NEW YORK'S SAVING BANK INSURANCE IS LIBERALIZED AS SOLONS O. K. CHANGES
New York's Saving Bank Insurance Is Liberalized As Solons ()• K. Changes Expect Big Increase in Policies at Low Kates ALBANY, N. Y.—Amendments to New York's savings bank insurance act of 1938...
...The savings bank insurance figure was only 40.3 per cent of the cost shown for one of the largest com- j panies (John Hancock), 38.8 per cent of another (Metropolitan), 37.9 per cent of another (Equitable), and 37.7 per cent of a fourth (Prudential...
...In 1938...
...The number of policyholders was 8,857, and the average policy about $830...
...In Massachusetts there is a similar limitation of $1,000 on the amount that may be issued by one bank, but the policyholder may obtain additional $1,000 policies from as many as 24 other banks to build up a total of $25,-000 in insurance...
...Milk is one of the most wholesome foods obtainable and its various by-products are healthful to the highest degree...
...The present number of issuing .banks in Massachusetts is 28...
...Louis H. Pink, New York superintendent of insurance, warned the private insurance industry that if It failed "properly to regulate the cost of Insurance" and allowed "company j expenses and commtssions to eat up more than their fair and Just portion" [ of premium Income, "the state will j be compelled to secure larger pow- j ers...
...PAUL, Minn.—The Milk Drivers' union, local No...
...A special meeting of the State of New York Savings Banks Association has been held to explore the possibilities opened by the new amendments...
...546, is giving full co-operation to the dairy industry in the state in the observance of national dairy month, according to William Gydesen, business representative of the local...
...Gov...
...Our organization is co-operating with the dairy industry because we feel that labor's interests are mutual with those of agriculture and that the absorption of the present milk products surplus means prosperity for the farmers which in turn will mean prosperity for the working class in the cities...
...A recent net-cost comparison, pre- i pared by the Massachusetts Division of Savings Bank Insurance, shows j that the 10-year cost of a $1,000 ' straight life policy issued by Bay S State savings banks to a policyholder I aged 35 is $28.90...
...Serving as agents of the Issuing banks are 101 other savings banks, five co-operative banks, and 24 national banks and trust companies...
...The number of policies outstanding in Massachusetts on Jan...
...i Changes Made The New York amendments make no change in provisions of the 1938 law which limit to $1,000 the amount of insurance that may be issued by one bank to a single policyholder and to $3,000 the total amount that may be purchased by one individual...
...and the amount of insurance in force, $179,-073.562...
...Lehman recommended them, and he is Policyholder No...
...The proposal was submitted to a special commission for investigation...
...l of New-York's savings bank insurance system...
...following adoption of the $3,000 limitation in N<?w York, insurance companies sought a simlla: limitation on savings bank insurance in Massachusetts...
...Minnesota ST...
...New York's Saving Bank Insurance Is Liberalized As Solons ()• K. Changes Expect Big Increase in Policies at Low Kates ALBANY, N. Y.—Amendments to New York's savings bank insurance act of 1938 recently passed by the legislature, arc expected to result in a rapid expansion of over-the-counter sales of life Insurance by banking Institutions in the Empire State after they take effect on July 1. The amendments are largely of a technical nature, Involving changes in the original set-up which savings bankers say will bring Immediate participation in the system of some 75 additional banks...
...The commission reported against, the limitation in 1939 and its report was accepted by the legislature...
...1940 was 197.382...
...The chief purpose of savings bank ¦ life insurance, as originally instituted , by the Massachusetts law of 1907...
...In New York there are at prerent only 7 issuing banks, and savings bank insurance in force on January 31 totaled only $7,362,445...
...Is j to reduce insurance costs for persons j of low Income by eliminating the high j selling costs which load policies sold I by old-line companies...
...Feed more milk to the kiddies and watch them pick up strength and energy Medical reports indicate that milk offers the nearest approach to a balanced ration for growing children, and practically every dairy product contains needed vitamins and minerals...
...During the month of January, the banks wrote 668 new policies, for a total of $537,350 issue basis...
...The net cost of cor- i responding policies Issued by 30 private companies ranges from a low of $51.95 to a high of $103.20...
...For some weeks past the Milk Drivers have been promoting the use of milk as a needed beverage among workers on the job, and our drivers in the industrial sections as well as in office buildings, garages and building projects have found sales increasing as men realize that a bottle of cold milk goes a lot further than a can of cold coffee...
Vol. 10 • June 1940 • No. 25
