PEORIA LIFE INSURANCE COMPANY

451

PENN MUTUAL LIFE INSURANCE COMPANY, Philadelphia, Pa. Organized 1847. George K. Johnson, president; Lincoln K. Passmore, vice-president; William H. Kingsley, second vice-president; Robert C. Drayton, financial vice-president; John W. Hamer, third vice-president and manager loan department; John Humphreys, secretary and treasurer; J. Burnett Gibb, actuary; Henry C. Lippincott, manager of agencies; Sydney A. Smith, assistant secretary; Paul Alexander, assistant treasurer, George R. White, assistant actuary; Oliver W. Perrin, assistant actuary; Frederic H. Garrigues, mathematician; Harry Toulmin, M. D., medical director; James P. Hutchinson, M. D., assistant medical director.

PENNSYLVANIA COMPANY FOR INSURANCES ON LIVES AND GRANTING ANNUITIES, Philadelphia. Organized 1812; capital, $2,000,000. C. S. W. Packard, president; A. V. Morton, vicepresident; Jay Gates, vice-president; C. S. Newhall, treasurer; Jesse Williamson, 2d, secretary. Does not issue new policies.

PENNSYLVANIA, INSURANCE SUPERVISION IN, 18731915. The insurance department of Pennsylvania was created by act of April 4, 1873. The commissioner is appointed by the governor for a term of four years, under an act of 1911, and the salary is $7,500. [See Cyclopedia for 1913-14.] Charles Johnson is the present com

missioner.

PENNSYLVANIA SURETY COMPANY, Philadelphia, Pa. Organized 1905; capital, paid up, $250,000. Edward Bailey, president; G. W. Reily, vice-president; R. G. Cox, secretary and treasurer; J. R. Henry, assistant secretary.

PENSION MUTUAL LIFE INSURANCE COMPANY, Pittsburgh, Pa. Organized 1914. Lyndon D. Wood, president; Charles H. Fritch, secretary and treasurer.

PEOPLE'S LIFE ASSURANCE COMPANY OF ILLINOIS, Chicago, Ill. Organized 1908; capital, $100,000. E. A. Nelson, president; Fremont Hoy, vice-president and secretary; A. D. Hoy, assistant secretary; M. L. Nelson, treasurer; L. J. Arnold, actuary.

PEOPLE'S LIFE INSURANCE COMPANY, Frankfort, Ind. Organized in 1906 as an assessment company, reincorporated in 1910 as a legal reserve company; capital, $100,000. Andrew A. Laird, president; John C. Shanklin, vice-president; E. O. Burget, secretary; Jos. G. Phipps, assistant secretary; Hez M. Cohee, treasurer; Milton T. McCarty, medical director; Chas. N. Coverdale, superintendent of agents; James V. Kent, general counsel.

PEORIA LIFE INSURANCE COMPANY, Peoria, Ill. Organized 1908; capital, $100,000. G. W. Van Fleet, president; Emmet C. May, vice-president; O. B. Wysong, secretary and treasurer; G. B. Pattison, actuary.

452

PITTSBURG Life UnderwriteRS' ASSOCIATION

PHELPS, EDWARD BUNNELL, editor and proprietor of The American Underwriter Magazine and Insurance Review. Mr. Phelps died August 26, 1915. [See Cyclopedia for 1913-14.]

PHILADELPHIA ASSOCIATION OF LIFE UNDERWRITERS was organized in December, 1887, William H. Lambert being the first president. The following officers and executive committee were elected at the annual meeting in January, 1915: President, W. R. Harper, Ætna Life; vice-presidents, E. O. Mosier, Equitable Life; T. L. Fansler, Northwestern Mutual; L. F. Paret, Provident Life and Trust; secretary, W. M. Long, Metropolitan; treasurer, Clarence A. Wray, Home Life of New York.

PHILADELPHIA LIFE INSURANCE COMPANY, Philadelphia, Pa. Organized 1906; capital paid in, $560,320. Andrew J. Maloney, president; William H. Hubbard, secretary; Clifton Maloney, vice-president and agency manager; Frank G. Combes, treasurer; Ernest M. Blehl, actuary.

