The 1947 Life Insurance Fact Book is a pivotal historical document published by the Institute of Life Insurance, providing a comprehensive statistical summary of the industry’s performance during 1946. It serves as a primary source for researchers tracking post-World War II economic shifts, insurance ownership trends, and the transition of institutional investments from government war bonds to private sector development.
Understanding the "1 mck perstk" Designation
When searching for historical documents like the 1947 Life Insurance Fact Book, researchers often encounter the string "1 mck perstk." This is not a title or a technical insurance term, but rather a library cataloging locator. Specifically, it refers to a physical location within a research library’s collection.
- 1: Usually denotes the copy number.
- MCK: Commonly refers to the McKeldin Library at the University of Maryland, which houses extensive archives of American business and economic history.
- PER STK: An abbreviation for Periodical Stacks, indicating that the volume is shelved with other serial publications or annual reports rather than in the general circulating book collection.
As of 2026, while many of these volumes have been digitized by entities like HathiTrust or the Internet Archive, the physical "1 mck perstk" copy remains a vital artifact for scholars requiring tactile verification of 1940s printing standards, paper quality, and original layout.
Historical Context: The Insurance Landscape in 1947
The publication of the 1947 Fact Book occurred during a unique period in American history. The United States was transitioning from a total-war economy to a peacetime footing. Millions of veterans had returned home, many of whom were starting families—a demographic shift that triggered a massive surge in the demand for life insurance.
In 1947, life insurance was more than just a financial product; it was a cornerstone of social stability. The industry was tasked with managing the "Life Insurance in Force," which reached record highs as the "Baby Boom" began. The 1947 Fact Book captures the exact moment when the industry’s focus shifted from supporting the war effort through the purchase of U.S. Treasury bonds to fueling the domestic housing and industrial boom.
The Role of the Institute of Life Insurance
The Institute of Life Insurance, established in 1939, published these fact books to provide the public, journalists, and policymakers with reliable data. In an era before instant digital access, the Fact Book was the definitive "bible" of industry statistics. It aimed to demystify life insurance, explaining how premiums were calculated, how reserves were invested, and how benefits were distributed to beneficiaries.
Key Statistical Findings of the 1947 Edition
The 1947 edition (reporting on the 1946 calendar year) highlighted several milestones. By the end of 1946, total life insurance in force in the United States had reached approximately $174 billion. This represented a significant increase over the previous year, reflecting both higher individual incomes and a renewed sense of financial responsibility among the American public.
Life Insurance Ownership
The book reports that nearly 73 million people in the United States owned some form of life insurance by 1947. To put this in perspective, that accounted for more than half of the total population at the time. The average amount of insurance per family had risen to approximately $4,200—a figure that, while modest by 2026 standards, was substantial in a period where the median home price was roughly $5,000 to $6,000.
Benefit Payments
One of the most critical sections of the 1947 Fact Book is the breakdown of "Benefit Payments." In 1946, life insurance companies paid out approximately $2.8 billion to policyholders and beneficiaries.
- Death Benefits: Accounted for about 46% of total payments.
- Living Benefits: The remaining 54% went to living policyholders in the form of matured endowments, disability payments, annuities, and surrender values. This highlighted the growing use of life insurance as a tool for retirement and savings, not just as a "death benefit."
Investment Shifts: From War Bonds to Civilian Growth
Perhaps the most significant section for economic historians is the analysis of life insurance company assets. During World War II, life insurance companies were the primary purchasers of government debt. By 1945, nearly 46% of all industry assets were held in U.S. Government securities.
The 1947 Fact Book documents the beginning of the "Great Reallocation." As the government stopped issuing war bonds and began paying down debt, insurance companies moved their capital into:
- Mortgages: To fund the suburban housing explosion (Levittown and similar developments).
- Corporate Bonds: To finance the expansion of utilities, railroads, and manufacturing.
- Real Estate: Direct investment in commercial properties and large-scale housing projects.
By the end of 1946, corporate security holdings had increased by more than $2 billion, marking a clear pivot toward private sector investment that would define the American economy for the next two decades.
Types of Coverage: A 1940s Breakdown
The 1947 Fact Book categorizes insurance into three primary types. Understanding these definitions is essential for interpreting the historical data accurately.
1. Ordinary Life Insurance
This was the most common type, usually purchased in units of $1,000 or more. It included "Whole Life," "Limited Payment Life," and "Endowment" policies. In 1946, Ordinary insurance accounted for about $116 billion of the total insurance in force.
2. Group Life Insurance
A relatively "new" concept in the 1940s compared to individual policies, Group Life was provided through employers. The 1947 Fact Book shows a massive post-war jump in this category, as labor unions began negotiating for fringe benefits and corporations used insurance to attract workers in a competitive labor market.
