1. Is the government aware that on an annual revenue of $344,158 the lapses of the Metropolitan Life Insurance Company in Canada are of $5,695,372 ?
2. Has the actuary of the Insurance Department made inquiries as to this abnormal proportion of lapses ?
3. Is the government aware that the largest proportion of the business of the Metropolitan Life Insurance Company is carried on with the mechanics add the poor class of the population ?
4. Is there in the Insurance Department any information given by the life companies as to the reasons that are given to the heirs in order to make settlement at less than the face of the policies issued ?
5. Is the Insurance Department informed of the reasons why claims are resisted by life companies-more particularly in cases where this information is denied to the widows having claims against said companies ?
The MINISTER OF FINANCE (Hon. W.
S. Fielding) :
1. Tlie government is aware that the lapses of the Metropolitan Life Insurance Company in Canada for the year ended December 31, 1899, amounted to $5,635,372, and that the income of the company in Canada for the same year amounted to $344,158. The figures were published in the report of the superintendent of insurance for that year.
2. No special Inquiry has been made as to the proportion of lapses, but the returns made to the government show that the proportion of lapses is large.
3. The government is not informed as to the class or classes of the population insured hy the Metropolitan Life Insurance Company, but is aware that the larger portion of the company's business in Canada is known as industrial insurance.
4. The superintendent of insurance is not aware that any attempts at settlement have been made at less than the face of the
policies issued. No complaints of this kind have been received at the department from policy-holders or others.
5. The department is not informed of the reasons why claims are resisted by life insurance companies.
Subtopic: METROPOLITAN LIFE INSURANCE COMPANY.