LIFE INSURANCE POLICIES
A DECISION AS TO SURPLUSES.
NEW YORK, May 4.
The Appellate Court of the State of New York have decided that policyholders of the Equitable Life Assurance Society of the United States are entitled pro rata to a share of the society's entire surplus, totalling £27,000,000 sterling. The decision also affects the Mutual Life Insurance Company of New York. It ;s; s expected that the companies will appeal to the Supreme Court against the decision.
SYDNEY, May 5.
The local manager of the Equitable Society states that £27,000,000 is not the surplus of the Equitable, but of the Equitable Mutual of New York and tEe New York Life combined. The explanation appears to be that a policyholder has applied to the courts to compel the Equitable to tell him what his share of the surplus really is. Should the
decision of the court be upheld eacl polieyholder could have his share fixed but the companies consider the decisioi will be overruled on appeal.
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Bibliographic details
Otago Witness, Issue 2359, 11 May 1899, Page 17
Word Count
166LIFE INSURANCE POLICIES Otago Witness, Issue 2359, 11 May 1899, Page 17
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