Newspapers / The Carolina Times (Durham, … / Sept. 4, 1954, edition 1 / Page 9
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.SECTIOIS TWO EIGHT PAGES SATURDAY, SEPTEMBER 4, 1954 SPECiAL EDITION 34th N, N, I. A, CONVENTION HOST COMPANIES WELCOME CONVENnON life Insurance, A Bulwark Of The Family and Nation ^By A. T. SPAULDING, Vice-President and Actuary North Carolina Mutual Life Insurance Company „ Insurance is the fruition of the cravings and efforts ot man to provide financial security for himself and his own, in all of the areas into which his needs spread, from the cradle to the grave. The hfstory of life insurance, however, reveals that It did not reach its present state of wide spread acceptance without a struggle, even for the right to exist. It is a far cry from “the sick man’s box” and “the dead man’s box”, and from being “forbid den by law as against good morals” and “as gambling on the duration of human lives” to its scientific development and widespread public acceptance today. American families added $28, 000,000,000.00 to their aggre gate life insurance protection during 1953, according to the Institute of Life Insurance Fact Book for 1954. There is now in the United States over 90 million policyholders owning over $300,000,000,000.00 of life insurance with an average of approximately $3400 of life in surance each. Three out of every four families now own some type of life insurance. Approximately $21 billion of the life insurance in force is on children xuider 15 years of age; $225.1 billion is on males over 14; and $49.5 billion is on wo- men-These figures dcf not in clude credit insurance. $186.7 billion is ordinary, $37.8 billion is industrial, and $79.8 billion is group. About 65% of the tota^ in force is with mutual comiJB* nies and 357« with stock com panies. It is estimated that at least one-hal of all life insur- ancc outstanding today has been in force less than 10 years. The possession of large amounts of life insurance now is not only considered commen dable but also as carrying a certain amount of social prestige; and to be without any is almost a social stigma. There are now 4.5 million an nuities in force with United States life insurance companies, providing for annual income p&yments of approximately $1.7 billion. Ihere are 15,730 insured pension plans in the United States in force with life in surance companies, covering 3, 940,000 persons compared with 1530 plans 14 years ago cover ing only 685,000 persons. The payments to Unijed States families by their lUe in surance compSlhies in 1953 totaled $4.5 billion. These pay ments were distributed as fol lows: Death benefits $1.99 billion; matured endowments $.47 bil lion; disability payments $.10 billio^i; annuity payments $.42 billion; surrender values $.69 billion; and policy dividends $.85 billion. Life insurance has now be come so integrated into man’s way of life that so long as he is mortal, lives, loves, weds, re produces, grows old and dies, that long will life insurance en dure. It has proved its ‘worth to such an extent that Govern ments have adopted it; Institu tions have accepted it, and it is at home in every home where hearts beat and thoughts are kind. It is the standby and the bulwark of the family and the Nation, the destroyer of poverty and the enemy of crime. It is thg, key business of the modem world. Through it the doors of commerce, credit, industry, and trade are opened wide; with it the processes of production and distribution are vitalized. Life insurance feeds upon the the thriftiness of the people, gathering up the savings in good times and storing them away until the time of need arises or the days of adversity set In, at which time It wards off potential misery, relieves distress, dispels fear, keeps hope for the future alive and encour ages individual r^iance and in dependence. In the meantime it transmits these savings into the National economy. The development of the re sources and potentialities of this country has gone hand in hand with the growth and develop ment of the life insurance in dustry. The growth of Am^- ca’s industries has been aided very substantially through the investment of life insurance funds. At the end of 1953 these investments, ‘Stored up dollars of thrift,” amounted to approxi mately $78.5 billion. They were distributed as follows: (U.S. Government Securities $9,829,000,000.00 (Other Government Bonds $2,576,000,000.00 (Securities of Business and Industry $34,570,000,000.00 (Mortgages $23,322,000,000.00 (Real Estate $2,020,000,000.00 (Policy Loans $2,914,000,000.00 (Misc. $3,302,000,000.00 The foregoing represent busy dollars serving the needs of our Federal and State Governments and the political subdivisions thereof, of business and indus try, home owners, and our economy generally. Through them every policyholder has a definite stake in the free en' terprise system and in America and its future. Life Insurance transcendsi boundaries. In the words of Darwin P. Kingsley: “Life in surance is broader than