PHOENIX MUTUAL LIFE INSURANCE COMPANY of Hartford, Conn., was chartered by the Connecticut legislature in May, 1851. John M. Holcombe, president; Archibald A. Welch, vice-president and actuary; Silas H. Cornwell, secretary; Harry E. Johnson, assistant secretary; Oliver M. Thurman, assistant secretary; Winslow Russell, agency manager; Dr. George S. Miller, superintendent of agencies; Henry F. Kaufman, associate actuary.

PICKELL, CHARLES WARREN, Detroit, Mich., manager for the Massachusetts Mutual Life Insurance Company, was born in Hopewell, Ontario county, New York, September 25, 1856, and received his education in the public schools and normal college. He was reared on a farm and after completing his education taught school, and was also superintendent of public schools. He is the author of "Plain Hints and Plain Reasons," for field men, and numerous essays on life insurance.

PIONEER LIFE INSURANCE COMPANY, Fargo, N. D. Organized 1907; capital, $100,000. W. A. Scott, president; J. J. Feckler, secretary.

PIONEER LIFE INSURANCE COMPANY OF AMERICA, Kansas City, Mo. Organized in 1907; capital, $100,000. James Cowgill, president; R. Č. Van Dyke, assistant secretary.

PITTSBURGH LIFE AND TRUST COMPANY of Pittsburgh. Organized in 1902; capital, $1,000,000. W. C. Baldwin, president; W. H. Nimick, James J. Donnell, and James Carrothers, vice-presidents; James H. Mahan, secretary and treasurer; Earl O. Dunlap, actuary.

PITTSBURG LIFE UNDERWRITERS' ASSOCIATION was organized March 2, 1886. The president and secretary for 18991900 were: William S. Stimmel, president; W. M. Wood, secretary.

PLATE GLASS SERVICE AND INFORMATION BUREAU

453

The present officers who were elected at the annual meeting held in March, 1915, are: President, C. K. Brust, State Mutual; vice-president, W. C. Lyne, Union Central; second vice-president, T. J. Danner, Fidelity Mutual; secretary, George W. Ryan, Provident Life and Trust; treasurer, J. M. Kistler, Pittsburgh Life & Trust; executive committee, James C. Biggert, Penn Mutual; William M. Furey, Berkshire; John L. McFeeley, Penn Mutual; A. S. E. Kinsey, Metropolitan; Wm. M. Wood, United States Life.

PLATE GLASS INSURANCE BUSINESS. The following is a statement of the transactions in plate glass insurance in 1914:

PLATE GLASS SERVICE AND INFORMATION BUREAU. This association was organized by the plate glass insurance companies at a meeting in New York in May, 1911, and its objects are

454

POLICY FORMS AND LAWS

stated in the constitution to be as follows: "To act as referee in all matters concerning plate glass insurance in any part of the United States where such action may legally be taken; to promote uniformity, sound practices, and friendly co-operation; to collate and tabulate statistical information; to promote the establishment of local associations; to settle differences between companies; to keep the members of the bureau informed as to all legislation affecting plate glass insurance, and, as far as practicable, to secure fair and equitable legislation for the insured and for the companies."

The officers elected were: Chairman, William F. Moore, president of the New Amsterdam Casualty; vice-chairman, Charles H. Holland, vice-president and general manager, Royal Indemnity; secretary-treasurer, Nelson D. Sterling, Fidelity and Casualty. The present officers, elected in May, 1915, are: Chairman, Eugene H. Winslow, Metropolitan Casualty; treasurer, H. W. Hendrickson, Ocean Accident; secretary and manager, E. W. Gridley.

PLATE GLASS INSURANCE EXCHANGE OF NEW YORK. Organized in February, 1915, following the disbandment of the Plate Glass Underwriters Association. The officers are: Chairman, Charles H. Holland, Royal Indemnity; vice-chairman, William T. Woods, Lloyds Plate Glass; secretary and treasurer, Edwin W. DeLeon, Casualty Company of America; governing committee, executive officers of the Maryland Casualty, Fidelity & Casualty, Massachusetts Bonding and Metropolitan Casualty, and the above named officers.

