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Show 1 Life Insurance News For any information regarding life insurance, address Publicity Bureau, Box 424. Salt Lako City, Utah. Tho following letters have been received re-ceived by the press bureau of the Utah Association of Life Underwriters, re- garding questionable business methods 3 life insurance agents: Fairvlew, Utah. Apr. 24, 1008. Tho Publicity Bureau, P. O. box -124, Salt Lake City: Gentlemen'. A little over three years ago 1 took out a policy with the Insuranco company, and have made four payments. It is represented to me by an aeont of company that as his com pany 1b new, the death rate will bo lower, and that as It is a Western company com-pany and the company's investments will be in Western securities, paying- a hicrh rato of IntorcBt, It will pay me to take tho caSh value of my policy with tho company and buy a policy In his company. I would like some advice about this. Yourso truly, INSURANCE. This seems to be a pure caso of what Is called "twlstlne," a practice which is condemned by all roputnblo life Insurance Insur-ance companies and avoided positively by all conscientious, broad-minded solicitors. soli-citors. Hundreds of years of tho most careful observation have proved that death "Is subject to a lav.-, tho operation of which is as regular as that of gravitation," when the law is applied to a multitude of people. Hundreds of years of the practical application of this law by men of inatchlnss skill and proven honesty and economy, under the tension of com-j com-j petition, has proved that the cost attending at-tending the insuranco of tho cash value of a human life can be and is, exactly figured; that tho count ami the cobbler ave of the same rank in the insuranco world, and can be insured at the same rate, and that the difference In results obtained or to be obtained for members of different reputablo companies Is so very small that to make a change from one good company to another under any circumstances Is to compel a loss to the member changing, without creating a gain for anybody except the avaricious agent who Is urging the transfer. Manti, Utah. IVlay 13, 1308. The Publicity Bureau, P. O. box 424, Salt Lake City: Dear Sir: About six months ago an agent of the Insurance com pany 60ld me a policy for $5000 in tho company, taking my note for $221.25 in settlement A side contract Issued with tho policy makes me a member mem-ber of an advisory committee and binds the company to pay mo my portion of n fund to be provided by taking 25 cents from the premium of every member in tho United States for a term of year?. The estimates of results promise mo immunity im-munity from payments In eight years, and a substantial profit from then to tho end of twenty years. I notice that such contracts aro now declared Illegal. In that case my note was given without with-out legal consideration. It is now due. Should I resist payment? A. If you refused to accept the policy upon its delivery, upon tho grounds of Its Illegality, Il-legality, and If the note Is now held and presented for payment by the company, com-pany, then payment of note may bo successfully suc-cessfully resisted, hut If the note hns passed Into tho hands of an Innocent purchaser, payment may bo compelled. Salt Lako City. May 12, 1008. Press Bureau, box 424, City. Gentlemen: Permit me to thank you for tho reply to my query In Sunday'N Salt Lake papers. I do not wish to presume pre-sume too much, but if you will state for my benefit and llkewlso for tho benefit of the insuring public, what authority our insurance commissioner has for hi3 commendable action in excluding advisory advis-ory board companies from our State, It will bo very much appreciated. Yours truly, A POLICYHOLDER. In tho absence of any specific statute covering discrimination In fiivor of one set of policyholders as against another set, wo may cay that our commissioner is basing his action on tho grounds of deception, and hsiH exorcised the authority authori-ty conferred upon him In section 413, chapter 5, "Inournnco Corporations," laws of 1003. Wo may say that our commissioner commis-sioner Is upheld In his ruling by tho commissioners com-missioners of insurance In nearly every State. In the Union, thcro being less than a halt'-dor.on States where this nefarious practice may he carried on. In excluding these companies, our commissioner Is doing do-ing a public service nnd ahould recelvo the eupport of all loyal policyholders. For your Information wo aro quoting in full section 413, above referred to, as follows: "113. Withholding or Revoking Certificate. Certi-ficate. Tlx? Secretary of State mtiat withhold or revoke the certificates of authority au-thority of tho ngonts of any corporation, domestic or foreign, which shall nogioil or fail to comply with tho provisions of this chapter, or which, In his Judgment is conducting Ite business Illegally or in violation of its articles of Incorporation or by-lawn, or Is practicing deception upon Its members or the public, or Is pursuing a plan that Is injurious to tho interests of Its members or tho public, or whose affaire aro in an unsafe condition." Ask your advisory board "friend" If his company Is operating In our neighbor State, Colorado, N'ole tho answer. |
