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128-627: New York Life Insurance Company first opened in Manhattan 's Financial District as Nautilus Mutual Life in 1841, 10 years after the first life insurance charter was granted in the United States. Originally chartered in 1841, the company also sold fire and marine insurance . The company's first president, James De Peyster Ogden , was appointed in 1845. Nautilus renamed itself New York Life Insurance Company in 1845 to concentrate on its life insurance business. In its early years (1846–1848)

256-446: A "matured endowment" when the insured person lives past the stated maturity age. In that event the policy owner receives the face amount in cash. With many modern whole life policies, issued since 2009, maturity ages have been increased to 120. Increased maturity ages have the advantage of preserving the tax-free nature of the death benefit. In contrast, a matured endowment may have substantial tax obligations. The entire death benefit of

384-595: A 1981 article in Rolling Stone magazine calling the stretch of West 42nd Street between 7th and 8th Avenues the "sleaziest block in America". By the late 1990s, led by efforts by the city and the Walt Disney Company , the area had been revived as a center of tourism to the point where it was described by The New York Times as "arguably the most sought-after 13 acres of commercial property in

512-399: A conservative position for his cash values, par whole life is indicated. Reported cash values might seem to "disappear" or become "lost" when the death benefit is paid out. The reason for this is that cash values are considered to be part of the death benefit. The insurance company pays out the cash values with the death benefit because they are inclusive of each other. This is why loans from

640-526: A day celebrated as Evacuation Day , marking when the last British forces left the city. From January 11, 1785, until 1789, New York City was the fifth of five capitals of the United States under the Articles of Confederation , with the Continental Congress meeting at New York City Hall (then at Fraunces Tavern ). New York was the first capital under the newly enacted Constitution of

768-418: A flag of truce during that time. In the late 1800s, the company began employing female agents. New York Life continued to grow throughout its first 100 years as the national population and the market for life insurance increased. New York Life's growth was in part fueled by its introduction of a system by which the company used agents to find new business. In 1892, company President John A. McCall introduced

896-563: A growing number of Indian restaurants and spice shops along a stretch of Lexington Avenue between 25th and 30th Streets which has become known as Curry Hill . Washington Heights in Uptown Manhattan is home to the largest Dominican immigrant community in the United States. Harlem , also in Upper Manhattan, is the historical epicenter of African American culture. Since 2010, a Little Australia has emerged and

1024-930: A language other than English at home. Points of interest on Manhattan Island include the American Museum of Natural History ; the Battery ; Broadway and the Theater District ; Bryant Park ; Central Park , Chinatown ; the Chrysler Building ; The Cloisters ; Columbia University ; Curry Hill ; the Empire State Building ; Flatiron Building ; the Financial District (including the New York Stock Exchange Building ; Wall Street ; and

1152-406: A large portion of expensive old-age costs are prepaid during a person's younger years. U.S. Life insurance companies are required by state regulation to set up reserve funds to account for said over-payments, which represent promised future benefits, and are classified as Legal Reserve Life Insurance Companies. The Death Benefit promised by the contract is a fixed obligation calculated to be payable at

1280-496: A large premium payment at the outset of the life insurance contract, then he is not allowed to begin making them later in the contract life. However, some whole life contracts offer a rider to the policy which allows for a one time, or occasional, large additional premium payment to be made as long as a minimal extra payment is made on a regular schedule. In contrast, universal life insurance generally allows more flexibility in premium payment. The company generally will guarantee that

1408-454: A major source of financing for government and private industry. Cash values are an integral part of a whole life policy, and reflect the reserves necessary to assure payment of the guaranteed death benefit. Thus, "cash surrender" (and "loan") values arise from the policyholder's rights to quit the contract and reclaim a share of the reserve fund attributable to his policy. (see #Example of non-forfeiture values below) Although life insurance

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1536-515: A multibillion-dollar rebuilding plan was unveiled to restore the historic grandeur of Penn Station, in the process of upgrading the landmark's status as a critical transportation hub . The 700,000 sq ft (65,000 m ) Moynihan Train Hall , developed as a $ 1.6 billion renovation and expansion of Penn Station into the James A. Farley Building , the city's former main post office building,

1664-566: A participating policy will be higher than for a comparable non-par policy, with the difference (or, "overcharge") being considered as "paid-in surplus" to provide a margin for error equivalent to stockholder capital. Illustrations of future dividends are never guaranteed. In the case of mutual companies, unneeded surplus is distributed retrospectively to policyholders in the form of dividends. Sources of surplus include conservative pricing, mortality experience more favorable than anticipated, excess interest, and savings in expenses of operation. While

1792-441: A policy, according to Standard Non-forfeiture Law, a policyholder is entitled to receive his share of the reserves, or cash values, in one of three ways (1) cash, (2) reduced paid-up insurance, or (3) extended term insurance. All values related to the policy (death benefits, cash surrender values, premiums) are usually determined at policy issue, for the life of the contract, and usually cannot be altered after issue. This means that

1920-444: A retirement funding vehicle rather than for risk management. Cash values are considered liquid assets because they are easily accessible at any time, usually with a phone call or fax to the insurance company requesting a "loan" or "withdrawal" from the policy. Most companies will transfer the money into the policy holder's bank account within a few days. Cash values are also liquid enough to be used for investment capital, but only if

2048-535: A series of spontaneous, violent protests by members of the gay community against a police raid that took place in the early morning hours of June 28, 1969, at the Stonewall Inn in the Greenwich Village neighborhood of Lower Manhattan. They are widely considered to constitute the single most important event leading to the gay liberation movement and the modern fight for LGBT rights . In

2176-423: A specified period of time, followed by higher premiums for the remainder of the policy. Survivorship life insurance is whole life insurance insuring two lives, with proceeds payable after the second (later) death. The level premium system results in overpaying for the risk of dying at younger ages, and underpaying in later years toward the end of life. The over-payments inherent in the level premium system mean that

