The New York Life Insurance Company

THE NEW YORK LIFE INSURANCE COMPANY. Branch Office for Glasgow and West of Scotland:—12, Renfield Street, Glasgow. Alexander T. Alexander, District Manager.

    The absolute necessity for the existence of reliable life Insurance Societies is too universally admitted to require any laboured defence at the present day ; the great question that does demand anxious consideration has reference to the systems and conditions of assurance and to the setting forth of those conditions which, in the end, are most beneficial to those who invest their premiums to make provision in the event of death. Among existing organisations there is none the operations of which are conducted on so vast a scale of magnitude as are those of the celebrated American Office named at the head of this brief sketch, and, those acquainted with the subject in all its bearings, no Company more thoroughly enjoys confidence or stands higher in estimation.

    The New York Life Insurance Company was founded in 1845, and since its inception it has enjoyed a continual success, each year adding to its importance, until at the present time the Company possess an accumulated fund of £23,681,886, and a surplus over liabilities by the New York State Standard of Valuation (4 per cent. actuaries) of £3,100,626 ; and an annual income of six million four hundred and seventy-eight thousand one hundred and twenty-seven pounds sterling. The Company was incorporated by Special Act of the Legislature of New York. It is conducted on purely mutual principles ; all profits belong to policy holders, and apportionments are made annually, there being no stockholders. The assured thereby obtain insurance at actual cost, none of the profits being taken from them to be paid to the owners of shares. There is no unpaid capital whatever, and the immense success which the Company has experienced practically illustrates the wisdom of this plan. It stands to the credit, too, of this Company to have been the first to break through old-fashioned “life tables”, thereby opening up to the more provident members of the general community a unique means of obtaining wealth, a means which was speedily recognised to be advantageous, and for the introduction of which The New York Life Insurance Company deserve the highest commendation. A leading feature in the operations of the Company is the Non-Forfeiting Endowment Scheme, combining the tontine principle in the distribution of surplus with ordinary Life and Endowment Assurance.

    The rates of premium charged by the New York Life are, compared with those of many British Companies, most liberal, and the utmost security for the meeting of all claims has been provided by the appointment of a body of trustees of high character and attainment, and whose very names satisfy the most hypercritical inquirer. Of these it is only necessary to cite the Right Hon. Hugh C. E. Childers, M.P., F.R.S., ex-Chancellor of the Exchequer, a gentleman whose high rank, character, and unquestioned ability are the subjects of international recognition.

    The head-quarters of the Company, so far as Great Britain and Ireland are concerned, are at 76 and 77, Cheapside, London, E.C. The Company’s affairs in Glasgow and throughout the West of Scotland are entrusted to the careful management of Mr. Alex. T. Alexander, a gentleman of undoubted ability, and possessing a sound grasp of all matters affecting the laws and principles of Life Assurance. The Offices occupied by the Company at 12, Renfield Street, Glasgow, are in every respect well adapted to the requirements of a large and ever-increasing business.

    The success of the New York Life in Scotland has long been an assured fact; its methods and workings commend themselves at once to the intelligent, calculating mind of the typical Scotchman, and it is a matter placed beyond the pale of discussion or doubt that a magnificently profitable and prosperous future awaits the Company's operations, not only in Glasgow and the West of Scotland, but in whatsoever part of the kingdom the representation is equally able and influential.

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