MUTUAL BENEFIT LIFE INSURANCE CO Scrip 1865 Newark, NJ. Chartered 1845 "Tiffany"

Description

The
Mutual Benefit Life Insurance Company
. Scrip policy issued January 1,
1865 at Newark, New Jersey
.
Revenue stamp dated 1865
affixed upper right. Certificate
No. 618 (Policy No. 2655)
was issued to
Monson Hawley
for .75 in the Surplus Funds of the company. Hand signed by company president and secretary. Certificate is about 5.5” x 10.” Black print with
red underprinted “1865”
within left border on vellum paper.
Beautiful vignette with storks in a nest ("I Live & Die for Those I Love" printed beneath), a small state seal of New Jersey upper left corner, and a tiny dog with chest bottom center.
The Mutual Benefit Life Insurance Company was chartered in 1845 in Newark, New Jersey (Essex County) and operated in Newark until 1991, when the company was bankrupted. The company was headed by Frederick Frelinghuysen (1844 – 1924), and was know as the “Tiffany” of insurance companies, a reference to its reputation as the life insurance company to the upper classes. The company operated until 1991, when it was forced into rceivership by the New Jersey Department of Banking and Insurance after losses in an overheated real estate market led to a run by policyholders. At the time, the collapse was the largest ever of an American insurer.
Condition:  Very Fine
, light folds, minor creasing, no tears, minor signs of wear/handling/toning (see photos), fine slit
cancelled.
Printer:
J. Mowlen & Co., New York City.
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