2304-401: A time of need. The cash values in whole life policies grow at a guaranteed rate (usually 4%) plus an annual dividend. In certain states the cash value in the policies is 100% asset protected, meaning the cash value cannot be taken away in the event of a lawsuit or bankruptcy. Also if used and built correctly the cash value can be taken out of the policy on a tax-free basis. When discontinuing

2432-417: A whole life policy is free of income tax, except in unusual cases. This includes any internal gains in cash values. The same is true of group life, term life, and accidental death policies. However, when a policy is cashed out before death, the treatment varies. With cash surrenders, any gain over total premiums paid will be taxable as ordinary income. The same is true in the case of a matured endowment. This

2560-467: A wildlife sanctuary, and several lawns and sporting areas, as well as 21 playgrounds, and a 6-mile (9.7 km) road from which automobile traffic has been banned since 2018. While much of the park looks natural, it is almost entirely landscaped; the construction of Central Park in the 1850s was one of the era's most massive public works projects, with some 20,000 workers moving 5 million cubic yards (3.8 million cubic meters) of material to shape

2688-562: A year. In 1961, the struggling Pennsylvania Railroad unveiled plans to tear down the old Penn Station and replace it with a new Madison Square Garden and office building complex. Organized protests were aimed at preserving the McKim, Mead & White -designed structure completed in 1910, widely considered a masterpiece of the Beaux-Arts style and one of the architectural jewels of New York City. Despite these efforts, demolition of

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2816-598: Is a name from the Dutch colonial era after Haarlem , a city in the Netherlands. Some have simple folkloric names, such as Hell's Kitchen , alongside their more official but lesser used title (in this case, Clinton). Some neighborhoods, such as SoHo , which is mixed use, are known for upscale shopping as well as residential use. Others, such as Greenwich Village , the Lower East Side , Alphabet City and

2944-485: Is almost exclusively for Deferred Comp and S.E.R.P.'s. Level premium whole life insurance (sometimes called ordinary whole life, though this term is also sometimes used more broadly) provides lifetime death benefit coverage for a level premium. Whole life premiums are much higher than term insurance premiums, but because term insurance premiums rise with increasing age of the insured, the cumulative value of all premiums paid under whole and term policies are roughly equal if

3072-762: Is bounded by the Hudson River to the west and the East River to the east. To the north, the Harlem River divides Manhattan Island from the Bronx and the mainland United States. Early in the 19th century, land reclamation was used to expand Lower Manhattan from the natural Hudson shoreline at Greenwich Street to West Street . When building the World Trade Center in 1968, 1.2 million cubic yards (920,000 m ) of material excavated from

3200-439: Is ever due on the policy is (1) if the premiums were paid with pre-tax dollars, (2) if cash value is "withdrawn" past basis rather than "borrowed", or (3) if the policy is surrendered. Most whole life policies can be surrendered at any time for the cash value amount, and income taxes will usually only be placed on the gains of the cash account that exceeds the total premium outlay. Thus, many are using whole life insurance policies as

3328-508: Is growing in Nolita, Lower Manhattan. Manhattan has two central business districts, the Financial District at the southern tip of the island, and Midtown Manhattan . The term uptown also refers to the northern part of Manhattan above 72nd Street and downtown to the southern portion below 14th Street , with Midtown covering the area in between, though definitions can be fluid. Fifth Avenue roughly bisects Manhattan Island and acts as

3456-445: Is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date. As a life insurance policy it represents a contract between the insured and insurer that as long as the contract terms are met, the insurer will pay the death benefit of the policy to the policy's beneficiaries when the insured dies. Because whole life policies are guaranteed to remain in force as long as

3584-783: Is identified by its original face value/death benefit. The advantages of whole life insurance are its guaranteed death benefits; guaranteed cash values; fixed, predictable premiums; and mortality and expense charges that do not reduce the policy's cash value. The disadvantages of whole life are the inflexibility of its premiums and the fact that the internal rate of return of the policy may not be competitive with other savings and investment alternatives. Death benefit amounts of whole life policies can also be increased through accumulation and/or reinvestment of policy dividends, though these dividends are not guaranteed and may be higher or lower than earnings at existing interest rates over time. According to internal documents from some life insurance companies,

3712-558: Is land and 10.8 square miles (28 km ) (32%) is water. The northern segment of Upper Manhattan represents a geographic panhandle . Manhattan Island is 22.7 square miles (59 km ) in area, 13.4 miles (21.6 km) long and 2.3 miles (3.7 km) wide, at its widest point, near 14th Street . The borough consists primarily of Manhattan Island, along with the Marble Hill neighborhood and several small islands, including Randalls Island and Wards Island and Roosevelt Island in

3840-479: Is often sold with a view toward the "living benefits" (accumulated cash and dividend values), this feature is a byproduct of the level premium nature of the contract. The original intent was not to "sugar coat" the product; rather it is a necessary part of the design. However, prospective purchasers are often more motivated by the thought of being able to "count my money in the future." Policies purchased at younger ages will usually have guaranteed cash values greater than

3968-658: Is relatively evenly spread throughout the year. Average winter snowfall between 1981 and 2010 has been 25.8 inches (66 cm); this varies considerably from year to year. Manhattan's many neighborhoods are not named according to any particular convention, nor do they have official boundaries. Some are geographical (the Upper East Side ), or ethnically descriptive ( Little Italy ). Others are acronyms , such as TriBeCa (for "TRIangle BElow CAnal Street") or SoHo ("SOuth of HOuston"), NoLIta ("NOrth of Little ITAly"), and NoMad ("NOrth of MADison Square Park"). Harlem

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4096-913: Is the world's seventh-tallest building (as of 2023) . The Occupy Wall Street protests in Zuccotti Park in the Financial District of Lower Manhattan began on September 17, 2011, receiving global attention and spawning the Occupy movement against social and economic inequality worldwide. On October 29 and 30, 2012, Hurricane Sandy caused extensive destruction in the borough, ravaging portions of Lower Manhattan with record-high storm surge from New York Harbor, severe flooding, and high winds, causing power outages for hundreds of thousands of city residents and leading to gasoline shortages and disruption of mass transit systems. The storm and its profound impacts have prompted discussion of constructing seawalls and other coastal barriers around

