This article deals with some important problems in the life insurance business in the late Nineteenth Century America, as follows;
1. Fundamental structure of life insurance business.
2. Expansive character of the American life insurance business, tipified by Henry B.
Hyde
, the Equitable Life. His aim was, first of all, to satisfy his own entrepreneurial wants, higher ranked than life insurance purpose.
3. Tontine Policy, introduced by
Hyde
, was not only an ideal solution of the problem with which he was confronted, but also gave him a weapon to push his Equitable to the top of the industry.
4. Manegement of Jacob Greene, the Connecticut Mutual, was in a marked contrast to that of
Hyde
. Being an early advocate of “Humane Life Value Theory”, and stubborn opponent of the Tontine, he had a distinct idea of life insurance business. His management, true to his principle, was inferior to
Hyde
, in quality. that is, growth of business, but much more superior in quality, both cost and returns to policyowners.
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