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Cyclopedia of Insurance
Established in 1891 by H. R. HAYDEN
Copyrighted 1916 by
R. B. CAVERLY, PUBLISHER
Annual Cyclopedia of Insurance.
AACHEN AND MUNICH FIRE INSURANCE COMPANY of Aix-la-Chapelle, Germany. Joseph A. Kelsey, manager for the United States, with headquarters at New York; S. H. Quackenbush, assistant manager.
ABANDONMENT. In marine insurance the relinquishment of an insured ship or cargo to the underwriters when the same is damaged and the claim is for a total loss. There is no abandonment in fire underwriting.
ABEILLE FIRE INSURANCE COMPANY, Paris, France. Starkweather & Shepley, Inc., United States managers. Geo. L. Shepley, president; Emil G. Pieper, superintendent of agencies.
ABINGTON MUTUAL FIRE INSURANCE COMPANY, Abington, Mass. Incorporated 1856; began business 1857. Isaac C. Howland, president; Edgar H. Thompson, vice-president; ,Alfred H. Nash, secretary and treasurer.
ADJUSTER. The business of an adjuster as known in American fire insurance is to examine into losses and settle upon the amounts due. He is a regular employee of the company, usually, although there are some independent adjusters who work for any company employing them, temporarily, or on particular losses. In most cases, also, the adjuster acts as appraiser except where an official or technical appraisement is to be had. The General Adjustment Bureau was organized in 1905 to have charge of adjustments throughout the eastern district of the United States. It is an incorporated body. Similar bureaus have been organized in other sections of the country, and as a rule have been a success. The National Board of Fire Underwriters in 1912 appointed a committee on adjustments, which was charged particularly with the work of preparing a system for adjusting large conflagration losses. While there are still individual and independent adjusters much of the work of adjusting losses, except small losses, is done through the bureaus.
ADJUSTMENT. In fire insurance practice in the United States this work covers the act of the adjuster in settling a loss as well as its apportionment between different insurers. The latter is sometimes difficult and puzzling in the case of non-concurrent policies. (See Non-Concurrent Policies — Apportionment.)
AETNA INSURANCE COMPANY of Hartford was incorporated in 1819, and began business August 19th. Its capital stock was fixed at $150,000, 10 per cent. of which was paid in. The Aetna was one of the pioneers in the agency business, and wrote policies in Chicago as early as 1834. Its present capital is $5,000,000, and its stockholders have at various times paid in in cash $4,695,000 of that amount. Up to the date of the Chicago fire, in 1871, there had been paid in $195,000, and the capital was $3,000,000. After the fire it was reduced one-half, and immediately restored by the payment of $1,500,000. After the Boston fire, in 1872, it was reduced to $2,000,000, and restored by the payment of $1,000,000. In 1881 the payment of another million increased the capital to $4,000,000; in 1910 the payment of another million increased the capital to its present figure. The Aetna's operations now include every section of the country.
The department managers are: Western branch, Chicago, Ill., Thos. E. Gallagher, general agent, L. O. Kohtz, assistant general agent, L. O. Kotz, general agent marine department; Pacific branch, San Francisco, Cal., W. H. Breeding, general agent, E. S. Livingston, assistant general agent (Inland), Geo. Ē. Townsend, assistant general agent (Fire).
The company has had six presidents since its organization in 1819. Thomas K. Brace retained the office until 1857, a period of thirty-eight years. Edwin G. Ripley succeeded President Brace, and remained at the head of the company until 1862, when he was succeeded by Thomas A. Alexander. In 1866 Lucius J. Hendee was elected president, and retained the position until his death, September 4, 1888. Jotham Goodnow was elected the successor of President Hendee, being advanced from the secretaryship, which he had held for twenty-two years. He died November 19, 1892, and was succeeded by William B. Clark, who was elected president on the twenty-fifth anniversary of his connection with the company. President Clark's associate officers are Henry E. Rees and A. N. Williams, vice-presidents; E. J. Sloan, secretary; E. S. Allen, G. E. Beardsley and R. B. Ives, assistant secretaries. W. F. Whittelsey, Marine secretary.
The directors are: Austin C. Dunham, Morgan G. Bulkeley, Atwood Collins, William B. Clark, Francis Goodwin, Charles É. Gross, James H. Knight, Charles P. Cooley, Arthur L. Shipman, Charles L. Spencer, Lyman B. Brainard, Charles A. Goodwin, H. E. Rees, A. N. Williams and J. P. Morgan. The special agents are: J. B. Hughes, O. H. King, C. J. Irvin, H. O. Kline, H. B. Smith, James S. Middleton, F. W. Mathews, P. P. Tucker, Joseph M. Biggert, George W. Mills, E. C. French, W. C. Roach, H. B. Nugent, C. L. Ruse, S. L. Johnson, F. C. Clarke, Arthur Lohmeyer, W. H. Wart, W. Ross McCain, Edward Wright, J. R. Stewart, I. B. Beard, J. A. Brackney, W. S. Clark, P. W. D. Jones, A. G. O'Neill, Cooper D. Winn, Jr., W. H. Boutell, Frank W. Brodie. The total assets of the company, December 31, 1915, aggregated $24,730,602.67. Liabilities, exclusive of capital, $12, 146,087.08. The net cash premiums received during the year 1915 reached the sum of $12,385,212.79;
$2,796,262.59 being in the inland department. The total cash income for the year was $13,387,394.93; total cash expenditures, $12,360,809.85; the fire and marine losses paid amounted to $6,312,117.95; net amount of risks in force, $1,799,763,259.00. Since organization the company has received in premiums $289,941,417.85; losses paid since organization, $150,705,781.16; cash dividends declared, $37,101, 365.00; dividends payable in stock, $2,805,000.00. (See Cyclopedia for 1892-3, also biographical sketches in present volume.)
AFFIDAVIT RISKS. Laws concerning. (See Reinsurance and Surplus Line Laws.]
AGENTS, RESIDENT. Laws concerning. (See Resident Agents' Laws.]
AGENT. TERM DEFINED. The insurance laws of many states define who are agents, and such laws are in force in Alabama, Arizona, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Massachusetts Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Texas, Utah, Washington, and Wisconsin. The laws of a majority of the above states are general in application and while phrased differently, define an agent to be any person who solicits insurance, receives or transmits an application, other than for himself, or in any manner aids in the transaction of the business of an insurance company.
The laws of Florida and Montana contain separate sections defining surety agents, while the laws of Indiana contain additional sections defining separately both surety and life agents, and the law of Delaware defines both life and fire agents, but only agents dealing with companies not incorporated by the state, and defines such as foreign insurance agents. The Colorado law provides that " a person not a duly licensed broker, licensed solicitor, or licensed agent's employe," who other than for himself and for compensation, solicits, or transmits any application for insurance or offers or assumes to act in the negotiation of such insurance, shall be an insurance agent within the intent of the law.
The Mississippi law in addition includes every person who shall examine or inspect any risk or adjust or assist in adjusting any loss within its definition of agent, while the law of New York does not include officers or salaried employes who do not receive commissions within its definition. The Pennsylvania law reads: An agent is an individual, co-partnership or corporation, authorized in writing by a company: (a) To solicit risks and collect premiums, and to issue or countersign policies in its behalf; or (b] To solicit risks and collect premiums in its behalf," and the Washington law is very similar but designates agents as "soliciting " and "recording or policy writing agents. The Michigan law also makes a distinction between a solicitor and agent, and also defines special and general agents. (See Cyclopedia for 1915.)
(For text of laws, enacted prior to 1914 see Cyclopedia of Insurance for 1913-14, and also Cyclopedia for 1915, fire section.]