6 393 National Life Insurance Company
Report of the Superintendent of Insurance of the Dominion of Canada © 1896
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398 DEPARTMENT OF FINANCEINSURANCE BRANCH.
THE NATIONAL LIFE INSURANCE COI1PANY OF THE UNITED
STATES OF AMERICA.
STATEMENT FOR THE YEAR ENDING 31ST DECEMBER, 1896.
PresidentHENRY J. FURBER. SecretaryJ. H. NITCHIE.
Principal OfficeWashington, D.C.
Chief Agent in Canada ~ Head Office in Canada
F. A. Powis. 64 King St. East, Hamilton, Ont.
(Incorporated, 25th July, 1868. Commenced business in Canada, 11th June, 1869.)
CAPITAL.
Amount of capital authorized, subscribed for and paid up in cash 81,000,000 00
ASSETS IN CANADA.
Cash in Bank of Montreal, in deposit with Receiver General ti 110,000 00
Gross deferred premiums on Canadian policies in force 8 105 11
Deduct cost of collection at 10 per cent 10 51
Net deferred premiums
Total assets in Canada 8 110,094 60
LIABILITIES IN CANADA.
*Amount computed to cover the net reserve on all outstanding policies
in Canada $ 61,594 90
Claims for death losses, adjusted but not due 5,000 00
Claims for death losses, unadjusted but not resisted 233 00
Total net liabilities to policy-holders in Canada ti 66,827 90
INCOME IN CANADA.
Premiums received in cash during the year on life policies in Canada .. .8 2,048 23
Discount on claims paid in advance 8 25
Total income in Canada $ 2,056 48
EXPENDITURE IN CANADA.
Net amount paid on account of death claims ($7,418 of which accrued in 1895).$ 14,737 60
Deferred premiums, 187 40
Total 14,925 00
Cash paid for matured endowments 2,220 00
Cash paid for surrendered policies
Total net amount paid to policy-holders in Canada $ 17,739 50
Cash paid for salaries of officials in Canada 60 00
Taxes, licenses, fees or fines 5 57
Attorney’s fees 75 00
Total expenditure in Canada 8 17,880 07
*Reserve based upon Institute of Actuaries’ H. M. Table of Mortality, with 41 per cent interest.
Computed by the Department.
