War Risk

Not until after the U.S. entered World War I did U.S. life insurance companies start writing uniform war-risk clauses into their policies. Last week one big company --Equitable Life Assurance Society--jumped the guns, announced its own defense program for World War II. In future policies issued to members of the armed forces and men of draft age (except those in Class III), the company will insert a provision for repayment of premiums only in event of death in war. Other life companies were expected to follow suit.

The possibility of casualties is not insurancemen's only war worry. Another: next year's higher income-tax rates will cut their new-policy sales and increase lapses. Many an agent had instructions last week to call on old clients, try to convince them they could pay premiums as well as taxes.

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