National Life Insurance Company
Encyclopedia
National Life Insurance Company was chartered on November 13, 1848 “upon the principle of mutual participation in the funds or profits” of the company. As such, the National Life of Vermont was a mutual company
even though that fact was not apparent from its name. The company officially issued its first policy and began business on February 1, 1850.
Its name bespoke the fact that its organizers were from many different states and believed company life insurance policies would be sold throughout the nation.
Julius Yemans Dewey
, medical doctor of Montpelier, Vermont
, was among the company's founders. He would later serve as general agent and then president of the company and delivered the remittance of the company's very first claim on July 26, 1850.
On January 1, 1999, pursuant to a mutual insurance holding company reorganization, National Life converted from a mutual to a stock life insurance company. All of National Life’s outstanding shares are now owned by its parent, NLV Financial Corporation, which is the wholly owned subsidiary of the parent holding company, National Life Holding Company. The holding company and its subsidiaries are collectively known as the National Life Group
and its headquarters are in Montpelier, Vermont
.
Mutual insurance
A mutual insurance company is an insurance company which has no shareholders but instead is owned entirely by its policyholders. The primary form of financial business set up as a mutual company in the United States has been mutual insurance. Under this idea, what would have been profits are...
even though that fact was not apparent from its name. The company officially issued its first policy and began business on February 1, 1850.
Its name bespoke the fact that its organizers were from many different states and believed company life insurance policies would be sold throughout the nation.
Julius Yemans Dewey
Julius Yemans Dewey
Dr. Julius Yemans Dewey was an American doctor of medicine and businessman in the state of Vermont during the 19th century. He was born in Berlin, Vermont. He attended Washington County Grammar School and then the University of Vermont....
, medical doctor of Montpelier, Vermont
Montpelier, Vermont
Montpelier is a city in the U.S. state of Vermont that serves as the state capital and the shire town of Washington County. As the capital of Vermont, Montpelier is the site of the Vermont State House, seat of the legislative branch of Vermont government. The population was 7,855 at the 2010...
, was among the company's founders. He would later serve as general agent and then president of the company and delivered the remittance of the company's very first claim on July 26, 1850.
On January 1, 1999, pursuant to a mutual insurance holding company reorganization, National Life converted from a mutual to a stock life insurance company. All of National Life’s outstanding shares are now owned by its parent, NLV Financial Corporation, which is the wholly owned subsidiary of the parent holding company, National Life Holding Company. The holding company and its subsidiaries are collectively known as the National Life Group
National Life Group
National Life Group is a family of American financial service companies.The Group is made up of its flagship company, National Life Insurance Company, founded in Montpelier, Vermont, United States in 1848; Life Insurance Company of the Southwest, in Dallas, Texas, Sentinel Investments, Equity...
and its headquarters are in Montpelier, Vermont
Montpelier, Vermont
Montpelier is a city in the U.S. state of Vermont that serves as the state capital and the shire town of Washington County. As the capital of Vermont, Montpelier is the site of the Vermont State House, seat of the legislative branch of Vermont government. The population was 7,855 at the 2010...
.