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The Review of Black Political Economy

Erschienen in:

10.10.2017

Black Progress Through Business Improvement: Two Articles by Joseph R. Houchins, 1900-1989

First Article

verfasst von: Rodney D. Green, Sue E. Houchins

Erschienen in: The Review of Black Political Economy | Ausgabe 3-4/2017

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UNITED STATES DEPARTMENT OF COMMERCE …

Vorheriger Artikel Black Progress Through Business Improvement: Two Articles by Joseph R. Houchins, 1900-1989

Nächster Artikel Black Progress Through Business Improvement: Two Articles by Joseph R. Houchins, 1900-1989

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Income from all sources - reported by 28 companies - amounted to $14,627,709.35 and total disbursements reached a total of $13,857,777.17 – an EXCESS of $769,932.18 in income over against disbursements. Total income was divided as follows:

Premium Income............................................................... $13,205,470.68
Income from Other Sources…………………………… 1,422,238.67
Total Income ............................................. $14,627,709.35

Disbursements were screened and expended with utmost caution. The principal items of expenditures are herewith catalogued:

Mortgage Loans on Real Estate........................................ $3,294,534.54
Death Claim payments ...................................................... 2,507,387.04
Commissions to Agents...................................................... 2,341,602.37
Sick and Disability Claims................................................ 1,648,105.90
Loans on Policy Contracts................................................. 1,565,145.82
Home Office Expenses ....................................................... 860,215.08
Branch Office Expenses...................................................... 569,292.25
Agency Supervision…......................................................... 529,391.60
Taxes of All Kinds............................................................... 268,884.80
Negro Printers and Negro Business……………………... 72,322.77
Dividends.............................................................................. 65,967.21
Medical Fees......................................................................... 61,864.22
Advertising........................................................................... 54,382.00
Inspection of Risks……………………………………….. 18,681.65

The Life Insurance Sales Research Bureau Agency states in a study based upon the cost figures of 50 typical agencies that $2.70 per $1000 of new insurance is a reasonable allowance for agency overhead when the expense of promotion is excluded. Eighty-five cents of the estimated sum was found necessary to defray the expense connected with routine clerical work, $1.50 from direct service to agents, and 35 cents for indirect service to agents.

Of the $1.85 allocated to service to agents, 85 cents was allocated to rent, 60 cents to clerical cost, 15 cents to telephone and 25 cents to miscellaneous expense. Data obtained from 12,000 agencies in the spring of 1933 by the same organization showed that on an average there was one clerk for every 1015 policies in force (81 of these policies were new business).

It is not thought that these figures will be found to ‘be applicable to Negro insurance companies. They operate in a different situation: wage scales for Negroes are lower, policies are written for smaller sums (average size industrial policy, 400; average size ordinary policy 1200) and the lapsation rates for Negro companies are higher. Nevertheless, these data establish norms to which Negro companies may aspire until similar standards are established by some organization acting for companies operated by Negroes.

Titel: Black Progress Through Business Improvement: Two Articles by Joseph R. Houchins, 1900-1989
First Article
verfasst von: Rodney D. Green
Sue E. Houchins
Publikationsdatum: 10.10.2017
Verlag: Springer US
Erschienen in: The Review of Black Political Economy / Ausgabe 3-4/2017
Print ISSN: 0034-6446
Elektronische ISSN: 1936-4814
DOI: https://doi.org/10.1007/s12114-017-9254-0

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