INSURANCE DIVISION The insurance division is organized and operated along the lines of a standard life insurance company and administers the insurance service on approximately 560,000 active insurance policies, aggregating $3,000,000,000, involving the following more important, functions: 1. Examining and approving applications for insurance. 2. Issuing policies on approved applications. 3. Issuing notices and receipts for premium payments. 4. Listing remittances for deposit and collection through the United States Treasury. 5. Maintaining essential insurance records, including application files, premium accounts, dividend accounts, policy registers, record cards, and actuarial and statistical records. 6. Keeping complete financial and accounting records for Government life (converted) insurance. 7. Making actuarial calculations and valuations. 8. Making policy loans, cash surrenders, refunds, contract changes, dividend payments, and reinstatements. 9. Handling all correspondence incident to the aforementioned activities. 10. Informing the many ex-service men, whose insurance lapsed since the termination of the war, of their rights and privileges underGovernment insurance and of the advantages of reinstating and converting it. YEARLY RENEWABLE TERM (WAR RISK) INSURANCE AND GOVERN MENT LIABILITY THEREUNDER In reviewing the accomplishments of this important agency of veteran relief, it is significant to note that during the period of the World War (to be exact, between October 6, 1917, and November 11 1918, a trifle over 13 months) approximately 4,500,000 individuals applied for war risk insurance totaling approximately $40,000,000,000 High praise is due to the Army, Navy, Marine Corps, Coast Guard and other organizations of the military and naval service, for under writing in such a short period of time this unusually large amount of insurance on so many lives, averaging in each instance $8,756. The total liability on account of claims awarded for total permanent disability and death incurred to date by the United States under yearly renewable term insurance is approximately $1,346,308,765, while the total premiums received to date for this form of insurance aggregates $419,484,960.92. In view of these figures, it may properly be stated that the liability incurred by the Government in insuring its fighting forces during the World War exceeds the premium received by approximately $926,823,805, the bulk of which must b paid within the next 16 years. TABLE NO. 120.-Automatic insurance-Disability and death awards; number of disabled veterans receiving insurance payments and number of deceased veterans whose beneficiaries are receiving insurance payments, showing State or country of veteran or his beneficiary and amount of insurance in force and terminated, as of June 30, 1924-Continued Wife or husband |