Did people take out big insurance policies in the late 40's? - unclaimed insurance policies
We have an insurance unclaimed by my grandmother that her father took her around in 1948 or 49 or somewhere. We are still waiting to hear back on the amount, but I wonder whether people filed insurance so great?
Sunday, January 24, 2010
Unclaimed Insurance Policies Did People Take Out Big Insurance Policies In The Late 40's?
3 comments:
At that time it was written most of life as "industrial" insurance, usually "weekly premium" insurance. Even if there is a written policy for great people with "average" premium contract industrial painting, or a week, usually written in small amounts, like $ 500 or $ 1000 These measures have life or the lives of limited compensation, and the 20-pay, 10 pay-is. There were other benefits of measures such as accidental death and loss of eyesight and limbs. Policies accumulated cash value.
The reason for this policy is that most people could not pay a lot of coverage, so that they only have a policy to "outing" funeral expenses.
Industrial policy is designed for people and their families who worked in industrial occupations, May and pay the premiums of the week, so it is no problem to pay a full month at a time would be. Life insurers continue to sell these policies by the end of 1970. Premiums per week could be as little as5 cents, 10 cents, 25 cents, or $ 1.50, depending on age and level of the policy in question.
The agents, called agents or debit service agents at home, go to the place of use, or home and receive bonuses every week. Later, the insured can pay the monthly, 4 or 5 weeks at a time. Through the collection of contributions, the agent had ever changed one on the life, weddings, births, deaths, job changes, etc., which affect the need for life insurance handle. It was easy to get information, because the agent with the families.
They are the local agents that still exists today. You have the ability to write or MAO MDO (regular monthly reporting, monthly payments ordinary insurance). This is usaually for low-income families without a checking account. But most are) can be written ploice EFT (Electronic Funds Transfer, which automatically deducted from checking account.
Over time, it is customary, 5, 6, will see 10 or more of these policies in a house. They bought in for themselves, childrenand grandchildren.
There are many such policies even in the books and pay off in general, the total premium income over time is more than the nominal amount of the policy if the insured person has lived long enough.
Some insurance companies have made the industrial policy, has come to be "paid if total premiums paid in the amount of death benefit.
The industrial site premiums must be one week at a time when incomes are low and jobs are scarce.
OK, a house with four bedrooms in the 40s - at least my grandparents, in a charming area on two acres, cost $ 4900th So, I seriously doubt policy would be more than a big house like its been. This would be the equivalent today of $ 1,000,000. Parents and their children should be.
You never know, but I doubt it. The policy of the average in the 40's 50's and 60's even over 10 -20 k. But this policy was then a good size.
Post a Comment