Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1877-05-02
Poor Contracts.

Poor Contracts.
During the last dozen years the bust
ness of Life Insurance has grown I'M
mensely and many companies have sprung
into existence and obtained Il large num-
Der of policies only to mismanage the
funds placed in their charge, TO dodge dis
covery for time,, to be exposed and to die
carrying with them the hard earnings Of
thousands of policy holders. This result
to a company bears the hardest upon
those polcy-hoders whose lives have be-
come impaired SO that reinsurance is I'M
possible.
The last breakdown is one of the worst,
The American Popular Life " which has
large number of victims in Vermont
When the rottenncss of certain so-caIlcd
insurance companies is thus brought home
to our own State and vicinity it becomes
people 10 take little heed fer the future
as to what contracts they enter into.
The most of those who have insured
their lives were doing Il very sensible
thing, if the company into which they
went was all right. And thousands more
in Vermont ought, to-day, TO carry insur'
ance upon their lives for the benefit of
their families. This is just us true MS
though there were no wildcat companies.
A capitalist lends his money and it is good
sense for him 10 lend it inst cad of keeping
it dead in his pocket. But he would be II
fool to lend it to persons whom he does not
know to be honest and responsible. The
good sense of lending money and getting
interest on it is not ut all affected because
there are sharpers who want to borrow
and never pay, and because they succeed
with some men.
The lesson to be learned from lhe break
ing down of dishonesty or poorly man
aged insurance companies is not then that
people should not insure, but they should
know with whom they are dealing. There
are fire and life insurance companies To-
Gated in this state that men by inquiry can
learn IRE thoroughly safe. There are also
foreign companies doing business here that
the same inquiry will show to be slte.
Dealing with these, folks can know wheth'
er the other side of the contract will be
fulfilled.
But there is Il sort of business in insur-
ance done very much on the system of
selling patent rights, wherein the only
substantial article sold is the buyer him
self A glib talker comes into town and
with his patcnt right or insurance propo-
sal, f,stens 10 such persons us he deems
most likely 10 be persuaded. In many
cases IN entire stranger succeeds in palm
ing off territory or insurance policies
upon men who are ordinarily decrntly
sharp about trade. Just as peddlers sell
worthless goods to those who think they
are getting good bargain" and escaping
the paying of Il small margin of profit to
an honest local dealer.
Insurance is rs staple an article us any
dry goods, but the buyer should know
what he is buying, There are merchants
to whom one can go and say | want
such thing; am not myself Il Judge Of
it, and you are; furnish me what | want;'
and be sure Of getting what is barsaincd
for. So it is in anything; - buyer must
either have personal knowledge Of the ar,
ticle bought, Or deal with one on whose
judgment and honor he can rely, or else
in majority of cases he gets cheated.
The whole business, whether it is insur-
ance or patent rights or "lino shawls.
that is carried on by tincrant vendors of
things is, taken together, an injury to the
state and cheat upon its people. A
travelling insurance agent may be us hon
est as a tin pedler, and has just as good a
right to hunt up business; it is nothing
against man that he has energy enough
to go after business, but lie should be dealt
with on business principles and the thing
he sells or the seller should be thoroughly
known TO the buyer.