The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1881-09-29
GRAVEYARD LIFE INSURANCE.
HOW AGED MES AND WOMEN ARE DUPED
BY TIE AGENTS.

HOW AGED MI,N AND WOMEN ARE DuPED
BY THE AGENTS.
A case heard before Alderman
6raul, Of Reading, Pa, on Saturday
last, resulted IN an exposure Of the
methods of those engagOd in the busi-
ness of graveyard life insurance. An
old man, bent with infirmities and a
misspent life, brought suit against an
agent to recover SO. The money. he
said, had been promised him for the
privilege Of insuFing his life, but the
agent refused TO pay the amount The
prosecutor IS a professional in the
business of having risks taken on his
life, he playing the part of a dying
man, when in reality his health is as
good as the average mans at his time
of life. These professionals charge
s. per $1,000. but 1t seems that they
are duped by many agents in the fol-
lowing manner.
A professional consents 10 be insur-
ed for $1,000, and is paid s. cash.
Generally speaking, he never reads
what he signs, nor does he care much
what it is. He thinks the papers are
foI an application for a single policy
for $1,000. The agent who has him in
hand gets his siglIiture half dozen
times on as many different papers.
He Is told that 1t is necessary, as the
company. is a very strict one. The
truth Is the old man has signed for
three or four policies for $1,000, 5000,
5000 and 5000, for which, however,
he receives a single fee of 50 only.
He imagines that he has been insured
for $1,000, whereas the amount on his
life Is $1,000. This is the way in
which such large sums of insurance
are placed on the lives of the old peO-
pie. Old women, helpless and par
alytic, poor and palsied, are hood
winked in the same way. The agents
then peddle the policies around the
country to whoever will buy. This
s'Watered stock" as it is called, forms
a leading article for barter in mary
back country mats. It is a common
expression that you can't throw a
stone in Eastern Pennsylvania with
out hitting a graveyard insurance
agent with policies to sell. He has
paid So to the subject and owns SILL
600 worth of policies. They are IN Al
companies that pay fun face value of
the policy. The agent thus carries
on his sale:
Nov, sir, privately, you know, be-
tween you and me, this policy for
$1,000 cost me $40 before I got it is
sued by the company. (I4ie No. l. The
subject is good one, first-class
won't live six months. Gle No. p.
Now, the policy, just as It stands,
cost me $25. (Isie No. %. I will let
you have it for $50, and wouldn't be
a bit surprised but what you'd hear
of the old psrelyzed skeleton being
dead in less than six monthsl". Gle
No. y.
The policy is sold and duly assign
ed, for which the company receives
$40, the agent makes $40, and the
holder Of the policy hunts up his sub
ject to inspect him and speculate upon
the probabilities of his early demise.
1t is safe to say that there is more
money made in the sale of policies
than in any other branch OF the ne
farious traffic.
An aged woman consents TO have
her life insured five times for as many
different parties for $1,000 each. She
then supposes there isS5000 insurance
on her lite, whereas she has been trick
ed aud duped, and in reality there are
$4,000 on her, which, if she knew all
the facts, would startle her out of her
wits. These aged people never do
kEiGW lAo ~ Aluti AlsHIdhCt Is 0l lAlGAI
lives. An old woman down the coun-
try bOasted the other day that she was
insured for $4,000. The fact is (but
she docs not know it), she is insured
for 100000, and the policies are held
by her neighbors, who are anxiously
watching and praying for her death.
She is lively as a cricket, and laughs
at the idea of her dying for the next
ten years. To her intimate friends
she says; 90, they'll all get tired of
this business before I'm half ready to
die"
Policies in these crooked companies
vary in value just as speculative stocks
are affected by the changes in the
bulletins from the Executive Mansion.
A dozen men holding policies on old
people meet at an insurance exchange.
Some Of their subjects are reported
dvng, others slightly better, others
about the same. The policy on the
subject Il at is dying appreciates in
value. and d sale is either made at an
advance or the holder concludes to
keep il. He refuses a good offer to-
day only to regret il tomorrow when
he learns that his subject is not in
dying condition, but getting better.