4224-405: Is the amount the insurer must pay to the beneficiary should the insured die before the policy has accumulated premiums equal to the death benefit. It is the difference between the policy's current cash value (i.e., total paid in by owner plus that amount's interest earnings) and its face value/death benefit. Although the actual cash value may be different from the death benefit, in practice the policy

4352-516: Is the dominant choice for insuring so-called "permanent" insurance needs, including: Individuals may find whole life less attractive, due to the relatively high premiums, for insuring: In the second category, term life is generally considered more suitable and has played an increasingly larger role in recent years. Businesses may also have legitimate and compelling needs, including funding of: While Term life may be suitable for Buy-Sell agreements and Key Person indemnification, cash value insurance

4480-471: Is the economic engine of New York City , with its 2.45 million workers drawn from the entire New York metropolitan area accounting for almost more than half of all jobs in New York City. Manhattan's workforce is overwhelmingly focused on white collar professions. In 2010, Manhattan's daytime population was swelling to 3.94 million, with commuters adding a net 1.48 million people to

4608-512: Is the exclusive life insurance partner of the AARP . New York Life Investments is a subsidiary global asset management business which serves both institutional and retail clients. It ranks No. 26 by total worldwide institutional assets under management, according to Pensions & Investments' Largest Money Managers Survey 2017. The group manages money through independent investment boutiques. These boutiques include: New York Life Foundation

4736-613: Is the insurance company's philanthropic arm. Its areas of focus include childhood bereavement. New York Life Foundation first became involved in childhood bereavement programs when it supported the Comfort Zone Camp in 2007. Its partners and programs include the National Alliance of Grieving Children, Grief Reach, Coalition to Support Grieving Students, Camp Erin/Moyer Foundation, Tragedy Assistance Program for Survivors and Boys and Girls Clubs of America . It sponsored

4864-638: Is the most densely populated and geographically smallest of the five boroughs of New York City . Coextensive with New York County , Manhattan is the smallest county by geographical area in the U.S. state of New York . Located almost entirely on Manhattan Island near the southern tip of the state, Manhattan constitutes the center of the Northeast megalopolis and the urban core of the New York metropolitan area . Manhattan serves as New York City's economic and administrative center and has been described as

4992-647: Is the most expensive shopping street in the world. The borough hosts many prominent bridges , tunnels , and skyscrapers including the Empire State Building , Chrysler Building , and One World Trade Center . It is also home to the National Basketball Association 's New York Knicks and the National Hockey League 's New York Rangers . Manhattan was historically part of the Lenapehoking territory inhabited by

5120-708: Is well suited for the foundations of Manhattan's skyscrapers . It is part of the Manhattan Prong physiographic region. Under the Köppen climate classification , New York City features both a humid subtropical climate ( Cfa ) and a humid continental climate ( Dfa ); it is the northernmost major city on the North American continent with a humid subtropical climate. The city averages 234 days with at least some sunshine annually. Winters are cold and damp, and prevailing wind patterns that blow offshore temper

5248-407: Is why most people choose to take cash values out as a "loan" against the death benefit rather than a "surrender." Any money taken as a loan is free from income tax as long as the policy remains in force. For participating whole life policies, the interest charged by the insurance company for the loan is often less than the dividend each year, especially after 10–15 years, so the policy owner can pay off

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5376-745: The American Revolutionary War . The Continental Army was forced to abandon Manhattan after the Battle of Fort Washington on November 16, 1776. The city, greatly damaged by the Great Fire of New York during the campaign, became the British military and political center of operations in North America for the remainder of the war. British occupation lasted until November 25, 1783, when George Washington returned to Manhattan,

5504-564: The East Village , have long been associated with the Bohemian subculture. Chelsea is one of several Manhattan neighborhoods with large gay populations and has become a center of both the international art industry and New York's nightlife. Chinatown has the highest concentration of people of Chinese descent outside of Asia . Koreatown is roughly centered on 32nd Street between Fifth and Sixth Avenues. Rose Hill features

5632-908: The FBI as "something of a deadly dress rehearsal for 9/11", was a terrorist attack in which six people were killed when a van bomb filled with explosives was detonated in a parking lot below the North Tower of the World Trade Center complex . On September 11, 2001, the Twin Towers of the original World Trade Center were struck by hijacked aircraft and collapsed in the September 11 attacks launched by al-Qaeda terrorists. The collapse caused extensive damage to surrounding buildings and skyscrapers in Lower Manhattan, and resulted in

5760-761: The HBO documentary One Last Hug . The company also emphasizes giving to various cultural communities, including the African-American community. The company also funded a $ 10 million endowment to the Colin Powell Center for Policy Studies at the City College of New York called the New York Life Endowment for Emerging African-American Issues in 2006. In 2017 Fortune named New York Life among its Most Admired Companies in

5888-585: The Harlem and Hudson rivers, separated it from the remainder of Manhattan. Before World War I, the section of the original Harlem River channel separating Marble Hill from the Bronx was filled in, and Marble Hill became part of the mainland. After a May 1984 court ruling that Marble Hill was simultaneously part of the Borough of Manhattan (not the Borough of the Bronx) and part of Bronx County (not New York County),

6016-602: The Hearst Tower , the rebuilt 7 World Trade Center , and the Bank of America Tower —the first skyscraper designed to attain a Platinum LEED Certification. The skyscraper , which has shaped Manhattan's distinctive skyline , has been closely associated with New York City's identity since the end of the 19th century. Structures such as the Equitable Building of 1915, which rises vertically forty stories from

6144-474: The Munsee , Lenape , and Wappinger tribes . There were several Lenape settlements in the area including Sapohanikan , Nechtanc , and Konaande Kongh , which were interconnected by a series of trails. The primary trail on the island, which would later become Broadway , ran from what is now Inwood in the north to Battery Park in the south. There were various sites for fishing and planting established by

