18. What is the estimated number of Female lives insured by the Company? ANSWER-Less than twenty. 19. Does the Company issue Fire, Marine, Accident or Casualty policies of any kind, and if so, what kind? ANSWER-No. 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 the stockholders besides legal interest on their capital? ANSWER-Mixed plan; ten per cent. 21. What amount or proportion of the outstanding Policies of the Company were issued on the non-participating scale? ANSWER-Less than fifty. 22. What is the estimated amount of Cash premiums, premium Notes and credits received by the Company on existing policies? ANSWER-About $270,000. 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, $273,017.65; amount of Losses and Claims paid, $43,115.74. 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 with 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, $417,002.84; amount debited, $335,174.08. 26. What amount, if any, of the outstanding risks or premiums of the Company are entirely free and discharged from all future commissions? ANSWER-$200,000, estimated. 27. What is the largest percentage of Commissions ever allowed to Agents on first and also on renewal premiums? ANSWER-On first premiums, twenty-five per cent; on renewals, ten per cent. The average commission paid in the year 1867 has been 18 per cent on new business, and 7 per cent on renewals. 28. What is the largest percentage allowed on first premiums when received, in full of all claims for future commissions? ANSWER-Thirty 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 officer of this Company has ever been paid anything except a fixed salary. The principal Office of the Company is located at New York city; the Company was incorporated April 25, 1863; commenced business July, 1864; the duration of its charter is perpetual. Cash in the Company's office..... $1,885 15 4,168 51 $6,053 66 4,789 57 9,254 02 23,000 00 12,862 87 Total amount of cash items.... Premiums in course of collection.... Office premiums in course of collection. Deferred premiums for the year... All other loans, premiums unpaid secured by the policies, including interest, and premium notes on policies in force, Amount of all other property belonging to the Company, consisting of the following items: Aggregate amount of all Assets (except future premiums) $313,193 94 II. LIABILITIES. Total net amount of accident losses... $1,000 00 as per the legal standard, being the ENGLISH LIFE TABLE No. 3, males, at five per cent. interest (estimated at fifty per cent of life premiums received).... 13,585 18 Re-insurance of unexpired accident risks 14,472 45 Amount due and to become due for borrowed money. 40,526 50 Total Liabilities, except capital stock..... ..... $69,584 13 Amount of paid-up cash capital stock, (par value per share, $50; market value, not stated)... 200,000 00 Aggregate amount of Liabilities.. $269,584 13 III. INCOME. Total net amount of cash actually received for life premiums Interest and dividends received from all sources $27,170 37 103,043 46 644 54 16,358 55 Aggregate Income received during the year in cash ..... $147,216 92 IV. EXPENDITURES. Net amount paid in cash during the year for accident claims for compensation. Net amount of cash paid for death losses (accident). $17,807 35 11,200 00 Interest or dividends on capital paid to stockholders.. Paid for medical examiners' fees..... Salaries, fees and all other charges of officers, &c., (accident) 14,000 00 3,789 64 29,275 31 791 00 12,529 12 Printing, advertising, &c. (life). 3,288 42 Printing, advertising, &c. (accident). 6,311 75 Amount paid for license fees and State and local taxes... 2,329 83 Amount of all other payments, consisting of the following items of accident expenses: Aggregate Expenditures during the year in cash. ....... $125,245 52 V. MISCELLANEOUS. 1. Number and amount of policies in force at the end of the previous year, including additions: New policies issued during the year: 1. Whole life policies 2. Endowment policies.. 3. Joint-lives and survivorships 4. Annuities ....... ...... 504 Deduct policies decreased in amount and ceased to be in force during the year, as per schedule D...... 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: 4. By lapse 6. Not taken.... Total 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, from twenty-five to forty 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-Probably not. 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-No valuation made. 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, payable in three years. Yes. 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-Not yet decided. 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-The Company has had no occasion to make any rule yet. 11. What are the limits of travel and residence allowed by the Company without extra premium? ANSWER-The whole world. 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, $10,000. Yes, as a rule. There are, however, exceptions. 13. What is the largest percentage of Premium allowed to be taken in Notes or otherwise on credit? ANSWER-33 per cent; 50 per cent has been allowed in a few cases on Life policies; this is exceptional. 66 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-Not knowingly. 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-Not knowingly. 17. What amount, if any, of existing policies were issued on diseased, unsound or impaired lives? ANSWER-None that we know of. 18. What is the estimated number of Female lives insured by the Company? ANSWER-Thirty-eight. 19. Does the Company issue Fire, Marine, Accident or Casualty policies of any kind, and if so, what kind? ANSWER-General Accident Policies only in the city of New York. 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-Mixed plan; one-tenth of the profits to stockholders. 21. What amount or proportion of the outstanding Policies of the Company were issued on the non-participating scale? ANSWER TWO. 22. What is the estimated amount of Cash premiums, premium Notes and credits received by the Company on existing policies? ANSWER-See Receipts [Income]. 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, see Receipts; amount of Losses and Claims paid, none. 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-$125,000, U. S. bonds, in this State. 25. What amount has been Credited and Debited during the year to Profit and Loss account? ANSWER-Amount Credited, $27,909.41; amount Debited, $8,201.29. 26. What amount, if any, of the outstanding risks or premiums of the Company aro entirely free and discharged from all future commissions? ANSWER-Not known. 27. What is the largest percentage of Commissions ever allowed to Agents on first and also on renewal premiums? ANSWER-Commissions have been regulated on a scale not exceeding 10 per cent on first, and 10 per cent on renewal premiums. 28. What is the largest percentage allowed on first premiums when received, in full of all claims for future commissions? ANSWER-Have not decided; had no occasion. 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 New York; the Company was incorporated January, 1866; commenced business May, 1866; the duration of its charter is perpetual. General Explanations: This Company issued its first Life policy June 17, 1867; consequently this report represents the business of six months and thirteen days only. The Accident business of the Company will be entirely discontinued by the first day of April, 1868. NEW YORK LIFE INSURANCE COMPANY. [Located in New York city; incorporated May 21, 1841.] · MORRIS FRANKLIN, President. I. ASSETS. WILLIAM H. BEERS, Secretary. $2,260,000 00 Real estate owned by the Company, unencumbered...... Stocks, bonds and other securities (except mortgages) held as 4,189,636 87 $140,000 $182,000 $150,000 6,500 8,000 8,400 7,200 U. S. 58 of 1871.... U. S. 7.30 Treasury notes......................................... Mechanics Banking Association stock Total amount Cash in the Company's office ...... $260,000 $311,497 $257,700 ........ $9,152 61 6,373 25 158,292 62 Cash deposited in the New York Metropolitan Bank Total amount of cash items...... Interest accrued, except on mortgages and on premium notes, |