3. Industrial Life Insurance
Often called "Weekly Premium Insurance," this was a product designed for lower-income families. Premiums were collected at the policyholder's home by an agent on a weekly or monthly basis. While this type of insurance is largely obsolete in 2026, the 1947 Fact Book shows it was still a major component of the market, representing about $30 billion in force.
Comparative Data: 1945 vs. 1946
The following table summarizes the key growth metrics reported in the 1947 Fact Book (covering the transition from 1945 to 1946).
| Metric | 1945 Year-End | 1946 Year-End | Percentage Change |
|---|---|---|---|
| Total Life Insurance in Force | $155.7 Billion | $174.5 Billion | +12.1% |
| Total Assets of U.S. Companies | $44.8 Billion | $48.2 Billion | +7.6% |
| U.S. Government Security Holdings | $20.6 Billion | $21.6 Billion | +4.8% |
| Mortgage Investments | $6.6 Billion | $7.1 Billion | +7.5% |
| Death Benefit Payments | $1.28 Billion | $1.28 Billion | 0% (Stable) |
| Number of Policyholders | 71 Million | 73 Million | +2.8% |
Accessing the 1947 Fact Book Today
For those seeking the 1947 Life Insurance Fact Book in 2026, there are several avenues for access. Because the publication was produced by a trade association (the Institute of Life Insurance), it was widely distributed to libraries and universities.
- Digital Archives: The most efficient way to view the book is through the ACLI (American Council of Life Insurers) historical archives or digital repositories like HathiTrust Digital Library. These platforms allow for full-text searching of the 1947 statistics.
- Physical Research: If you are specifically looking for the "1 mck perstk" copy, you would need to visit the University of Maryland’s McKeldin Library. Most research libraries require an appointment to access "Periodical Stacks" or "Special Collections."
- Interlibrary Loan (ILL): Many universities can facilitate a scan of specific pages or a physical loan of the book if a digital version is insufficient for your research needs.
Why the 1947 Data Still Matters in 2026
You might wonder why a statistical book nearly 80 years old remains relevant. For the insurance industry, the 1947 Fact Book represents the "baseline" of the modern era.
- Actuarial Trends: It provides a snapshot of mortality rates before the widespread use of antibiotics and modern cardiovascular medicine.
- Economic Cycles: It offers a case study in how institutional investors handle a transition from a high-interest, government-backed environment to a private market expansion.
- Sociological Research: It documents the financial priorities of the "Greatest Generation" as they built the post-war middle class.
- Legal and Regulatory History: Many state insurance regulations still in effect in some form today were shaped by the industry's growth spurt described in this 1947 volume.
Frequently Asked Questions
Is the 1947 Life Insurance Fact Book still in print?
No, the 1947 edition has been out of print for decades. It was an annual publication. However, the American Council of Life Insurers (ACLI) continues to publish an annual Life Insurance Fact Book to this day, following the tradition started in 1946.
Does the 1947 Fact Book contain information on specific insurance companies?
Generally, no. The Fact Book provides aggregate industry data. It does not list individual policy details or specific company financial statements. For company-specific data from 1947, one would need to consult "Best’s Insurance Reports" or state insurance department filings from that year.
How accurate are the statistics in the 1947 edition?
The statistics were compiled from reports submitted by life insurance companies representing over 95% of the total assets of the industry at the time. While there may be minor adjustments in later editions for "Industrial" versus "Ordinary" classification, the 1947 data is considered the gold standard for that era.
Can I find information on Veteran's Insurance (NSLI) in this book?
Yes, the 1947 Fact Book often contains a section or footnotes regarding National Service Life Insurance (NSLI), which was the government insurance provided to WWII veterans. It compares the growth of private insurance against these government-backed policies.
What is the "1 mck perstk" code I see in search results?
As explained, this is a library shelf location. It stands for 1st Copy, McKeldin Library, Periodical Stacks. It is a metadata artifact from library cataloging systems and is not part of the book's actual title or content.
Practical Recommendation for Researchers
If you are conducting historical or financial research, do not rely solely on the summary tables. The 1947 Fact Book includes extensive qualitative analysis—essays that explain why certain trends occurred. For instance, the discussion on the decline in interest rates during 1946 provides crucial context for why insurance companies were forced to diversify their portfolios into real estate and corporate lending.
For those in 2026 looking to verify historical insurance values for estate or legal reasons, the 1947 Fact Book is an indispensable tool for understanding the "purchasing power" and "standard policy provisions" of that specific era. If a digital copy is unavailable, the physical archives at McKeldin Library or the Library of Congress remain the definitive sources for this information.
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