A life story.The affairs of the Columbian National Life Insurance Co. of Boston, Mass., were important enough to print a full report in the July 1907 issue of Best's Review (life edition). An editorial preceded the full report in which two points open to possible criticism were discussed. * A contract between Columbian National and the Agency Company stated funds used to obtain businesses must be made up from the loading. * Control of Columbian National was held by the Securities Company making it possible for them to alter conditions of the agency contract. Best's Review discovered that funds in the first point were provided by the Securities Company for the Agency Company, forfeiting Forfeiting Method of financing international trade of capital goods. its contract with Columbian National and the possibility of reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. . Also, the ownership of the Securities Company was scattered Scattered Used for listed equity securities. Unconcentrated buy or sell interest. over 50 people and the risk for absolute control by one person was highly unlikely. Columbian National also stated that any attempt "to take unfair advantage of the policyholders...through any improper
tr.v. thwart·ed, thwart·ing, thwarts 1. To prevent the occurrence, realization, or attainment of: They thwarted her plans. 2. by the Massachusetts Insurance Dept." |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion