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Cyclopedia of Insurance

IN THE

UNITED STATES.

1892-3

EDITED BY H. R. HAYDEN

UNDERWRITER PRINTING AND PUBLISHING COMPANY,

NEW YORK AND HARTFORD.

1893.

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PREFACE.

In a book the first word is the last one, and when the final proof is read we write the few words of introduction which are addressed particularly to the reader as a foretaste of what he may expect if he goes further.

This volume is larger than its predecessors by over one hundred pages. Subjects have been treated more fully and brief biographical sketches of prominent underwriters have been added. With the exception of companies whose history has been noticed at length, all have been taken from the body of the book and transferred to a directory at the end, which we think is the most complete list of American companies and their officers ever published, especially in the department of fire insurance, which contains the names and location of 1,847 companies, stock and mutual. This list is largely swelled by the local town and county mutuals, which do a very small business, but which seem to be much in favor with the farming community in a number of states.

The statistical tables in the appendix are also more full and complete than ever before, and cover the business of a number of companies not before reported, and at all times difficult to get.

This volume is something more than a reference book for 1892 and a record of the year in insurance. It has been found practically impossible to close the record of a year if the business of the year is to be included, until long after the year has closed. The editor has therefore concluded to carry forward the topics treated up to the time of going to press, and to date the volume for both years. The present volume therefore is “The Annual Cyclopedia of Insurance for 1892–3,” and the information contained in it carries the reader forward, except for proceedings of meetings, to July, 1893.

The running heads over pages have been made to correspond with the last article on each page, which some critics have thought would be of assistance in the use of the book.

The editor acknowledges his indebtedness to a number of correspondents who have made valuable suggestions, many of which have been embodied in the work, others of which have been postponed for a more careful examination, and some of which have not been found feasible.

The editor will be greatly obliged to those who receive this book for review if they will not gloss over its imperfections. If there is anything which an underwriter wants to know about the business of insurance the editor of this book would like to be told what it is, and if it cannot be found within the covers of this volume would like to put it in the next.

A Accident Insurance. The ordinary accident insurance policy grants a fixed compensation to the insured for a limited time in case of disabling accident, and also a definite amount to be paid to a designated person if death results from accident. Such policies are in general strictly limited by their terms to accidents which totally disable or kill the insured. Some companies issue modified forms providing for injury and death, with an additional clause as to partial disabilities of a permanent nature, such as loss of a limb, an eye, a hand, or foot. In order to recover, the injury must arise from "external, violent, and accidental means,” and must be incurred while the insured is not unnecessarily exposing himself to “obvious danger,” and while he is not engaged in an occupation more hazardous than that in whicb he has elected to be classified and insured, or if more hazardously occupied at the time of the injury, then recovery can be had only to the extent to which premium paid would have purchased insurance in the more hazardous class. Within these limits there has been found a great deal of ground for differences of opinion, and many of the points which have been settled have only been disposed of after harrassing litigation. [See Legal Decisions Affecting Insurance. Accident Insurance.]

Accident Insurance Claim, Largest. The largest accident in. surance claim ever paid, was by the Travelers on January 29, 1892, to the widow of A. R. Blood, of Warren, Pa., who was killed the preceding month by being thrown from a horse. The sum was $40,000.

Accident Underwriters, International Association of. [See International Association.]

Actuarial Society of America was organized April 25, 1889, [For an account of the origin, charter, and early proceedings of this organization, see the Cyclopedia of Insurance for 1890.] The first president was Sheppard Homans. At the second annual meeting, April 30, 1891, David Parks Fackler was elected president.

The third annual meeting of the Society was held at the rooms of the New York Board of Fire Underwriters in New York on April 28 and 29, 1892. Forty-three members were present. President Fackler presided. In his address he said :

At recent meetings our members discussed the question how strong or how large a company should be to carry policies of certain amounts with entire safety, and before long we may have to discuss whether there is a point beyond which growth in a life in

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