nation ality; it passes the prejudice of race and religion-links genera tion to generation — (and) so binds man to his fellows that self-interest and humanity are identical. It is the product of an instincl of humanity which has carried man from a cave in the earOi"6ver a^;^ wdbloody path up to a palace. It is the first business of the world.” Life insurance typifies A- merica at its best. It recognizes human dignity and worth in the life of every individual. It is a protector and defender of . de mocracy against erosion from Communism. It is a promoter of the basic philosophy of our Country! The right to “life, liberty, and the pursuit of hap piness.” History reveals that life and life insurance have thrived best under democratic forms of goveriiHjo'jt, and, together, they have provided a higher stand ard of living and a more satis factory way of life than can be found anywhere else in the world. What has been said about life insurance generally can be said with equal force about life in surance as carried on by the member companies of the Na tional Negro Insurance Associ ation. Through the bond port folios of these member compa nies their policyholders are not only helping finance the trans portation , and commuication systems of the country, its civic, educational, and social improvements. Increase job op portunities In industry and com merce generally, and provide for the National Defense, but they are also saying to America in no uncertain terms that they have faith in its future and are glad to make a definite contri bution to its further growth and development and be considered a definite part of the country’s assets. The funds of these companies came from the accumulated nlckles, dimes, and dollars of Negro policyholders who have had to thrive largely upon the economic crumbs of our coun try, and they represent only a small part of the Negro's stake in America and its economy. Life insurance is indeed a bulwark of the American family and the Nation. Note: The statistics herein are from the Institute of Life Insurance 1954 Fact Book. vTlM.OIfiekl Staff cpHiNX DURHAM. NORTH CAROLINA CLYDE DONNELL, M. D. ViCK-PHun>nrr Mxihcal Dntf CToa . jr. KENNEDY, JR. Presidint £.R. MERRICK • yiCK-PnSIOSNT TBBASUm O. W. cox Vic«-Prmid*nt Aoknct SinBCToa D. a DEANS, JR. Vics-PnHSBirr Amocxmi A«mcT A. T. SPAULDINO Via-PUKDCMT AcTUMnr—CoMrraoLLBa MRS. V. G. TURNER AsaurrANT ...Tumumr D. B. MARTIN AS60CIATB ACBMCT Dikcctor W. A. CLEMENT lAMOdAn Aoknct Diuctor N. H. BENNETT, JR. Assist Am Skiixtart AasooATS Actuary MRS. B. A. J. WHTTTED AsaiaTANT Trkasurkr Casrixr J. W, OOODLOE Secretary --Orrica Manager AARCW DAT, JR. ASMtAMT SBcaBTAar C. C. SPAULDING, JR. COUMBl. J. J. HENDERSON Assisiant Treasursr Thm* OffleUU Repretewt The Secmd Geiieratio* In ManagemMt 33 Yrars of The Negro Insurance By G. W. Cox, Vice-President' Agency Director, North Caro lina Mutual Liife Insurance Company If we are careful in laying the right foundation and choose with discretion all of what goes into the building of the super structure, results will take care of themselves. This .is directly applicable to the National Ne gro Insurance Association. For, prior to its creation as a unit, it was a segment of the National Negro Business League, desig nated as the Insurance Section. Subsequently it was suggested that there-’ should be an asso ciation composed only of men engaged in the business of life insurance. At the meeting of the Business League in Atlanta, August 1921, nine representa tives of Negro insurance com panies met to form a temporary organizatioh, and named a com mittee on organization: M. S. Stuart, Chairman; Charles A. Shaw, Secretary; J.* H. Goode, J. L. Wheeler, R. W. Chamblee, J. J. Allen, and C. C. Spaiildlng, Ex-officlo. The committee a|(reed to issue a call to representatives of all Negro companies to meet in Durham,*October 27, 1921 for the purpose of organizing a per manent association. At 10 A. M. on October 27, 1921, sixty reprasentatives from Atlanta Life, Afro American, Georgia Mutual Relief and Benevolent Association, Miss. Life, North Carolina Mutual, Pilgrim Health and Life, Rich mond Beneficial, Bankers Fire, Standard Life, International Mutual, and Winston Mutual assembled in the new home office building of North Caro lina Mutual. Upon, the sugges tion of G. W. Cox, the organiza tion was named the National Negro Insurance Association, C. C. Spaulding was elected Presi dent and M. S. Stuart, Secretary. The men in attendance were the first “motion-makers” and their deliberations laid the foundation upon which the Association now operates. The plan and purpose of the venture can be well stated from a clipping from the Dur ham Sun of October 28, 1921: . . . “The exchange of informa tion which would be of mutual benefit to fellow companies.” The progress of the Associ ation has been phenomenal. The niunber of member companies and local associations has stea dily increased. In 1935, four teen years following the perma nent organization, Durham was, again, the