Thesis (M.A.)--Boston UniversityBecause savings bank life insurance in Massachusetts has rendered such an extensive service to the citizens of the Commonwealth, a study of the system is of both economic and social significance. Although practically everyone is familiar with life insurance as such, the form of protection offered by savings bank insurance departments is not fully appreciated by the citizens of the State. The relationship between the savings bank life insurance system and the private life insurance companies is similar but because the former has been able to issue policies at a lower premium rate, it is worthy of careful analysis.
The savings bank life insurance system has fulfilled its original purpose of providing the working class with an opportunity of purchasing insurance at a minimum cost. It has encouraged thrift, and therefore, has served a great economic and social need to the residents of the Commonwealth. Lower premium rates have been available to savings bank insurance policyholders because of lower operating expense and a higher earned income