6272-694: The South Street Seaport ); Grand Central Terminal ; Greenwich Village (including New York University ; Washington Square Arch ; and Stonewall Inn ); Harlem and Spanish Harlem ; the High Line ; Koreatown ; Lincoln Center ; Little Australia ; Little Italy ; Madison Square Garden ; Museum Mile on Fifth Avenue (including the Metropolitan Museum of Art ); Penn Station , Port Authority Bus Terminal ; Rockefeller Center (including Radio City Music Hall ); Times Square ; and

6400-496: The U.S. mainland . Manhattan Island is divided into three informally bounded components, each cutting across the borough's long axis: Lower Manhattan, Midtown , and Upper Manhattan. Manhattan is one of the most densely populated locations in the world, with a 2020 census population of 1,694,250 living in a land area of 22.66 square miles (58.69 km ), or 72,918 residents per square mile (28,154 residents/km ), and coextensive with New York County, its residential property has

6528-522: The World Trade Center (including the National September 11 Museum and One World Trade Center ). There are also numerous iconic bridges across rivers that connect to Manhattan Island, as well as an emerging number of supertall skyscrapers . The Statue of Liberty rests on Liberty Island , an exclave of Manhattan, and part of Ellis Island is also an exclave of Manhattan. The borough has many energy-efficient office buildings, such as

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6656-481: The cash value category of life insurance, which also includes universal life , variable life , and endowment policies . The death benefit of a whole life policy is normally the stated face amount. However, if the policy is "participating", the death benefit will be increased by any accumulated dividend values and/or decreased by any outstanding policy loans (see example below). Certain riders, such as Accidental Death benefit may exist, which would potentially increase

6784-466: The citadel of Fort Amsterdam on Manhattan Island, later called New Amsterdam ( Nieuw Amsterdam ), in what is now Lower Manhattan. The establishment of Fort Amsterdam is recognized as the birth of New York City. In 1647, Peter Stuyvesant was appointed as the last Dutch Director-General of the colony. New Amsterdam was formally incorporated as a city on February 2, 1653. In 1664, English forces conquered New Netherland and renamed it "New York" after

6912-478: The deaths of 2,606 of the 17,400 who had been in the buildings when the planes hit, in addition to those on the planes. Since 2001, most of Lower Manhattan has been restored, although there has been controversy surrounding the rebuilding. In 2014, the new One World Trade Center , at 1,776 feet (541 m) measured to the top of its spire, became the tallest building in the Western Hemisphere and

7040-681: The topography and create the English-style pastoral landscape that Olmsted and Vaux sought. The remaining 70% of Manhattan's parkland includes 204 playgrounds, 251 Greenstreets, 371 basketball courts , and many other amenities. The next-largest park in Manhattan, the Hudson River Park , stretches 4.5 miles (7.2 km) along the Hudson River and comprises 550 acres (220 ha). Other major parks include: Manhattan

7168-527: The world's tallest building . Manhattan's majority white ethnic group declined from 98.7% in 1900 to 58.3% by 1990. On March 25, 1911, the Triangle Shirtwaist Factory fire in Greenwich Village killed 146 garment workers , leading to overhauls of the city's fire department, building codes , and workplace safety regulations. In 1912, about 20,000 workers, a quarter of them women, marched upon Washington Square Park to commemorate

7296-474: The "overcharge" terminology is technically correct for tax purposes, actual dividends are often a much greater factor than the language would imply. For a period of time during the 1980s and '90's, it was not uncommon for the annual dividend to exceed the total premium at the 20th policy year and beyond. {Milton Jones, CLU, ChFC} With non-participating policies, unneeded surplus is distributed as dividends to stockholders. Similar to non-participating, except that

7424-745: The 1,537,195 counted in the 2000 census . In 2010, the largest organized religious group in Manhattan was the Archdiocese of New York , with 323,325 Catholics worshiping at 109 parishes, followed by 64,000 Orthodox Jews with 77 congregations, an estimated 42,545 Muslims with 21 congregations, 42,502 non-denominational adherents with 54 congregations, 26,178 TEC Episcopalians with 46 congregations, 25,048 ABC-USA Baptists with 41 congregations, 24,536 Reform Jews with 10 congregations, 23,982 Mahayana Buddhists with 35 congregations, 10,503 PC-USA Presbyterians with 30 congregations, and 10,268 RCA Presbyterians with 10 congregations. Altogether, 44.0% of

7552-711: The 1920s, Manhattan experienced large arrivals of African-Americans as part of the Great Migration from the southern United States, and the Harlem Renaissance , part of a larger boom time in the Prohibition era that included new skyscrapers competing for the skyline, with the Woolworth Building (1913), 40 Wall Street (1930), Chrysler Building (1930) and the Empire State Building (1931) leapfrogging each other to take their place as

7680-440: The 1970s, job losses due to industrial restructuring caused New York City, including Manhattan, to suffer from economic problems and rising crime rates. While a resurgence in the financial industry greatly improved the city's economic health in the 1980s, New York's crime rate continued to increase through the decade and into the beginning of the 1990s. The 1980s saw a rebirth of Wall Street , and Manhattan reclaimed its role as

7808-417: The 19th century, the island was named so for a grove of hickory trees at its southern end that was considered ideal for the making of bows. In April 1524, Florentine explorer Giovanni da Verrazzano , sailing in service of Francis I of France , became the first documented European to visit the area that would become New York City. Verrazzano entered the tidal strait now known as The Narrows and named

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7936-534: The 2013 acquisition of Dexia Asset Management, later renamed Candriam Investors Group, New York Life Investments became one of the largest asset managers worldwide, with access to markets in Europe, Asia and Australia, in addition to the United States. In November 2021, the company announced that company president Craig DeSanto was replacing CEO Ted Mathas. The transition was finalized in April 2022, and Mathas stayed with

8064-460: The 34-story skyscraper in 1929. Later that year, New York Life's assets survived the stock market crash ; state regulation and company investing policy had led New York Life to invest in government bonds and real estate, not common stocks. Following World War II , New York Life further diversified; it invested in real estate development in the late 1940s and launched a mortgage-loan program for veterans in 1946. In 1957, New York Life hired one of

