Books › Newark City Directory 1880-81, 1880 › scan 3
Scan 3
Newark City Directory 1880-81, 1880
28 lines. Read by computer on 18 September 2026. No printed page number was found. See the scan on archive.org.
1THE MUTUAL BENEFIT
2LIFE INSURANCE COMPANY,
3NEWARK, N. J.
5Organized 1845. Charter Perpetual.
6LEWIS C. GROVER, President.
8Receipts for Premiums since Organization,
9$81,850,076.80.
10Returned to Policy-Holders for Policy Claims and Dividends,
11$61,800,284.44.
12Balance on hand January 1st, 1880,
13$32,784,307.70.
15The Actual Receipts for Interest have been more than enough to pay all Expenses and Taxes by the sum of
16$12,734,515,34.
18STRICTLY MUTUAL. DIVIDENDS DECLARED ANNUALLY.
20Every Policy issued by this Company contains the following Conditions,
21AND IS ABSOLUTELY NON-FORFEITABLE:
22In case of lapse, after two or more Full Years' Premiums have been paid, the full Four Per Cent. Reserve Value will be applied by the Company, at the option of the Assured, in either of two ways: FIRST—To the extension of the full amount of the Insurance, for such period as the full value will pay for at the Company's published rates; or, SECOND—On surrender of the Original Policy within three months from date of lapse, to the purchase of a Paid-up Policy. ILLUSTRATION: A party insures at age 35, for $10,000. He pays his Premiums for 10 years, receiving the large dividends of the Company, and then stops payment. The result will be as follows: FIRST—The whole $10,000 Insurance would be extended for Ten Years and Forty-six days; or, SECOND—He would receive a Paid-up Policy for $2,660.
24JAMES B. PEARSON, Vice-President.
25THEODORE MACKNET, Treasurer.
26EDWARD L. DOBBINS, Secretary.
27BLOOMFIELD J. MILLER, Actuary.
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