Page:American Journal of Sociology Volume 15.djvu/502

 488 THE AMERICAN JOURNAL OF SOCIOLOGY

Cash dividends will be paid on all regular industrial policies issued during the first three months of 1879, 1884, 1889, or 1894 on reaching their fifteenth, twentieth, twenty-fifth, or thirtieth anniversary during the first three months of 1909. These dividends are payable in cash or may be applied for during the first three months of 1909 through the agents who collect the premiums or at the offices of their superintendents. The amounts of these dividends are found in the tables. This con- cession does not apply to special industrial or special adult policies, as such policies were issued at much lower rates of pre- mium, nor does it apply to industrial endowment policies or to free policies issued on attaining age seventy-five.

COMPARISON WITH FORMER RATES : IMPROVEMENTS FOR BENEFIT OF POLICY-HOLDERS

Beginning with January, 1907, new tables were put out by the Metropolitan and Prudential which doubled the benefits on infantile policies for the same premiums, and increased the bene- fits on adult policies, for the same premium, thirteen to twenty- three per cent In the infantile table no premium greater

than five cents is taken, instead of ten cents as before; and the death benefits for five cents are equal to, and in some cases greater than, the death benefits for which ten cents formerly was charged. The endowment feature continued in the policies was

then eliminated and the policies made whole life The

most important change in the table is that payment of premiums ceases at age seventy-four, and this is also true of the infantile policies. The Metropolitan writes us as follows :

Our circular letter of May 21, 1909, announcing a new table of benefits in the Industrial Department 10 per cent, higher than those heretofore in force, and making this increase retroactive to the date of the original forms of policy is now being issued. As to forms in use prior to this date, January I, 1907, we could not raise the benefits because the plan of insurance used in those forms was so different ; as to those policies we distribute surplus in bonuses. Take the old whole life policies and the increasing life and endowment and all other policies in force 5 years ; when we pay death claims we add 5, 10, 15, 20, 25, 30 per cent, to the face of the policy according to the number of years same has been in force. We also pay bonuses amount-