8192-567: The Atlantic port to the vast agricultural markets of the Midwestern United States and Canada . Tammany Hall , a Democratic Party political machine , began to grow in influence with the support of many of the immigrant Irish , culminating in the election of the first Tammany mayor, Fernando Wood , in 1854. Covering 840 acres (340 ha) in the center of the island, Central Park , which opened its first portions to

8320-571: The East River; and Governors Island and Liberty Island to the south in New York Harbor . The Island is about 13.4 miles (21.6 km) from north to south, and at its widest, 2.3 miles (3.7 km). Manhattan Island is loosely divided into Downtown ( Lower Manhattan ), Midtown ( Midtown Manhattan ), and Uptown ( Upper Manhattan ), with Fifth Avenue dividing Manhattan lengthwise into its East Side and West Side . Manhattan Island

8448-708: The English Duke of York and Albany , the future King James II. In August 1673, the Dutch reconquered the colony, renaming it "New Orange", but permanently relinquished it back to England the following year under the terms of the Treaty of Westminster that ended the Third Anglo-Dutch War . Manhattan was at the heart of the New York Campaign , a series of major battles in the early stages of

8576-536: The Lenape throughout Manhattan. The name Manhattan originated from the Lenape 's language, Munsee , manaháhtaan (where manah- means "gather", -aht- means " bow ", and -aan is an abstract element used to form verb stems ). The Lenape word has been translated as "the place where we get bows" or "place for gathering the (wood to make) bows". According to a Munsee tradition recorded by Albert Seqaqkind Anthony in

8704-419: The United Nations is located in the Turtle Bay neighborhood of Midtown Manhattan. Manhattan hosts three of the world's top 10 most-visited tourist attractions: Times Square , Central Park , and Grand Central Terminal . Penn Station is the busiest transportation hub in the Western Hemisphere . Chinatown incorporates the highest concentration of Chinese people in the Western Hemisphere. Fifth Avenue

8832-449: The United States , from March 4, 1789, to August 12, 1790, at Federal Hall . Federal Hall was where the United States Supreme Court met for the first time, the United States Bill of Rights were drafted and ratified, and where the Northwest Ordinance was adopted, establishing measures for admission to the Union of new states. New York grew as an economic center, first as a result of Alexander Hamilton 's policies and practices as

8960-432: The benefit. In contrast, universal life policies (a flexible premium whole life substitute) may be structured to pay cash values in addition to the face amount, but usually do not guarantee lifetime coverage in such cases. A whole life policy is said to "mature" at death or the maturity age of 100, whichever comes first. To be more exact the maturity date will be the "policy anniversary nearest age 100". The policy becomes

9088-581: The branch office system: offices that served as liaisons between New York and field agents. In 1894, the company became the first US-based insurance provider to offer life insurance to women at the same cost as men; social reformer Susan B. Anthony was one of the company's first female policyholders. In 1896, New York Life became the first company to insure people with disabilities or in hazardous occupations. The New York Life Building at 51 Madison Avenue in Manhattan, designed by American architect Cass Gilbert , opened in December 1928. The company moved into

9216-534: The city became a hotbed of revolution (including anarchists and communists among others), syndicalism , racketeering , and unionization . In 1883, the opening of the Brooklyn Bridge across the East River established a road connection to Brooklyn and the rest of Long Island . In 1898, New York City consolidated with three neighboring counties to form "the City of Greater New York ", and Manhattan

9344-578: The city's skyline, most notably the Empire State Building, the Chrysler Building, and 30 Rockefeller Plaza . A postwar economic boom led to the development of huge housing developments targeted at returning veterans, the largest being Stuyvesant Town–Peter Cooper Village , which opened in 1947. The United Nations relocated to a new headquarters that was completed in 1952 along the East River. The Stonewall riots were

9472-399: The claims process for missing persons in the wake of the September 11 attacks . Fearful of the stability of the market during the two years prior to the financial crisis of 2007–2008 , New York Life moved its cash into other investments such as treasury bonds . In the ensuing financial crisis, New York Life Insurance Company rejected assistance from the U.S. Treasury Department . Following

9600-1054: The coldest winter month. Spring and autumn are unpredictable and can range from chilly to warm, although they are usually mild with low humidity. Summers are typically warm to hot and humid, with a daily mean temperature of 76.5 °F (24.7 °C) in July. Nighttime conditions are often exacerbated by the urban heat island phenomenon, which causes heat absorbed during the day to be radiated back at night, raising temperatures by as much as 7 °F (4 °C) when winds are slow. Daytime temperatures exceed 90 °F (32 °C) on average of 17 days each summer and in some years exceed 100 °F (38 °C). Extreme temperatures have ranged from −15 °F (−26 °C), recorded on February 9, 1934, up to 106 °F (41 °C) on July 9, 1936. Manhattan lies in USDA plant hardiness zone 7b (5 to 10 °F/-15 to -12.2 °C). Manhattan receives 49.9 inches (1,270 mm) of precipitation annually, which

9728-467: The company as a non-executive chairman. As of 2016, New York Life Insurance Company was the country's third-largest life insurance company. A mutual insurance company, New York Life is owned by its policyholders and has no outside shareholders. As a mutual, New York Life distributes a portion of its earnings to eligible policyholders as annual dividends. As of 2016, the company has paid a dividend every year since 1854. Through Seguros Monterrey New York Life,

9856-503: The company offers insurance in Mexico. New York Life's core product is whole life insurance , a type of life insurance offering lifelong protection that builds cash value over time. New York Life also sells term life insurance , universal life insurance , variable universal life insurance , long-term care insurance , annuities and disability insurance . The company operates New York Life Direct, selling direct-to-consumer policies, and

9984-498: The company, along with other insurance companies of the day including Aetna and US Life , insured the lives of slaves for their owners. By 1847 these accounted for one‑third of New York Life's policies. The board of trustees voted to end the sale of insurance policies on slaves in 1848. The company also sold policies to soldiers and civilians involved in combat during the American Civil War and paid claims under