host city, at which time National Negro Insurance Week was instituted and the annual meetings were set up in to three sections: Executive, Agency, and Medical, with ar rangements for interval gener|il sessions. Subsequently, a Tech nicians’ Section was added—all having for their aim enlarging and making more assured the realization of the purposes and objectives of the Association to its member companies. Concurrently, there have been intensive training pro grams instituted and conducted by member companiesdn the field and in the home office. Basic Training, Intermediate Section I, Intermediate Section II. Agents and supervisors are pursuing Life Underwriting Training Courses (LUTC) In many of the major cities in which district offices are lo cated. Personnel of home offices are enthusiastically grasping the opportunities offered by the Life Office Management Asso ciation (LOMA). To my know ledge, there are eight CLU’s connected with member compa nies: George Reed, Supreme Liberty; Ernest Shell, Great Lakes Mutual; Maceo A. Sloan, North Carolina Mutual; Lester G. Spellman, North Carolina Mutual; L. J. bunn, Atlanta Life; Clarence O. Hollis, Pil grim Health and Life; W. A. Clement, North Carolina Mu tual; and Marston Washington, Golden State Mutual. E. L. Si mon, Atlanta Life, has been made a fellow (FLMI) of the Life Office Management Asso ciation. Maceo A. Sloan, last year received a certificate in Agency Management from the American Qollege of Life Un derwriters. Space will not permit fur ther discussion of the economic and Instructional advantages which have been brought about under the influence of the As sociation. However, the Association to day consists of 56 member com panies and 8 Underwriters As sociations. It is domiciled in a country where free enterprise is the criterion, with a special market of 15 million Negroes with buying power of $15 billion. NNIA is on its way, facing the future with courage, determination, and thanksgiv ing. Physicians To Meet In D. C. NEW YORK Physicians and research sci entists from more than forty countries will attend the Second World Congress of Cardiology which will convene In Washing ton, D. C., September 12 through 17, it was announced recently by Dr> L. Whittington Gorham, Secretary-General of the Congress. The medical ga thering, which is being com bined with the Twenty-Seventh Scientific Sessions of the A- merlcan Heart Association, will be the largest and most impor tant cardiovascular meeting ever held in the Western hemis phere. A five-day scientific program in English, French and Spanish, one of the most comprehensive ever presented, will be held at the National Guard Armory from Monday, September 13 through Friday, September 17. Translation facilities will be provided for, the program in the Main Auditorium which will feature symposia, panel discussions and special lectures, In addition, over 250 papers will be presented during the formal scientific sessions to be held simultaneously in separate rooms. The discussions and reports will cover such subjects as cor- (Please turn to Page Eight) A UiUIE TO THE NEGRO IN THE FIEU) OF ilFE INSURANCE By W. J. KENNEDY, JR. President, North Carolina Mutual Life Insurance Company '' The two member life compa nies of the National Negro In surance Association domiciled in the State of North Carolina, the Winston Mutual of Winston Salem and the North Carolina Mutual of Durham, serving as host to the 1954 Convention in Durham, take very great plea sure in introducing to the peo ple of our community and state, the large delegation of women, and men representing the mem ber companies of the Associa tion with home offices located in seventeen states and the Dis trict of Columbia from New York to California and from the Gulf of Mexico to the Great Lakes and operating in thirty of the forty-eight states of the United States of America, who will be our guests on August 31 and September 1,2, and 3. Because of the achievements of our guests, it appears fitting and proper that North Carolina citizens be informed of the pro gress of the companies they re present. The following statistics are presented as an aid in evalu ating this progress: During the ten year period from January 1, 1943 to Janu ary 1, 195^ the combined amount of insurance in force of all of the life insurance compa nies operated by Negroes in the United States of America in-* creased from $335,944,649 to $1, 232,585,225, or an annual in crease of $79,664,058 and a gain of 182% compared with a gain of only 115% for all life com panies operating in the United States during the same period The admitted assets of the com panies owned and operated by Negroes increased from $34,397 795 to $168,212,686 during the ten year period, or an average annual increase of $13,383,289 and a gain of 389.02%, com pared with an Increase in ad mltted asset for the life insur ance Industry in the United States from 337,700,000,000 to $73,300,000,000, or a gain of 94.2% during the same ten j-ear period. Negroes are opera- tlng sixty-two life insurance companies in the United States and fifty-five of them are mem bers of the National Negro In surance Association. Evaluating the above statis tics it is safe to assume that the National Negro Insurance Asso ciation represents the largest concentration of wealth ainong American Negroes and as such, Durham and North Carolina will cherish the memory of the second visit of its delegation, since the organizational meet ing here on August 27, 1921 The fifteenth Annual Conven tion pf the Association was also held in Durham in 1935. As a means of introducing our visiting friends to the City of Durham, please take note that this is the “Bijll City.