The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-12-10
AREMARKABLE SHOWING.
Official Statements of Some of Indi-
ana's Insurance Companies.
How the Certificate-Holders in Mortuary
Assessment Concerns Are Bled for the
Benefit of the Managers.

companies doug business III Iul5 Sidle' L nc
statements are unique and interesting, osay the
least, and disclose rather remarkable state OF
affairs. The Rough Notes article is entertain
ing reading, especially for the holders OF certi-
Gates in the concerns:
Indiana Mutual Aid Association, of Terre
Haute. No real estate or Understanding Sc
curlties Investments. Assessments due,
$4,000; cash in bank. S3. 65O25; cash in office,
$l0S.65; total assets, S9,75S.90; total iabil
tiles, 50 1880; total income, is. 322.55. Paid
for losses, So, 53l; expenditures, commission,
salaries, etc, $2.7919o; face value OF Ger
ticates paid, $1,000; amount actually paid
thereon, 1881, or Ii cents on the dollar; num-
Der of deaths Al; lnsures from twenty 10 seven
ty-five.
Old Wayne Mutual Life Association, Indian
apOlis- No real estate OF interest-bearing in
vestments; assessments due, 1888; cash IN
bank, 1925; cash in office. none; total assets,
81 49S; total liabilities, $685. for losses not due
total income, S4,662.55; total expenditures for
losses, 9.66; commissions, salaries etc,
SO. 127.S9-$3 10 the officers to 81 to the bene-
tciarles; face value of certificates paid So .OOO;
amount actually paid thereon, S709.66. or
about Ga cents on the dollar; ENSURES from
TWEEN ty-three TO eighty-four number Of deaths,
Ia.
Provident Life Association, Richmond. No
real estate or Understanding Investment; no
bank, Sl69.97; total assets S552.S7; total iiabi-
tiles, 'nil:" total income, S57330; total expendi
lures, $1G3. 10; no losses reported or paid.
Royal American Benevolent Association, Indi-
annapolis. No real estate or interest bearing in
vestments; assessments due, 81, 169. 50; cash in
bank, $s05 05 total assests, 80 407 At; total La
hIliJies, amount not fiXed' total. inc0me, So
2S5.95. Expendltures-Paid losses, 1878 so; paid
commissions, salaries, etc, $S05. 1S-a pretty
fair divide; face value of certificates paid, S12,-
600; amount actually paid thereon, 1919 y, or
5lec the dollar; insures, from twenty to
ninety; number of deaths, H.
Mutual Aid Association of America, Tndianap-
Ola No real estate or other Investments; due
from assessments, So 258; cash in office, none;
cash in bank, 3,l59.0S; due from annual pay
ments, ST. O26 total assets So 81 08; Liabilities
tures-Pad losses, 81 ,033.22; paid commissions,
salaries ere, So, 245. 1881 to the benefcaries,
81 to the officers of the company: face value of
certificates paid mot fxed;" insures from ak
teen to eighty five; number of deaths, 81. This
concern probably paid nearly one cent on the
doflar
Mutual Guarantee Life Association, Indianap-
oils. No real estate or Investments of any kind;
reports total assets of S1,277 and liabilities of
$500; total income, IS, 1910. EXpendit lures
No losses paid; commissions, salaries, etc, S4,-
901 95; clear scoop for the managers: insures
from eighteen to eighty-four; no deaths
ported.
Standard Life Association, Fort Wayne. No
real estate or Understanding investmen ts; re-
ports 81 1858 assets and $969.28 liabilities;
income, "a ,556.S0. EXpenditures-Paid losses,
81 ,O26.97; commissions, salaries, etc. SO, 50;
where the benehclaries got one dollar the man
ayers scOoppd three; total face value of cerllf-
Gates paid, $4,000 total amount actually paid,
$l.O26.97, Or eleven cents on the dollar; insures
from eighteen to eighty; number of deaths not
reported.