10112-432: The company. The cash value will grow tax-deferred with compounding interest. Even though the growth is considered "tax-deferred", any loans taken from the policy will be tax-free as long as the policy remains in force. In addition, the death benefit remains tax-free (meaning no income tax and no estate tax). As the cash value increases, the death benefit will also increase and this growth is also non-taxable. The only way tax

10240-458: The cultural, financial, media , and entertainment capital of the world. Present-day Manhattan was originally part of Lenape territory. European settlement began with the establishment of a trading post by Dutch colonists in 1624 on southern Manhattan Island; the post was named New Amsterdam in 1626. The territory and its surroundings came under English control in 1664 and were renamed New York after King Charles II of England granted

10368-472: The decade to 1,694,250, representing 19.2% of New York City's population of 8,804,194 and 8.4% of New York State's population of 20,201,230. The population density of New York County was 70,450.8 inhabitants per square mile (27,201.2/km ) in 2022, the highest population density of any county in the United States and higher than the density of any individual U.S. city . At the 2010 census , there were 1,585,873 people living in Manhattan, an increase of 3.2% from

10496-407: The demarcation line for east/west designations. South of Waverly Place , Fifth Avenue terminates and Broadway becomes the east/west demarcation line. In Manhattan, uptown means north and downtown means south. This usage differs from that of most American cities, where downtown refers to the central business district. As of the 2020 census , Manhattan's population had increased by 6.8% over

10624-467: The dividends may be below projections, causing the death benefit in those years to decrease. Limited pay policies may be either participating or non-par, but instead of paying annual premiums for life, they are only due for a certain number of years, such as 20. The policy may also be set up to be fully paid up at a certain age, such as 65 or 80. The policy itself continues for the life of the insured. These policies would typically cost more up front, since

10752-400: The dividends, the dividends can be used to reduce the premium payment, or the dividends can be reinvested back into the policy to increase the death benefit and the cash value at a faster rate. When the dividends paid on a whole life policy are chosen by the policy owner to be reinvested back into the policy, the cash value can increase at a rather substantial rate depending on the performance of

10880-446: The end of life expectancy, which may be 50 years or more in the future. (see non-forfeiture values) Most of the visible and apparent wealth of Life Insurance companies is due to the enormous assets (reserves) they hold to stand behind future liabilities. In fact, reserves are classified as a liability, since they represent obligations to policyholders. These reserves are primarily invested in bonds and other debt instruments, and are thus

11008-511: The fire. Many of the women wore fitted tucked-front blouses like those manufactured by the company, a clothing style that became the working woman's uniform and a symbol of women's liberation , reflecting the alliance of the labor and suffrage movements. Despite the Great Depression , some of the world's tallest skyscrapers were completed in Manhattan during the 1930s, including numerous Art Deco masterpieces that are still part of

11136-610: The first Secretary of the Treasury to expand the city's role as a center of commerce and industry. By 1810, New York City, then confined to Manhattan, had surpassed Philadelphia as the most populous city in the United States. The Commissioners' Plan of 1811 laid out the island of Manhattan in its familiar grid plan . The city's role as an economic center grew with the opening of the Erie Canal in 1825, cutting transportation costs by 90% compared to road transport and connecting

11264-454: The greater the overcharge by the company, the greater the refund/dividend ratio; however, other factors will also have a bearing on the size of the dividend. For a mutual life insurance company, participation also implies a degree of ownership of the mutuality. Participating policies are typically (although not exclusively) issued by mutual life insurance companies. However, stock companies sometimes issue participating policies. Premiums for

11392-491: The highest sale price per square foot in the United States. Manhattan is home to Wall Street as well as the world's two largest stock exchanges by total market capitalization , the New York Stock Exchange and Nasdaq . Many multinational media conglomerates are based in Manhattan, as are numerous colleges and universities, such as Columbia University and New York University . The headquarters of

11520-490: The industry's first black agents, Cirilo McSween. In the 1970s, New York Life began selling annuities and mutual funds. In the late 1990s and early 2000s, as other mutual life insurance companies became publicly traded corporations, New York Life remained a mutual company. New York Life entered the Mexican market in 1999 when it acquired Seguros Monterrey from Aetna . New York Life, along with other insurance companies, relaxed

11648-504: The insurance clause of collateral assignment.) Cash value access is tax free up to the point of total premiums paid, and the rest may be accessed tax free in the form of policy loans. If the policy lapses, taxes would be due on outstanding loans. If the insured dies, death benefit is reduced by the amount of any outstanding loan balance. Internal rates of return for participating policies may be much worse than universal life and interest-sensitive whole life (whose cash values are invested in

11776-411: The insurance company assumes all risk of future performance versus the actuaries' estimates. If future claims are underestimated, the insurance company makes up the difference. On the other hand, if the actuaries' estimates on future death claims are high, the insurance company will retain the difference. Non-participating policies are typically issued by Stock companies, with stockholder capital bearing

11904-406: The insurance company needs to build up sufficient cash value within the policy during the payment years to fund the policy for the remainder of the insured's life. With Participating policies, dividends may be applied to shorten the premium paying period. A form of limited pay, where the pay period is a single large payment up front. These policies typically have fees during early policy years should

12032-472: The insured's death. If any loans amounts are outstanding—i.e., not yet paid back—upon the insured's death, the insurer subtracts those amounts from the policy's face value/death benefit and pays the remainder to the policy's beneficiary. Whole life insurance may prove a better value than term for someone with an insurance need of greater than ten to fifteen years due to favorable tax treatment of interest credited to cash values. However, for those unable to afford

12160-517: The internal rate of return and dividend payment realized by the policyholder is often a function of when the policyholder buys the policy and how long that policy remains in force. Dividends paid on a whole life policy can be utilized in many ways. The life insurance manual defines policy dividends as refunds of premium over-payments. They are therefore not exactly like corporate stock dividends, which are payouts of net income from total revenues. Modified whole life insurance features smaller premiums for

