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THE NEW YORK
PUBLIC LIBRARY
52 49 4 2
ASTOR, LENOX AND
TILDEN FOUNDATIONS.
R
1911

L

Copyright 1903

BY

THE INSURANCE JOURNAL Co.

HARTFORD, CONN.
Press of The Case, Lockwood & Brainard Company

1903

Annual Cyclopedia of Insurance. .

А

AACHEN AND MUNICH FIRE INSURANCE COMPANY of Aix-la-Chapelle, Prussia. Joseph A. Kelsey manager for the United States, with headquarters at New York. Charles M. Slocum is assistant manager, and Cæsar Bertheau, San Francisco, is manager of the Pacific Coast department.

ABANDONMENT. In marine insurance the relinquishment of an insured ship or cargo to the underwriters when the same is damaged and the claim is for a total loss. There is no abandonment in fire underwriting.

ACCIDENT INSURANCE. The ordinary accident insurance policy grants a fixed compensation to the insured for a limited time in case of disabling accident, and also a definite amount to be paid to a designated person is death results from accident. Such policies are in general strictly limited by their terms to accidents which totally disable or kill the insured. Some companies issue modified forms providing for injury and death, with an additional clause as to partial disabilities of a permanent nature, such as loss of a limb, an eye, a hand, or foot. In order to recover, the injury must arise from external, violent, and accidental means," and must be incurred while the insured is not unnecessarily exposing himself to “obvious danger," and while he is not engaged in an occupation more hazardous than that in which he has elected to be classified and insured; or if more hazardously occupied at the time of the injury, then recovery can be had only to the extent to which the premium paid would have purchased insurance in the more hazardous class, Within these limits there has been found a great deal of ground for differences of opinion, and many of the points which have been settled have only been disposed of after harassing litigation. (See Legal Decisions Affecting Insurance. Accident Insurance.)

ACCIDENT UNDERWRITERS, INTERNATIONAL ASSOCIATION OF. (See International Association.]

ACKERMAN, EDGAR P., insurance journalist, was born at Deckertown, Sussex County, N. J., May 14, 1839. His parents moved into Orange County, New York, when he was very young, where he had the benefits of a common school education. At the age of 12 years he entered the office of the Democrat and Whig at Goshen as “devil” and carrier, and in 1856 was reporter on the Daily Jacksonian of Newark, N. J., and was later connected with papers in Boston, Mass. He enlisted in 1861 from Newark, N. J., in General Phil Kearney's New Jersey Brigade, and during his term of service acted as war correspondent of the Newark Daily Advertiser. In 1865 he purchased the Vermont Record and Farmer of Brattleboro, Vt., and in 1868 was appointed general agent for Vermont and New Hampshire of the United States Life Insurance Company of New York. In 1870-72 he was respectively reporter, city and managing editor of the New York Evening Globe, and from thence went upon the Brooklyn Daily Eagle, afterwards being appointed official stenographer to the Kings County (N. Y.) Surrogate's Court. From 1874 to 1878 Mr. Ackerman was in the lecture field. In 1881 he became connected with the John Hancock Life's industrial department, and for a time was superintendent in Brooklyn and Boston for that company. In the fall of 1883 he was induced by E. B. Harper (under whom he had at first served with the John Hancock Life) to join him on the Mutual Reserve Fund Life Association, where he started Our Society Journal, with which he was connected as editor and business manager for about eight years. Since leaving that publication Mr. Ackerman has been an anonymous editorial and paragraph contributor to several insurance journals, and his versatile work under the pseudonyms of

Agate,” Matthew Marvel," "Hennery Jaimes," "Inspector Barnes,” etc., is familiar to most underwriters.

ACTUARIAL SOCIETY OF AMERICA was organized April 25, 1889. (For an account of the origin, charter, and early proceedings of this organization see the Cyclopedia of Insurance for 1890-1.] The first president was Sheppard Homans, the second David Parks Fackler, elected in 1891; the third Howell W. St. John, elected in 1893; the fourth Emory McClintock, elected in 1895, the fifth Bloomfield J. Miller, elected in 1897, the sixth Thomas B. Macaulay, elected in 1899, and the seventh Oscar B. Ireland, elected in 1901. (See the Cyclopedia of Insurance from 1890-1 to 1901-2 inclusive.]

The fourteenth annual meeting was held in the board room of the Mutual Life Insurance Company, in the city of New York, May 15 and 16, 1902. President Oscar B. Ireland presided. Fortyfive members and twenty-one associates attended the first day's sessions. The president read his annual address and the reports of officers were presented. The following papers were read during the two days' sessions : "On Life Insurance Investments as a Guide for Executors and Trustees," by Walter S. Nichols; “On First Year Mortality," by Emory McClintock ; Net Premiums and Reserves on Continuous Instalment Policies," by Hugh W. Robertson; “ Premiums and Reserves on Joint Life Policies, Based on the American Table of Mortality Graduated by the Makeham Formula," by Arthur Hunter.

The secretary reported that at a council meeting, held February 4, 1902, P. C. H. Papps of the Canada Life Assurance Company was enrolled as an associate member.

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