Biggest insurance crash of the Depression was Missouri State Life with nearly $1,000,000,000 of policies in force. Second biggest until last week was Illinois Life. Then, with $55,000,000 of assets and nearly $200,000,000 of policies in force, National Life Insurance Co. of the U. S. A.* was placed in the hands of a receiver at the request of Illinois' Superintendent of Insurance Ernest Palmer.
As in the case of Illinois Life, insurance men blamed the State's inadequate laws for the failure. But the immediate cause was poor financial management. Among National Life's assets...
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