire insurance companies operating in Wisconsin. These cover All kinds of property from the Ordinary dwell ing to farm equipment and property of druggists furniture dealers hardware dealers jewellers retail dealers and retail lumbermen. There Are eighteen Domestic Mutual Hail and Cyclone insurance companies and eleven Domestic casualty companies. Wisconsin has some of the Best conducted and managed Mutual insurance companies in this Union. It is entirely wit Jiin the realm of fact to maintain that fully ninety five per cent of the Farmers in Wisconsin Are personally interested in and acquainted with Tome form of Mutual insurance. Wimch did not originate with it out no Money for taxes expenses or anything eke not come from its policyholders it mikes no profits of any kind or description and cent not for expenses and set for Peterre of required by Law goes Back to the source of Ita Supply to the policyholder. Perhaps Reserve needs explanation. It is required by Law to be set aside out of premiums and kept invested. It is that sum so set aside which in creased by future1 interest and future premiums will be sufficient to pay All outstanding policies As they mature. It is a sacred fund which must be Safe guarded with the utmost vigilance. It is the Rock of Gibralter upon which rests the financial response trility and integrity of a company. Any imposition it impairs the fund which makes a company or event. The Mutual life insurance company is nothing More than a receiver and distributor of funds left All these Mutual insurance companies exist main by for the purpose of Protection. They Are organized to Vaish folds to repay they Are sustained by contributions from their members. These Mem Ben As losses occur and they May never sustain a Low of their own. The while plan u one of Mutual contribution to repay losses and All Mutual companies find the origin All their funds in the pay ment of from members. Contracts of All these Mutual companies cover Jammin comparatively Small and the contracts run for abort Over five years. Their contracts cover too a contingency which May never occur. Therefore there is no necessity nor justification for Large accumulations of Money in their Treasury. They Are required to set aside Large reserves. Herein lies the major distinction Between a my life insurance company and any other form of Mutual insurance. The use company contracts to cover a loss that is bound to occur. Demands upon its funds May be made at any moment and for a Large amount american citizens have approximately one Hun bed billions of insurance in Force in support of which there has been accumulated from Premium pm yen ends approximately sixteen billion dollars of Well in vested assets. The assets of american life insurance companies c is Tinte one of the chief reservoirs of capital in the by siness world involving More than three and one h if per cent of the nation s wealth. Life insurance does not divert other wealth but gathers Premium payments in the form of comparatively Small savings from what would otherwise be d set rated in current expenditures and turns it into channels which finance agriculture build railroads u Wilities great towns and cities. It has been estimated that about Twenty per cent of the annual income of the american people is sur p us and that Only one seventh of this surplus goes into life insurance. It is significant that this one of the surplus earnings of the nation sup indeed its contracts often no for More than fifty years and from the very nature of things involve great that n Why it u necessary for a Mutual life Lisin ranks company to have constantly on hand and available Large assets for the payment of claims and other demands of its policyholders. Like All other forms of Mutual insurance the Mutual life insurance company must get All its contributions from policyholders who pay their own claims and those of through the medium of premiums which Are builder into funds for the payment of losses. There is a science to the business of a Mutual life insurance compary which experience has shown to be exact and the mathematical equivalent to assess ments for losses. It has convenient method of making Thwe assessments and of adjusting losses but there is no essential difference in the principle which underlies every form of Mutual insurance life or otherwise. The insured pays a certain Premium for the of Protection against loss. This Prem Hun is invested and the aggregate premiums less expenses make up the assets which Are available for the payment of losses and held subject to the order of policyholders. There Are positively no profits in a Mutual life insurance company no More than there Are profits in any other form of Mutual insurance. Every Nickle of Premium received goes into the general fund for Loas and expense and if at the end of the year there is an excess of Premium payments Over and above expenses and portion set aside As required by Law to provide a Reserve the excess is re turned to policyholders in the form of dividends. A Mutual life insurance company like every other of Mutual insurance company has no Money Coolidge says our insurance companies stand at the very Summit of moral responsibility. Insurance has become a great charitable institution which stands Between the div dual or his dependents and the inevitable event of 1 it for protective purposes. It is not like any business. It u not a Public service corporation. It does not take wealth from the ground it does not manufacture anything and it does not transport anything. It deals Only with the distribution of losses and its methods Are an exact science. To repeat there Are no profits whatever in a