PLUMMER, EVERETT H., Philadelphia general agent of the Berkshire Life Insurance Company, was born in that city June 2, 1855. After graduating from the Philadelphia Central High School in 1873, he entered the office of the Berkshire Life in Philadelphia as an office boy. In 1880 he became general agent for eastern Pennsylvania, a position which he now holds. Mr. Plummer was the first secretary of the National Association of Life Underwriters, and after serving four consecutive years was elected president June, 1894. He was also the first secretary of the Philadelphia Association of Life Underwriters, serving four consecutive years, when he was chosen president for two years, 1894 and 1895. At the present time he is a member of the executive committee of the National Association of Life Underwriters, and the Philadelphia Association of Life Underwriters.

POLICY FORMS AND LAWS.

Under this heading will be found a brief history of the legislation respecting policy forms for both life and accident companies, and a brief summary of policy forms in use by the principal life insurance companies.

The New York legislature in 1906 enacted legislation prescribing standard forms of life insurance policies, the act taking effect January 1, 1907, but this act was amended by the legislature of that year, and the legislature of 1909 practiaclly repealed the law providing for specified standard forms. The act of 1909 provided that all policies issued in the state, whether by domestic or foreign companies, should contain

POLICY FORMS AND LAWS

455

certain specified standard provisions. The amendments of 1909 further provided that no policy shall be issued or delivered in the state until the form has been filed with and approved by the superintendent of insurance. Legislation prescribing standard forms was enacted by the legislatures of Minnesota and North Dakota in 1907. The forms prescribed were ordinary and limited payment life, endowment, and term policies and annuities.

In Colorado, Illinois, Tennessee, Massachusetts, Michigan, and New Jersey, legislation was enacted in 1907 prescribing standard provisions, and Ohio in 1908, enacted legislation prescribing six forms of standard policies, and also prescribing standard provisions. New York amended its law in 1909, and legislation prescribing standard policy provisions was enacted in Oklahoma. Texas and New Mexico and South Dakota enacted legislation prescribing standard provisions and also standard forms. The standard forms provided in South Dakota were: Ordinary and limited payment life; endowment, term and renewable term, and fixed survivorship annuity on the ordinary life, limited payment life and endowment forms. Illinois passed a law in 1909 amending section 6 of the laws of 1907 and providing that the act should not apply to annuities, industrial policies, or to assessment fraternal associations. Idaho, California, Pennsylvania, and Washington enacted standard provision laws in 1911, and Virginia in 1912, New Mexico and Arizona in 1913.

or

The laws provide that forms of policies must be approved by the insurance commissioner, and the prescribed provisions, while phrased differently, are practically the same, and include provisions that the premium shall be paid in advance, that the policy shall constitute the entire contract and be incontestable (after a specified time, not longer than two years) except for non-payment of premiums, or violation of the policy conditions respecting military or naval service, and that if the age of the insured has been understated, the amount payable under the policy shall be such as the premium would have purchased at the correct age.

A provision for grace in payment of premium is required, also against forfeiture, and for loans and extended insurance, and tables of loan, and surrender values, as well as a table of installments on which the policy may provide its proceeds may be payable, are required to be printed in the policy.

A provision providing for reinstatement after three years and a provision against forfeiture for non-payment of premium after three annual premiums have been paid, under which there " shall secure to the policyholder a stipulated form of insurance," are also required.

The law prescribing standard provisions for life policies also contains certain prohibitions, and makes it unlawful to issue a policy containing a provision for the forfeiture of the policy for failure to repay loans, or interest thereon, or a provision by which the policy shall purport to take effect more than one year before the original application was made. Provisions limiting the time within which any action at law or in equity may be commenced after the cause of action shall accrue are prohibited. The laws of New Mexico, South Dakota, Ohio, Colorado, New Jersey, and Tennessee prohibit clauses limiting the time to less than five years; Texas, two years; Illinois,