Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1882-09-27
The Vermont Accident Association,
Rutland, Vt.

The fiscal year OF this association closed August
9. At the annual meeting, held on that day, the
secretary and treasurers reports were approved,
and vote for directors resulted in the reelection
OF the following named gentlemen: J. NJ Haven,
Redfeld Proctor, j. B. Page, W. II. Dubois,
George Nichols, J. W. Hobart, NJ S. Colburn, J.
A. Mead, NJ j. Francisco and j. B. Mead. Alta
subsequent meeting the directors elected
j. NJ. Haven, president.
Redfield Proctor, first vice-president.
]. B. Mead, second vice-presdent
NJ. ]. Francisco, secretary and treasurer.
John A. Mead, medical director.
The prosperity of the association during the
past year has been remarkable, although from
the start there developed the most bitter ami
mostly on the part of agents Of stock companies
in the accident business and the most unscru-
pulous statements were made in the hope of COM
polling this association to succumb to the pres
sure In the face Of such opposition they have
steadily advanced step by step until they have
now fully organized and firmly planted associa-
ton, which has already proved blessing to hun
dreds of citizens of Vermont.
One of the largest stock companies paid their
policy-hoders about thirty-six per cent, and paid
the stockholders for dividends, salaries ex-
penses, etc, about sxty-four per cent, while
this association has paid policy-holders about
seventy-one per cent, and the total expenses,
salaries, printing, etc, have only been about
twenty-nine per cent, and it appears that they
hare paid every claim IN Jul, and paid policy
holders hirty.fue per cent more than the stock
company.
The experience and records Of the business for
war shou that rartain nnnn har iniurad out
Of every thousand insured, and the risk is the
same year after year. That is, man is no more
liable to an accident at fifty than the young man
of twenty years; therefore, the objection raised
against life companies on the cooperative plan,
that their liabilities increase as the members grow
older and larger proportion die, does not apply
to accident insurance and cannot be sustained, as
the liability of an accident is the same after the
member has been insured for twenty-five years
that 1t was the first year.
The circulars and engravings which have been
30 lavishly distributed in Vermont about cooper
alive companies do not in any respect reflect upon
or represent the plan upon which this association
is doing business as its basis is Just as different
from a cooperative life company, as that is from
the plans Of a stock company and this hue and
cry was made in hopes that the public would in
fer that the plans and principles upon which they
were working were the same and subject to the
same objections, and thus create a prejudice
against this association. The statement has been
extensively circulated that they had been refused
admission to various states They have never
filed a report asking admission to any state.
When they deem it desirable to do 80, they will
enter such states as may seem advisable and
profitable.
Can a single case be shown where associa-
ton on the assessment plan doing only acci-
dent business has failed? 1t is not life insur-
ance company, but an association for indemnify
ing members against loss Of time when totally
disabled by accident.
The directors are men Of experience and wealth,
who have been successful in business, who have
regulations to sustain and intend to manage this
association legitimately and honorably.
An accident association which is now one OF
the largest in the United States only issued 100
policies during the first three years OF its BUSH
ness and the stock company which claims to be
the largest in the world, after business OF
nearly fifteen years in this state, and all their old
business to aid them, only make net gain OF
$50 policies during the year, WINE THIS associa,
ton, without any old business to start with, and
agents TO appoint, have issued 2,62I policies,
making gain for the years business OF more
than double that OF the stock company
They have made but three assessments during
the year have paid all indemnity claims in full
as soon as proofs were approved, also one death
loss All OF which has cost their pollcy-holders
only about half as much as charged by stock
companies While the fact has been fully dem
onstrated that their basis OF business is sound
and practical and destined to become one of the
strong institutions OF the state.
Below will be found the reports OF the auditing
and executive committees:
eve have examined the books OF NJ j. Fran
cisco, secretary and treasurer, and checked his
accounts and report them rs being satisfactory in
all respects, with proper vouchers for all receipts
and disbursements of cash. and the association In
a very prosperous condition
W H. DUBOIS, ....,,,.
RIDFIRLD PRoCToR, : C,a ry
J. w. HOBART, ''""''''o''
owe have examined the loss books and find
claims for over $1,000 from parties who have
been injured and ask for relief and that the
same have been paid In full and proper receipts
taken therefor. We also find that all claims
where proofs have been approved hare been cdShed
at once without taking the sixty days discount as
is customary in stock companies, and we do not
find any unpaid losses upon the books except
those where parties are not yet able to resume
work and have not made their proofs for the
claim.
THE years business has been large and sue
cessful, and all indications point to prosperous
future.
& GEORGE . eaD Sicno1s, Esse,,,iss. .