1867. Newark, New Jersey. Mutual Benefit Insurance Company Stock. Tiffany

Description

1867.    Very fine condition. Missing piece middle bottom.
The
Mutual Benefit Life Insurance Company
was a life insurance company that was chartered in 1845 and based in
Newark
in
Essex County
,
New Jersey
, United States. The company was headed by
Frederick Frelinghuysen (1848–1924)
.
The company was known as the "Tiffany" of insurance companies, a reference to its reputation as the life insurance company to the upper classes.
Mutual Benefit Life was taken into receivership for rehabilitation by the
New Jersey Department of Banking and Insurance
on July 16, 1991, after losses in an overheated real estate market led to a
run
by policyholders, who ultimately lost the purported "cash value" that had been said to have accrued in their policies. At the time, the collapse was the largest ever of an American insurer.
AMEV
acquired the group life, accident and health insurance Mutual Benefit in 1991.
]
SunAmerica
acquired the remaining divisions in 1998. Effective June 14, 2001, Mutual Benefit was liquidated and dissolved.