CHASE CORP | 2013 | FY | 3


Note 5—Cash Surrender Value of Life Insurance

         Life insurance is provided under split dollar life insurance agreements whereby the Company will recover the premiums paid from the proceeds of the policies. The Company recognizes an offset to expense for the growth in the cash surrender value of the policies.

         The Company recognized cash surrender value of life insurance policies, net of loans of $5 at August 31, 2013 and 2012, secured by the policies, with the following carriers as of August 31, 2013 and 2012:

 
  2013   2012  

John Hancock

  $ 4,450   $ 4,343  

John Hancock (formerly Manufacturers' Life Insurance Company)

    1,009     954  

Metropolitan Life Insurance

    1,739     1,768  

Other life insurance carriers

    80     80  
           

 

  $ 7,278   $ 7,145  
           

         Subject to periodic review, the Company intends to maintain these policies through the lives or retirements of the insureds.


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