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Excerpt from The Travelers Protection and Agents' Record, Vol. 4: December 1, 1920
The economic value of a human life is what it will produce or procure for those dependent upon it.
Insurance cannot provide the slightest compensation for life as measured by the afﬂiction of the family. It attempts only to replace a man's labor and productivity when death or disability has cut it off.
Fire and marine insurance furnish indemnity for the result of past labor destroyed while the labor is still productive, but there is this difference: while property destroyed can be replaced by the same effort and time that created it, the productivity of a human life, whether ended by death or by permanent total disability, cannot be replaced because the creative forces have been destroyed.
Although loss of life seems more important than permanent total disability and, in,so far as more men die than are disabled, it is, yet permanent total disability equally destroys the producing power and adds another victim to suffer the consequences.
Everyone who seeks insurance should understand just what he is buying and then seek the simplest contract to give him the largest equivalent.
Policies differ only in method of payment of premium and payments of the proceeds by the company. Even those that provide an income to the insured himself in old age rarely deviate from the protective purpose even during the income-paying period, as long as the need of the insurance protection proper continues.
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bound: 38 pages
publisher: Forgotten Books (May 20, 2017)
isbn: 025988135X, 978-0259881353,
weight: 2.4 ounces (