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 ... ..$5,281,000 00 Reserve for the reduction of premiums by dividends, or for any other special purpose ...... Amount due and accrued for miscellaneous expenses. Total Liabilities, except capital stock.... 74,451 50 1,375 00 .$5,562,026 50 Paid-up cash capital stock (par value per share, $100) .. Aggregate amount of Liabilities III. INCOME. Gross amount of all premiums actually received in cash dur 60,600 00 .$5,622,626 50 $1,406,634 37 1,119,205 15 Total gross am't of cash actually rec'd for prem's, $2,531,223 41 Deduct amount paid for re-insurances..... 83,968 72 Total net amount of cash actually received for premiums. $2,447,254 69 Notes and other obligations received during the year for premiums not actually paid in cash : 257,654 46 7,976 09 143,775 40 Interest received during the year in cash on notes and other obligations given for premiums.... Interest received on bonds and mortgages.... Interest and dividends received from all other sources Aggregate Income received during the year in cash .....$2,856,660 64 Aggregate Income received during the year in notes and other premium obligations..... ...$2,188,817 98 IV. EXPENDITURES. Gross amount paid in cash during the year for claims and Premium notes and other premium obligations used during the year in the payment of losses and claims: 1. On whole life policies...... 2. On endowment policies..... Total..... Premium notes and other obligations used in purchasing surrendered and lapsed policies.... Ised in the payment of dividends to policyholders Total amount. ........ $11,606 18 $13,927 41 .... 235,973 18 174,815 32 $424,715 91 Interest or dividends on capital paid to stockholders. Paid for commissions on premiums Paid for medical examiners' fees... Paid for salaries, fees and all other charges of officers, trus- 41,652 56 84,506 00 46,329 62 $3,134 04 Printing, advertising, agency expenses and exchange...... Amount paid for re-insurance in notes .... $8,777 35 Paid on investments made during the year, and for losses on foreclosure of mortgages and in the sale of assets Aggregate Expenditures during the year in cash......$1,556,041 55 Aggregate Expenditures during the year in notes and other premium obligations ... V. MISCELLANEOUS. $433,493 26 3. Joint-lives and survivorships 1. Number and amount of policies in force at the end of the previous year, 1. Whole life policies 2. Endowment policies.... including additions:— 5. Short term and all other policies 167 783,600 404,300 Deduct policies decreased in amount and ceased to be in force during the year, as per schedule D.... 5,000 7,000 40,270 $110,321,251 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:— 1. Terminated by death..... 2. By expiry. 5. By change.. 6. Not taken 79,600 Total 6,607 $19,525,665 Dividends have been ap plied as follows: 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 :— 1. Additions to policies. 2. Cancellation of premium notes or cre dits 3. Reduction of cash premiums. $2,831 $12,598 39 $39,943 40 $91,468 45 $174,815 32 $321,656 56 General Interrogatories : 4. Upon what Table of Mortality and rate of Interest are the Company's premiums based? ANSWER-Non-participating Carlisle, five per cent; participating Actuaries', four 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-From twenty per cent 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-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-EDWIN W. BRYANT, Esq., by Actuaries' table, four per cent interest, by net premiums, in part seriatim and in part by 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-On ordinary life participating policies, annually, commencing with the third payment of premiums. All other participating policies annually, commencing with the fifth payment, applied in reduction of premiums and upon the basis of an equal percentage. 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-Variable. 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-We revive such policies any time within one year, requiring evidence of good health. 11. What are the limits of travel and residence allowed by the Company without extra premium? ANSWER-United States and Canada, except west of the Rocky Mountains and south of the thirty-sixth degree of north latitude, between the first of June and first of November. Total. 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, $25,000; all over $10,000 re-insured; no restrictions in regard to insurance in other companies. 13. What is the largest percentage of Premium allowed to be taken in Notes or otherwise on credit? ANSWER-Fifty per cent. 14. How many ANSWER-None. days of grace," if any, are allowed for the payment of premiums? 15 Are Policies ever issued under an assumed age, differing from the real age of the arty 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-Not knowingly. 18. What is the estimated number of Female lives insured by the Company? ANSWER-About 300. 19. Does the Company issue Fire, Marine, Accident or Casualty Policies of any kind, and if so, what kind? ANSWER-None. 20. Is the business of the Company transacted on the purely Mutual, the strictly Preprietary, 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; no profits except legal interest on capital. One and a-half per cent is charged upon participating premiums and included in answer to No. 16, under head of Expenditure. 21. What amount or proportion of the outstanding Policies of the Company were issued on the non-participating scale? ANSWER-872. policies, insuring $1,427,151. 22. What is the estimated amount of Cash premiums, premium Notes and credits received by the Company on existing policies? ANSWER-We cannot estimate this with any accuracy. 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, $11,236,031.95; amount of losses and claims paid, $1,395,40.46. 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-$30,000, Virginia; $20,000, Tennessee; $100,000 in Conn., for New York law. 25. What amount has been Credited and Debited during the year to Profit and Loss account? ANSWER-Amount credited, nothing; amount debited, $1,641.10 26. What amount, if any, of the outstanding risks or premiums of the Company are entirely free and discharged from all future commissions? ANSWER-Unknown. 27. What is the largest percentage of Commissions ever allowed to Agents on first and also on renewal premiums? ANSWER-Depends upon the responsibility assumed, and the efficiency and the location of the agent. 28. What is the largest percentage allowed on first premiums when received, in full of all claims for future commissions? ANSWER-Twenty-five per cent. 23. 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. 31. What other companies have been amalgamated with your Company, including those united with the amalgamated companies prior to their union with your Company? ANSWER-A few risks for the Equitable and North American Companies of Philadelphia were assumed about 1853. 32. How many Agents, sub-agents, solicitors, canvassers, and other persons (excluding office clerks) acted at any time during the year for your Company in the State of New York, whether acting immediately under the direction of the Company or under any of its general or subordinate Agents? ANSWER-About thirty estimated. The principal Office of the Company is located at No. 228, Main-street, Hartford, Conn.; the Company was incorporated 1820, organized 1850; commenced business July, 1850; the duration of its charter is perpetual. BERKSHIRE LIFE INSURANCE COMPANY. [Located in Pittsfield, Mass.; incorporated in May, 1851.] THOMAS F. PLUNKETT, President. BENJAMIN CHICKERING, Secretary. Attorney in the State of New York, FRANKLIN E. TAYLOR, Esq., N. Y. Capital stock of the Company, $40,000. Value of the lands mortgaged $169,000 Value of the buildings mortgaged, ins'd for $11,650 as collat'l, 101,500 Total par and market value, $329,400 $332,242 17 $363,248 62 Stocks, bonds and other securities (except mortgages) held as security for cash loans: 363,248 62 |