INSURING MEN FOR MILLIONS.

Auckland Star, Volume LII, Issue 258, 29 October 1921, Page 19

INSURING MEN FOR MILLIONS.

MOW CURAT CONCERN'S Alt 1-: SAFEGUAIiIKvD. 'l'lie enormous money value of some of tin l gre;:t figures in the American business world K'. (lie linns which they direct is revealed by a iit-t just published showing the vast sums for which many great, concerns insure their heads. .1 The 3ife of Adolf Zukor, the Aim magnate and directing 'braiu of the Famous Players, I.usty -Film Corporation was insured by the directors of the firm for £1.200,000— the largest policy ever taken out, for any one man. Following the announcement of Zukor's huge policy, a list is published by a 'Now York periodical showing the policies held by conic of t.he principal captains of American industry, as follows:—

Itodman Wanamakcr, sen of the proprietor of the mammoth departmental stores in Xcw York and 'Philadelphia, £1,100.000; John iWanaiuaker, ills father, £730,000; ■T. .I'. iMorgan, £030.000; Percy 'Rockefeller, £300,000; John Willys, the great motor manufacturer, £130,000.

There are fourteen other men whose firms have insured them for £230,000 or more. All are "king-pins" 'to their respective Arms. Apart from the loss of, their business genius, their death jirobnbly would have a .had effect upon their firm's standing, and might also cause a "slump" In its stock.

In cases of partnerships, as distinct from incorporated companies, the firm has to pay off the deceased partner's interest, which may cause it serious embarrassment and has often been known to involve the collapse of the whole concern. .W.hen the late J. iP. .Morgan died, although he was enormously wealthy, the family had a task of great difficulty In obiainiug the necessary amount of ready cash to pay the legacies, death duties, and taxes. illis son, ill. ,P. Davison, and other l'art-nt-rs have all taken out millions in life insurance. ili. C. Forbes, the well-known writer 011 business subjects, stales that the president of a well-known Xcw York concern recently applied 011 behalf of his firm for insurance to the amount of £.',300,000.