my Inal life insurance company and although its fiscal statements May involve Large figures the fact remains hat every Mutual life insurance company of any size and age can show that it has paid out or holds for he Benefit of its policyholders More Money than it Sver received from them. In the final analysis a Mutual life insurance com Pany is a distributor of Trust funds put in its hands by its it is an association conducted exclusively for the Benefit of its policyholder Mem Ben. It is necessarily corporation because 1 it roast have perpetual life Independent of the members who compose it 2 it must be conducted by experts charged with the responsibility of managing its Mani fold affairs with efficiency and Economy and 3 it must be organized and operated under state Laws. Modern life insurance is a potent Factor in the economic welfare of the world and particularly so in the United states where nearly seventy five per cent of the world s insurance is held. Lies about seventy five per cent of the estates left it death. Life insurance As family Protection provides an Extension of the monthly income upon which wife and children Are dependent. It provides immediate Cash o meet the unavoidable expenses of family and estate readjustment funeral expenses Cost of Lasi illness inheritance and estate taxes administrative costs a standing debts and other obligations. It keeps family together and provides funds for the Edu cation of the children. The Northwestern Mutual life insurance com Pany of Milwaukee was chartered to do business by an act of the legislature in 1857, and it has been transacting business continually in the state since the 25th Day of november 1858. Since its organization the company has received from All its policyholders in premiums. It has paid out and now holds Lor their Benefit the company has therefore actually paid out to policyholders and now holds for their Benefit More than it has received from them in premiums. So far As Wisconsin is concerned therefore the Northwestern has paid out to its Wisconsin policy holders and now holds for them subject to their order a much larger fund than it has Ever received from them i the Way of premiums. Its payments to Wisconsin policy hours pins in crease in investments in Che state since january 1920, exceeded the pre Nunu collected from them during that period by the Northwestern Mutual life insurance com Pany is now the sixth largest life insurance company in the United states in print of assets the seventh largest in insurance in Force and the largest life insurance company West of new York City. The Northwestern has of ii in Force at the present time in Wisconsin ing policies to die number of not less Titan Wisconsin Are interested As policy holders. A ossification of these Wisconsin policy holders As to occupation reveals some interesting facts. The dominant is that 20.91 per cent or Are Farmers 12.50 per cent or Are merchants 10.85 per cent or Are bookkeepers Etc. 9.67 per cent or Are in the machine trades 9.30 per cent or Are professional men 8.58 per cent or an students 7.80 per cent or manufacturers 7.22 per cent or Aalee men 5.81 per cent or in the building trades and 2.30 per or Are Bond salesmen Etc. Only 1.24 per cent or 7fj6, Are capitalists Bankers Etc. And but .21 per cent or 128, Are Public officials. The Farmer is by two to principal Northwestern policyholder. Naturally most of the policyholders Are from the More populous counties but a casual examination of the list shows an interesting distribution. For Ign ample in Langlade county there Are 487, of whih 333 Are in the City of Antigo alone. Toward the Western Side of the state in Barren county for example there Are 409 Phoc holders of which 89 Are residents of Rice Lake. In Clark county there Are 337 policyholders in Dunn county 195. Over toward the Eastern part Orf the state Shawano county has 438, while right next to it in Marathon county there Are 1948 policyholders with 1100 in the City of Wausau alone. Just below Marathon in Wood county there Are 849, with 281 in Marshfield. There has been distributed by die company to citizens of Wisconsin since 1920 in excess of in policy claims. The company has loaned millions of dollars to residents of the state. At the present tune it has outstanding in Loans in Wisconsin some Wisconsin has benefited greatly in taxes paid to it by the Northwestern. The total amount paid to the state since the Date of its organization is the taxes on its Home office property alone approximate per annul. The Northwestern in its Purchase of sup plies in Wisconsin a Sura in excess of a Quarter of a million dollars annually. The Northwestern gives employment to Over 1900 Wisconsin citizens in Home office and it soliciting and loan agents in various parts of few state. Its Home office payroll amounts to Over annually. The company has been a Factor in the develop. Ment of Wisconsin and Wisconsin has been a big Factor in the development of the company. The Northwestern considers itself equipped to Render to the Public a full and Complete measure of insurance Protection at the lowest possible net Cott consistent with proper service. It has general in Milwaukee Racine Oshkosh Madison and Emi Claire who in turn have District and soliciting agent in All parts of the state. Northwestern agents May be consulted at All times free of obligation and Cost by those who wish up to late life insurance Protection in a company which for seventy one years has to neg acted business satisfactorily with the citizens of wig Eosin. The Northwestern Mutual life insurance the policyholders company Milwaukee Wisconsin
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