Testimony : Taken Before the Joint Committee of the Senate And Assembly of the State of New York to Investigate And Examine Into the Business And Affairs of Life Insurance Companies Doing Business in the State of New York
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And the period which ordinarily elapses between the time of the loss and the time of the payment is how long ? A. Well, gen- erally ninety days, sometimes it takes a little less, sometimes a little more. Q. Sometimes it takes four or five months ? A. It might, pro- vided the claim had not been approved. Q. Why do you settle the claims in notes? A. Simply be- cause our money comes in in small amounts, and we have to de- pend as the money comes in to pay it out. Q. You have no means except from t...he money A. That comes in from the assessments. 5329 Testimony of Henry P. Tozvnsley HENRY P. TOWNSLEY, called as a witness, being duiy sworn, testified as follows : BY MR. HUGHES : Q. You are President of the Life Association of America? A. I am. Q. How long have you been President of that company? A. Since August 7, 1903. Q. How long have you been in the insurance business? A. About twenty-five years. Q. With what companies have you been connected ? A. I have been connected with most of the good companies — the Mutual Life, New York Life, Northwestern.
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