life insurance industry facts
Ordinary life insurance
The ordinary business Metropolitan Life Insurance Company prospered again shortly after 1892. This new life not only because to the low cost of the contracts, but also, in large part to the wide variety of plans available and the many liberal features Mr. Fiske had incorporated in policy.
During 1892, 1704 common policies were written by approximately 2,000,000 dollars compared with 178 policies for less than $ 200,000 the previous year. Ordinary insurance on the books jumped rapidly from approximately $ 5,300,000 in 1892, nearly 10 times greater than the sum of just over five years evening. Before the turn of the century more than $ 110,000,000 was in force activity, representing about 125,000 policies.
Whereas in 1891 the Metropolitan Life Insurance Company (target = "_blank"> http://www.equote.com/li/term-life-insurance-quote.html) was at the bottom of the list of ordinary companies operating in New York, which had reached fourth place in terms of business done in this Department in 1900. After the Armstrong investigation into the company went ahead at a pace even faster, reducing the margin between itself and the older, large companies. Between 1906 and 1913 into force on ordinary activities earned $ 609,905,310.
In the same period the life of New York was $ 243,493,494, $ 81,208,898 Mutual; Equitable $ 94,417,206. The Metropolitan won almost 50% more than those three combined. Only a decade later, in 1923, the Metropolitan had become in most standard insurance company in the world and the largest in total insurance in force. This position, moreover, had been achieved without the general agents or other vendors that men who represented the company in the industry called "Deposits", ie the territory that each agent serves.
Shortly after ordinary activities was restored and agents of the company began to campaign for this type of insurance, who found that a significant number of people working were able to pay premiums quarterly, but could not afford to buy insurance in amounts as large as $ 1,000, the minimum amount of current. To provide this group with protection, the company in July 1896 began to issue intermediate insurance ie $ 500 policies, with premiums payable annually, semiannually or quarterly.
No wonder that the Metropolitan has been initiated in this area always shone as ways to achieve insurance coverage for lower income groups, as no medical term life insurance examination. This new form of insurance same way found a market. After the first six months 5110 Intermediate policies were on the books for $ 2,555,000. In late 1901, only 5 ½ years after the release of this department, there were about 110,000 Intermediate policies in force for a total of nearly $ 55,000,000.
Within the next three years This figure more than doubled, and continued to increase rapidly. The use of intermediate insurance has subsequently been extended to include people in some hazardous occupations and for those with physical disabilities that make them eligible for standard ordinary policies. To further expand the circle of protection, the Metropolitan in 1899 inaugurated "politicians of the special class" for those who, because of the occupation or disability, is unable to meet insurance standards regular or intermediate.
An even more formidable task than building department walk before Mr. Fiske when he joined the Metropolitan. Industrial insurance was under severe attack. Even before the Hegeman Fiske administration took office, the storm clouds had begun to gather. In late 1800 an series of attacks were directed against industrial insurance. Unbelievable but true, however, was the fact that some worthy citizens of the day made the accusation that life insurance policies (= http://www.equote.com/li/life-insurance.html title "target =" _blank "> href = "http://www.equote.com/li/life-insurance.html"> http://www.equote.com/li/life-insurance.html) on children risk their lives because a number of parents who let their children die of neglect, or kill them for the insurance product. This was a sensational season, and the sensational attack on big business, companies including life insurance, found a favorable response among some lawmakers, journalists and others who began to scream.
About the Author:
Sarah Martin is a freelance marketing writer based out of San Diego, CA. She specializes in life insurance policies and the history of the Metropolitan Life Insurance Company. For a free
no medical exam term life insurance
quote, please visit
http://www.equote.com/
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Article Source: ArticlesBase.com – Ordinary Business Life Insurance
