Private companies would not write insurance on
many wounded men, or their rates would be unusually high.
The government will arrange to collect premiums monthly, if men wish to
pay that way, or for longer periods in advance. This may be done through
post-offices. The minimum amount of insurance to be issued probably will
be $1,000, and the maximum $10,000, with any amount between those sums
in multiple of $500. There will be provision for payments in case of
disability as well as death, according to the tentative plan.
Thus will be created out of the government's emergency war insurance
bureau the greatest life insurance institution in the world for peace
times, with more policyholders and greater aggregate risks than a half
dozen of the world's biggest private companies combined. Out of the
experience gained may eventually develop expansion of government
insurance to old age, industrial and other forms of insurance, in the
opinion of officials who have studied the subject.
Regulations for reinsuring returning soldiers and sailors are being
framed by an advisory board to the military and naval section of the war
risk bureau, consisting of Arthur Hunter, actuary of the New York Life
Insurance Company; W. A. Fraser, Omaha, of the Woodmen of the World, and
F. Robertson Jones, of the Workmen's Compensation Publicity Bureau, New
York.
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