^ The home of the original Bull Dur ham Smoking Tobacco in the small cloth bag with the pic ture of a bull on the front of the wrapper and famous for the i“Roll—Your—Own” cigarettes. Durham and the Durham Coun ty Community is the original homfe of the Washington Duke family, pioneers in the great to bacco industry in the United States. Durham is the home of many brands of cigarettes and pipe tobacco including CHES TERFIELD Cigarettes made by Liggett and Myers and the world famous LUCKY STRIKE pro duced by the American To bacco Company whose generous contribution to the 1954 NNIA Convention entertainment fund will add to the enjoyment of the delegates at the Lionel Hampton Show, Thursday even ing, September 2. Durham is also the home of Duke Univer sity, North Carolina College, North Carolina Mutual, Me chanics and Farmers Bank. Mu tual Savings and Loan Associ ation, Bankers’ Fire Insurance Company and Southern Fidelity Mutual Isurance Company. The combined assets of the five Insurance, banking and building and loan corporations operated by Negroes with head quarters in Durham were In ex cess of $53,000,000 as of June 1954. Mayor-Heads Greet Visitors To the Delegates and Friends In Attendance, 34th Annual Convention National Negro Insurance Association: It is indeed a genuine, plea sure to welcome you on behalf of the officers, directors and employees of North Carolina Mutual Life Insurance Cc«a- pany to the city of Durham, “The Friendly City,” on the occasion of the 34th Annual Convention of the National Negro Insurance Association. Kindly consider our Home Office at 114 West Parrish Street, your Home Office while in our city. In the years since the found ing of the National Negro In surance Association we have seen emerge an organization of which we are justly proud and which is fully capable of motivating each, member com pany to meet the every-day challenge of continuous pro gress, It is an integral part of the life Insurance industry and each year marches forward under the leadersiiip of men and women endowed with in tegrity and abOity. We trust that your stay will be enjoyable and profitable and as you leave, take with you many last memories of old friends well-met and the thought that the host compan ies were happy to have had you as their guests. May God bless each of you! Sincerely yours, W. J. KENNEDY, JR. President To All Member Companies fc The National Negro Insurance Association, Greetings: As Co-Host of The 34th An nual Convention of the Na tional Negro Insurance Asso ciation, The Winston Mutual Life Insurance Company wish- es to take this opportunity to Invite each of you to be its guest from August 30 through September 3 in Durham, North Carolina. In collaboration with the North Carolina Mutual Life Insurance Company we are making elaborate plans for your comfort and' entertain ment during this annual meet ing. We hope that each repre sentative of his company will find it convenient to attend: if so, we can assure you that you will also find it worth your while informatively anJ socially. There is much to ue learned for both executives and agents. Looking forward to st-eing you In Durham, North Caro lina, I am, • Yours very truly, E. E. HILL, President Winston iftutual Life Insurance Co. % Mr. W. J. Kennedy, Pr. President North Carolina Mutual Life Insurance Company Durham, N. C. Dear Mr. Kennedy: Durham is noted for a great many things, including cigar- etts, colleges and chxirches, but I believe one of its most wide ly known recognitions comes from the accomplishments of the Negroes in our commun ity. We are jxistifiably proud of the existance here of the largest Negro life insurance company in the world, the second largest Negro bank in the world, and the third larg est Negro building and loan association. It is therefore, fitting and proper that the National Ne gro Insurance Association convene in Durham for their Annual Convention. We are glad to have the oppor tunity of expressing our admiration and our ^ congra tulations to your group, for the outstanding success you have achieved in the of life insiuance. 1 trust theconvantioa wUl b« an enjoyable affair. Sincerely yours, S E. J. EVANS, Mayor
The Carolina Times (Durham, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Sept. 4, 1954, edition 1
9
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