The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1894-06-14
CHEAP INSURANCE
And a Plan for a CO.Opera.
tive Company
To Protect the Assured and the Assurer.
Call for q Meeting.

The committee of the Co.insur
ance conven; lion which met yester-
hay, after adopting the reply to the
chairman, which was published in
TIE News, discussed several plans.
Local co insurance companies seem
to be the preference of those who
have investigated the question. Mr..
NJ. Lasker, who is thoroughly
posted, having given the matter a
great deal of thought, thinks com.
panies organized by the people and
controlled by an executive board Of
business men, with an insurance
man as manager, to receive salary
for his work, would solve the prob
lem of cheap insurance. These
companies could be organized in
districts, apportioned throughout
the state, and the people would con-
tribute to the stock, or under the
plan of the Lloyds in the East. An
executive board, composed of stock.
holders, and the manager, who
would look to the interest of the
company, rather than his own, for
his compensation would be fixed
sum, instead of q commission, would
pass upon every risk, and they
would no doubt exercise the great
est caution in accepting insurance.
The rate would not be inflated for
the purpose of a large profit, the
object only being to provide protec-
ton in case of loss. The premiums
would be paid to home people and
not to eastern capitalists. In this
way every one would be interested
and the result would be that the
assured being also Interested as an
assurer would be careful with his
own property and also keep watch
full eye on his neighbor to in that
way protect the company.
Nj. Lasker's plan is to ask the
people throughout the state to
organize in districts, having one
town as center and the district to
be organized from the residents u
towns within radius of say forty
miles. There could be fifteen dis.
tricts, Waco being the center for
one, Dallas for another, Corsicana
for another, and so on. Then
solicit subscriptions in each town in
the. different districts, stated
amount per capita sufficient to raise
the capital agreed upon. In this
way the people would be directly
interested and would cooperate for
the success of the scheme. When
the amount of the capital is secured
the stockholders then meet and
elect general manager, an executive
board, and select place for the
home office. This executive board
shall pass on all risks. The manager
should be an ins urance man of ex.
perience, to draw salary Of IS, 900
per annum, devoting his time
to the interests of the dis.
trict he represents. In case
he receives application for more in.
surance than his district can carry he
is to act as agent for other districts
without pay, and place those appli-
cations. Under this plan all will
feel an interest in the business.
Every little town will be represented
in the company by having a local
board to investigate risks to act
without pay for the interest of the
companies in which they are stock.
holders. Mr.. Lasker believes this
will solve the problem of cheap in.
surance.
Members of the committee
thought we'll of the plan, but it was
decided not to recommend any es.
pecial one at this time. Each mem
Der of the committee is instructed to