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Speculative policies promised
These speculative policies promised to those policyholders who continued their insurance for a specified period, the surpluses accumulated by the dividends and paid-up values forfeited by those who dropped out of the group in the interim. This type of insurance, which paid large commissions to agents and promised large future dividends to the insured, was still in the full tide of popularity.
Mr. Fiske knew that this was a dangerous practice, and he would have none of it. In this, he anticipated by 15 years the exposures of the Armstrong Investigating Committee. The new ordinary policies of the company were to be without such speculative frills-written at the lowest possible cost, preferably in limited amounts, on better circumstanced wage earners and salaried workers.
The keynote of the new department was sounded in the first manual issued to the Agents: “The Metropolitan believes the time has come when the plain, commonsense men who make up the bulk of life insurance policyholders are looking for a plain business contract. By plain business contracts we mean those that tell their story upon their face; which leave nothing to the imagination; borrow nothing from hope; require definite conditions and make definite promises in dollars and cents. The company would have no part in the current extravagances of the business.”