12288-473: The land around Upper New York Harbor New Angoulême , in reference to the family name of King Francis I; he sailed far enough into the harbor to sight the Hudson River , and he named the Bay of Santa Margarita – what is now Upper New York Bay – after Marguerite de Navarre , the elder sister of the king. Manhattan was first mapped during a 1609 voyage of Henry Hudson . Hudson came across Manhattan Island and

12416-499: The lands to his brother, the Duke of York . New York, based in present-day Lower Manhattan , served as the capital of the United States from 1785 until 1790. The Statue of Liberty in New York Harbor greeted millions of arriving immigrants in the late 19th century and is a world symbol of the United States and its ideals. Manhattan became a borough during the consolidation of New York City in 1898 , and houses New York City Hall ,

12544-557: The life insurance industry. Forbes ranked New York Life #364 among America's Best Employers for 2017. As of 2023, New York Life ranks No. 71 on the Fortune 500. By the end of 2023, New York Life had earned the highest financial strength ratings from major four rating agencies: A++ from A.M.Best, AAA from Fitch Ratings, Aaa from Moody and AA+ from Standard & Poor's. Manhattan Manhattan ( / m æ n ˈ h æ t ən , m ə n -/ man- HAT -ən, mən- )

12672-686: The loan using dividends. If the policy is surrendered or canceled before death, any loans received above the cumulative value of premiums paid will be subject to tax as growth on investment. Although life insurance benefits are generally free of income tax, the same is not true of estate tax. In the US, life insurance will be considered part of a person's taxable estate to the extent he possesses "incidents of ownership." Estate planners often use special irrevocable trusts to shield life insurance from estate taxes. Individuals may find whole life attractive because it offers coverage for an indeterminate length of time. It

12800-563: The matter was definitively settled later that year when the New York Legislature overwhelmingly passed legislation declaring the neighborhood part of both New York County and the Borough of Manhattan. Within New York Harbor , there are three smaller islands: Other smaller islands, in the East River , include (from north to south): The bedrock underlying much of Manhattan consists of three rock formations: Inwood marble , Fordham gneiss , and Manhattan schist , and

12928-636: The moderating effects of the Atlantic Ocean , yet the Atlantic and the partial shielding from colder air by the Appalachians keep the city warmer in the winter than inland North American cities at similar or lesser latitudes. The daily mean temperature in January, the area's coldest month, is 32.6 °F (0.3 °C); temperatures usually drop to 10 °F (−12 °C) several times per winter, and reach 60 °F (16 °C) several days in

13056-422: The money market and bonds) because their cash values are invested in the life insurance company and its general account, which may be in real estate and the stock market. However, universal life policies run a much greater risk, and are actually designed to lapse. Variable universal life insurance may outperform whole life because the owner can direct investments in sub-accounts that may do better. If an owner desires

13184-473: The native people living there, and continued up the river that would later bear his name, the Hudson River . Manhattan was first recorded in writing as Manna-hata , in the logbook of Robert Juet, an officer on the voyage. A permanent European presence in New Netherland began in 1624, with the founding of a Dutch fur trading settlement on Governors Island . In 1625, construction was started on

13312-466: The original World Trade Center , which was destroyed during the September 11, 2001 terrorist attacks . Situated on one of the world's largest natural harbors , the borough is bounded by the Hudson , East , and Harlem rivers and includes several small adjacent islands , including Roosevelt , U Thant , and Randalls and Wards Islands . It also includes the small neighborhood of Marble Hill now on

13440-487: The owner is financially healthy enough to continue making premium payments. (Single premium whole life policies avoid the risk of the insured failing to make premium payments and are liquid enough to be used as collateral. Single premium policies require that the insured pay a one time premium that tends to be lower than the split payments. Because these policies are fully paid at inception, they have no financial risk and are liquid and secure enough to be used as collateral under

13568-403: The policy continues to average life expectancy. Part of the insurance contract stipulates that the policyholder is entitled to a cash value reserve that is part of the policy and guaranteed by the company. This cash value can be accessed at any time through policy loans that are received income tax-free and paid back according to mutually agreed-upon schedules. These policy loans are available until

13696-407: The policy's cash values will increase every year regardless of the performance of the company or its experience with death claims (again compared to universal life insurance and variable universal life insurance which can increase the costs and decrease the cash values of the policy). The dividends can be taken in one of three ways. The policy owner can be given a cheque from the insurance company for

13824-447: The policyholder cash it in. This type is fairly new, and is also known as either "excess interest" or "current assumption" whole life. The policies are a mixture of traditional whole life and universal life . Instead of using dividends to augment guaranteed cash value accumulation, the interest on the policy's cash value varies with current market conditions. Like whole life, death benefit remains constant for life. Like universal life,

13952-531: The political and regulatory landscape. All they have to guide them is past experience. In a participating policy (also "par" in the United States, and known as a "with-profits policy" in the Commonwealth ), the insurance company shares the excess profits (divisible surplus) with the policyholder in the form of annual dividends. Typically these "refunds" are not taxable because they are considered an overcharge of premium (or "reduction of basis"). In general,

14080-848: The population was claimed as members by religious congregations, although members of historically African-American denominations were underrepresented due to incomplete information. In 2014, Manhattan had 703 religious organizations, the seventeenth most out of all US counties. There is a large Buddhist temple in Manhattan located at the foot of the Manhattan Bridge in Chinatown . As of 2015, 60.0% (927,650) of Manhattan residents, aged five and older, spoke only English at home, while 22.63% (350,112) spoke Spanish, 5.37% (83,013) Chinese, 2.21% (34,246) French, 0.85% (13,138) Korean, 0.72% (11,135) Russian, and 0.70% (10,766) Japanese. In total, 40.0% of Manhattan's population, aged five and older, spoke

14208-405: The population, along with visitors, tourists, and commuting students. The commuter influx of 1.61 million workers coming into Manhattan was the largest of any county or city in the country. Whole life insurance Whole life insurance , or whole of life assurance (in the Commonwealth of Nations ), sometimes called "straight life" or "ordinary life", is a life insurance policy which