Excelsior Aid Association, Anderson. Reports
neither assets nor liabilities income, 81, 692.0l;
Expenditures-Paid losses, S7873S; commits
sions, salaries etc, S90463, nearly an even di-
vide; total face value OF certificates paid S14,-
600; total amount actually paid thereon,
$787.38, or six and one-quarter cents on the dol
lar; insures IRON fourteen to eighty; number of
deaths, H.
German Mutual Aid Association, Boonyille.
No real estate or investment in securities of any
kind; assets, all told. consisting of money in the
md i'm hani- tof al
total income, S406; Total expenditure, no losses
being paid, 1855: no'deaths; insures from TWEEN
ty TO sixty-five. Tiis seem to be one of the most
modest institutions in the State.
Indiana State Mutual Aid A Association, Logaus.
port. Reports neither assets nor liabilities,
money on hand or in bank or anyinvestment:
tOtaltncome 1922 so. Expenditures Paid losses,
S540; commissions, salaries, ere, $500. This
is the most singular showing of all; the manag-
were extremity novices. Face value of GER
tificates, 1919; amount actually paid thereon,
$40, or over eichty-tive cents on the dollar
DeaIhs not reported; insures from forty-nine
to eighty-fve. The ages much in favor of
the managers hereafter.
Washington Mutual Aid Association, Indian.
apOlis. Returns neither assets nor liabilities;
income, 1886; expenditures, 1914 There were
three deaths, but after the commissions were
taken out of the assessments, there but
$72 left opay on the certificates, S24 each, or
pa cents on the dollar. putting the certificates
at 81 900 each.
Prairie CITY Equitable Life and Aid Associa-
tiOn Terre Haute. No real estate or other in
total income, 1898 .; total expenditures
$593.15, of which $246.46 was paid on losses
the managers taking little over half total face
value of certificates paid, Sc, O00 total amount
actually paid thereon, $24646, or about four
cents on the dollar; number of deaths, 2; in
sureS from Twenty-Five to eight y-fonr.
Mutual Life and Endowment AssOci alton, In
disnapolis. No real estate or other Investment;
assets. in yearly dues and premium notes. S4o.-
total expenditures, 81 ,492; no deaths reported
and no losses.
ton, Elkhart. Like all the rest it has no real
estate or other investment; assets, consisting OF
annual dues ami assessments, 81 AIS 81: liabili-
ties $3.50 "a: total income, 81, 2S total expendi-
lures. $6l.75 insures from twenty-One to eighty
four; no DEATHS and no payment OF losses re-
ported.
In the foregoing the important figures have
been given, going to show the standing OF each.
These figures must strike even the uninitiared
something remarkable in the insurance line.
They are supposed to cover a period of about
three months actual operations, and disclose
the fact that pretty nearly all the money col
lected on the "mortuary assessments" Is con-
sumed in paying the commissions to agents and
salaries 70 officers. Withreference to this feature
of the business. "RouGn Notes" has this TO say Of
two of the companies above named:
"NOT YET FIXED.-This Is the answer returned
by the Royal American Benevolent md the Mu-
tual Aid Associations, of indianapolis, in an
swer to the interrogatory requiring them to
state the amount of their liabilities account
of claims for losses due ana unpaid In their
report TO the Auditor of State. Not yet fixed is
GOOD definite and to the point. as these associa-
lions. with membership aggregatiDg 1884.
report sixty-nine deaths during the year. or
from March II to June 30. The Royal Ameri-
can had managed to pay S675.72 on u face
value of certificates presented as death
claims amounting to $4,000 only
2.0563l per cent. of death claims paid, or little
over five and q half cents on each dollar of
losses. 1t will take good deal of fixing to sat
isfy their victims that there is any insurance in
this. Fixing ignorant victims with the idea
that they have thousands of members. that
apSS Viald
ment of benefits, is one way to fix the public,
but 1t has been found difficult matter to fix the
reports"
This criticism, with the notifications that
will suggest themselves, applies with equal or
even greater force to all the other concerns
above mentioned. The figures, taken from the
official tabulatiOn, expose The true character of
these concerns they are graveyard institutions
of the worst Pennsylvania type. The more
deaths the more assessments, and the more
Ressments the more money to divide iTp among
the a manta and IllAulIill aLnra. In Ll