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07-Aug-2017 04:23

However, Mass Mutual began to feel the direct effects of the stock market crash in 1929.

As the economy plunged 22% in a matter of days and 30% of the country’s workforce was faced with unemployment, death claims and policy lapses drastically increased due to an unusual number of suicides and general economic hardship.

While the Great Depression was an economic downfall for the country, Mass Mutual was able to develop new products and services.

Mass Mutual introduced its first family-income policy in 1930.

Founded in 1851, Massachusetts Mutual Life Insurance Company (Mass Mutual) is an American mutual life insurance company serving 5 million clients.

With headquarters in Springfield, Massachusetts, the company employs more than 7,000 in the United States, and a total of 10,614 internationally.

By the time Mass Mutual was established, 9,000 miles (14,000 km) of functioning railroad lines had been built, giving Mass Mutual the opportunity to establish agencies in New York City, Cleveland, Chicago, and Detroit by 1855.

Mass Mutual reached the West Coast in 1868 and established an office in San Francisco before the Transcontinental Railroad was completed in 1869.

The company employed 400 home office employees as the amount of insurance in force passed

The company employed 400 home office employees as the amount of insurance in force passed $1 billion in 1924.

Former actuary Alexander Mac Lean began his Mass Mutual presidency in 1945.

Once the United States became heavily involved with World War II and unemployment significantly decreased, Mac Lean oversaw the development of insurance products and services for workers.

The popularity of mutual companies in the insurance industry had grown significantly between 1843 and Mass Mutual’s creation.

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The company employed 400 home office employees as the amount of insurance in force passed $1 billion in 1924.Former actuary Alexander Mac Lean began his Mass Mutual presidency in 1945.Once the United States became heavily involved with World War II and unemployment significantly decreased, Mac Lean oversaw the development of insurance products and services for workers.The popularity of mutual companies in the insurance industry had grown significantly between 1843 and Mass Mutual’s creation.

billion in 1924.Former actuary Alexander Mac Lean began his Mass Mutual presidency in 1945.Once the United States became heavily involved with World War II and unemployment significantly decreased, Mac Lean oversaw the development of insurance products and services for workers.The popularity of mutual companies in the insurance industry had grown significantly between 1843 and Mass Mutual’s creation.

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Approximately a dozen competing mutual companies, including Mutual Life Insurance Company of New York (1842), Mutual Life Insurance Company of New Jersey (1845), and Connecticut Mutual Life Insurance (1846), experienced promising success, because minimal amounts of working capital were required for operation.

The war placed high production demands on the country’s industrial workforce.