14336-444: The premium may vary year to year. However, the premium will never exceed the maximum premium guaranteed in the policy. This allows companies to set competitive rates based on current economic conditions. A blending of participating and term life insurance, wherein a part of the dividends is used to purchase additional term insurance. This can generally yield a higher death benefit, at a cost to long term cash value. In some policy years

14464-494: The premium necessary to provide adequate whole life coverage for their current insurance needs, it would be imprudent to purchase less coverage than is adequate as whole life insurance rather than purchase an adequate level of term to cover their current need. While some life insurance companies market whole life as a "death benefit with a savings account", the distinction is artificial, according to life insurance actuaries Albert E. Easton and Timothy F. Harris. The net amount at risk

14592-409: The premium payment might vary, but not above the maximum premium guaranteed within the policy. Whole life insurance typically requires that the owner pay premiums for the life of the policy. There are some arrangements that let the policy be "paid up", which means that no further payments are ever required, in as few as 5 years, or with even a single large premium. Typically if the payor doesn't make

14720-476: The public in 1858, became the first landscaped public park in an American city. New York City played a complex role in the American Civil War . The city had strong commercial ties to the South , but anger around conscription , resentment against Lincoln's war policies and paranoia about free Blacks taking the jobs of poor immigrants culminated in the three-day-long New York Draft Riots of July 1863, among

14848-431: The required premiums are paid, the premiums are typically much higher than those of term life insurance where the premium is fixed only for a limited term. Whole life premiums are fixed, based on the age of issue, and usually do not increase with age. The insured party normally pays premiums until death, except for limited pay policies which may be paid up in 10 years, 20 years, or at age 65. Whole life insurance belongs to

14976-476: The risk. Since whole life policies frequently cover a time span in excess of 50 years, it can be seen that accurate pricing is a formidable challenge. Actuaries must set a rate which will be sufficient to keep the company solvent through prosperity or depression, while remaining competitive in the marketplace. The company will be faced with future changes in Life expectancy, unforeseen economic conditions, and changes in

15104-596: The seat of the city's government . Harlem in Upper Manhattan became the center of what is now known as the cultural Harlem Renaissance in the 1920s. The Stonewall Inn in Greenwich Village , part of the Stonewall National Monument , is considered the birthplace in 1969 of the modern gay rights movement , cementing Manhattan's central role in LGBT culture . Manhattan was the site of

15232-589: The shorelines of the borough and the metropolitan area to minimize the risk of destructive consequences from another such event in the future. On October 31, 2017 , a terrorist drove a truck down a bike path alongside the West Side Highway in Lower Manhattan, killing eight. According to the United States Census Bureau , New York County has a total area of 33.6 square miles (87 km ), of which 22.8 square miles (59 km )

15360-432: The sidewalk, prompted the passage of the 1916 Zoning Resolution , requiring new buildings to contain setbacks withdrawing progressively at a defined angle from the street as they rose, in order to preserve a view of the sky at street level. Manhattan's skyline includes several buildings that are symbolic of New York, in particular the Chrysler Building and the Empire State Building , which sees about 4 million visitors

15488-548: The site was used to expand the Manhattan shoreline across West Street, creating Battery Park City . Constructed on piers at a cost of $ 260 million, Little Island opened on the Hudson River in May 2021, connected to the western termini of 13th and 14th Streets by footbridges . Marble Hill was part of the northern tip of Manhattan Island, but the Harlem River Ship Canal , dug in 1895 to better connect

15616-642: The structure began in October 1963. The loss of Penn Station led directly to the enactment in 1965 of a local law establishing the New York City Landmarks Preservation Commission , which is responsible for preserving the "city's historic, aesthetic, and cultural heritage ". The historic preservation movement triggered by Penn Station's demise has been credited with the retention of some one million structures nationwide, including over 1,000 in New York City. In 2017,

15744-459: The sum of all premiums paid after a number of years. Sales tactics frequently appeal to this self-interest (sometimes called "the greed motive"). It is a reflection of human behavior that people are often more willing to talk about money for their own future than to discuss provisions for the family in case of premature death (the "fear motive"). On the other hand, many policies purchased due to selfish motives will become vital family resources later in

15872-473: The world's financial center , with Wall Street employment doubling from 1977 to 1987. The 1980s also saw Manhattan at the heart of the AIDS crisis , with Greenwich Village at its epicenter. In the 1970s, Times Square and 42nd Street – with its sex shops , peep shows , and adult theaters, along with its sex trade , street crime, and public drug use – became emblematic of the city's decline, with

16000-537: The world." By the 1990s, crime rates began to drop dramatically and the city once again became the destination of immigrants from around the world, joining with low interest rates and Wall Street bonus payments to fuel the growth of the real estate market. Important new sectors, such as Silicon Alley , emerged in the Flatiron District , cementing technology as a key component of Manhattan's economy. The 1993 World Trade Center bombing , described by

16128-592: The worst incidents of civil disorder in American history. The rate of immigration from Europe grew steeply after the Civil War, and Manhattan became the first stop for millions seeking a new life in the United States, a role acknowledged by the dedication of the Statue of Liberty in 1886. This immigration brought further social upheaval. In a city of tenements packed with poorly paid laborers from dozens of nations,

16256-646: Was established as one of the five boroughs of New York City . The Bronx remained part of New York County until 1914, when Bronx County was established. The construction of the New York City Subway , which opened in 1904, helped bind the new city together, as did the completion of the Williamsburg Bridge (1903) and Manhattan Bridge (1909) connecting to Brooklyn and the Queensboro Bridge (1909) connecting to Queens. In

16384-439: Was opened in January 2021. Parkland covers a total of 2,659 acres (10.76 km ), accounting for 18.2% of the borough's land area; the 840-acre (3.4 km ) Central Park is the borough's largest park, comprising 31.6% of Manhattan's parkland. Designed by Frederick Law Olmsted and Calvert Vaux , the park is anchored by the 12-acre (4.9 ha) Great Lawn and offers extensive walking tracks , two ice-skating rinks,

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