Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-08-28
.SPECULATING ON DEATH.
H0U They hun the Graveyard Insurance
Companies ia Pennsylvania.

before Alderman Graul. of this city, to
day, resulted in an exposure of the meth
DDS of those engaged in the business Of
graveyard life insurance. An old man
bent with infirmities and a misspent life
brought suit against an agent to recover
s25 The money, he said, had been
promised him for the privilege of insur,
ing his life, but the agent refused to pay
the amount. The prosecutor is ''pro-
fessional' in the business of having risks
taken oh his life, he playing the part Of
a dying man, when in reality his health
is as good as the average man at his time
of life These professionals charge s.
per 81 900, but it seems they are dupeo
by many agents in the following man
ner
AGENTS WORK.
A professional consents to be insured
for 81 1000, and is paid S. cash. General
ly speaking, he never reads what he
signs, nor does he care much what ii
is. He thinks the papers are an applica-
ton for single policy for $1,000. The
agent who has him in hand gets his sig
nature half dozen times on as many
different papers. He is told that it 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, $4,000, $4,000,
and $4,000, for which, however, he re-
ceives single fee of s. only. He mag
ines that he has been insured for 81, 600,
whereas the amount on his life is. $11 900.
This is the way in which such large sums
of insurance are placed on the lives of
the old people. Old women. helpless and
paraIytic, poor and palsied, are hood
winked in the same way. The agents
then peddIe the policies around the coun-
try to whoever will buy. This "watered"
stock, as it is called, forms leading ar
ticle for barter in many back country
marts. 1t is a common expression that
you can't throw stone in eastern Penn
sylvauia without hitting graveyard life
insurance agent with policies to sell. He
has paid S. to the subject, and owns
$11, 900 worth of policies. They are in
A companies that pay full value of the
policy. The agent thus carries on his
SALE
"Now, sir, privately, you know, be-
tween you and me, this policy for s., 900
cost me SO before L got it issued by the
company. Lie No. l. The subject is a
good one. frst-class; won't live six
months. Lie No. 2. Now, the policy
just as it stands cost me s25. Lie No.
g. will let you have it for $50, and l
wouldn't be bit surprised but what you'd
hear of the Old paralyzed skeleton being
dead in less than six months" Lie
NOD
The policy is sold and duly assigned,
for which the company receives 81. the
agent makes 800, and the owner of the
policy hunts up his subject 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
nefarious traffic
HEAVY POLICY.
An aged woman consents to have her
life insured five times, by as many diff
ferent parties, for 81, 900 each. She then
supposes there is $4,000 insurance on her
life, whereas she has been tricked and
duped, and in reality there is $55, 900 on
her, which, if she knew all the facts,
in the case, would startle her out of her
wits. These aged people never do know
how much insurance is on their lives.
An old woman down country boosted the
other day that she was insured for $780,
900. The fact is (but she does 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 cricket, and
laughs at the idea Of her dying for the
next ten years. To her intimate friends
she says: "Oh, they'll all get tired of
this business before I'm half ready to
de-
THEY WOULDN'T DIE.
One of the leading young attorneys at
this bar to-day remarked: 'sThis insur-
ance mania is a terrible thing. A few
years ago a client of mine down country
owned fine farm, clear of all debt, and
had money in bank and good credit every
where. He was induced to go into this
graveyard life insurance speculation, and
it has utterly ruined him. Why his
monthly assessments amount to at least
500. He carries policies on old men and
old women, but they don't die. When
the policies were sold to him the agents
represented the subjects to be half way
in their graves. The assessments rain in
on him, and for three years he has been
bled, until now his farm, his home, his
all, has been swept from him, his credit
at bank is gone, and he is on the verge ct
despair. In few months he will have
to throw up his policies. They are bad
stock and nobody will buy them. He can
not unload. His ruin is complete. There
are many others just like him. Farms are
going down in neglect, and families
heretofore prosperous are being ruined.
No wonder that men are tempted to muir
der those they have insured and who will
not die. About week ago the farmer
allude to had death occur in his favor
for $4,000; but when he came to realize on
his policy he received only 5000, the COM
pany saying there were only about 400 IN
that class instead of 1000 l was asked
to enter suit against the company, but
when L examined the policy l saw that
the company promised to pay only sc
much according to the number In the
class of which the insured was member
1 told my client that he was very lucky
in getting the 5000"
Policies in these crooked companies
vary in value just as speculative stocks
are offered by the changes in the bulle
tins from the Executive Mansion.
dozen men holding policies on old people
meet at an insurance exchange. Seine o.
their subjects are reported dying, Others
SLIGHTLY better others ahout the Same