The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-04-13
THE ORDER OF EQUITY
SOME CURRENT REPORTS ABOUT 1T
DENIED BY ITS SECRETARY.
About So, 900 I'm Endowment Policies
Due and Unpafd-Realty to the
Value Of $4,000.

William f. Lander, Supreme Secretary of
the Order of Equity, was questioned yes
terday concerning reports of an unsatisfac-
tory state of affairs in that organization.
The society has its headquarters In this
city. He says that the order is in fairly
good condition, and that 1t will compare
favorably with other mutual benefit asso-
Citations, all of which have been more or less
affected by the prevailing hard times. This
year and next. he says. will mark the most
trying periods in its history, as large num-
Der OF endowment certificates will become
due. In 1898 and afterwards for three or
four years, he claims, everything will be
comparatively smooth sailing, as the num-
Der of certificates to mature in that period
is small. The endowments which will be
due and payable this year will be about
equal to those of next.
Mr. Lander says that the only dissatisfac-
ton has been from some of the members
who did not thoroughly understand the
constitution and bylaws Of the order. The
endowment policies issued provide for the
payment Of sick benefits. These are pay
able before other claims out of the income
All surplus after the payment or sick bene-
fits each month Is used for the payment of
fits must be paid within thirty days after
they are filed. Ii has been the purpose of
the officials of the Order of Equity. they say
to pay all sick benefit claims within ten
days, and they say 1t has rarely been found
necessary to stave on payment until the end
h f ts a There no eS
time for the payment of endowment policies
after they become due. This is done with
payment h Of sick benefits. 1t is claimed by by
Of the policy holders were not thor thor
ton. and had the idea that their policies be-
came due and payable at the end of the Ave-
year or ten-year period, as the case might
limited time in which to pay the claims there
was some disappointment, as they had looked
forward to the time ne when , this money would
payment OF their debts. In some OF the
most urgent cases partial payments have
been made. the officers say, and other MEM
money until there was sufficient on hand TO
pay them in full. At this time the order has
cies which are due and unpaid. No money is
kept in bank, Mr.. Lander says, and fast
as assessments are made against the MEN,
bers all money. with the exception of that
due the reserve fund, is Immediately paid to
the holders of claims. The reserve fund is
invested in real estate, and he shows the or
der now owns real property worth about $50.
0O0 which Is said TO be 200 in excess of
the liability on unpaid endowments now due.
IL is said that about fifteen endowments are
being paid off each month. Mr.. Lander did
not state the exact amount OF liability that
would accrue this year and next on end0x-
ment policies, but admitted that IL would be
heavy He looks forward to the following
year as a time when the order will be pr -
ticulary prosperous. He says that the order
has had no litigation with members who
learned that their claims would not be paid
upon the date the policies ran out, and after
they learned they were not legally due at
that time they were disposed to accept the
situation.
Mr.. Lander admits that the Order of
Equity is in some respects similar 10 the
defunct Order OF the Iron Hall, but says
| that in other respects IL is radically differ
ent. The mortuary policies of the Order o:
| less have been issued than of the endow-
ment policies. of which there are two dis
| tinct classes. those for $500 payable in five
years The maximum amount of as
!. ,7S hs On q. gS,Sy policies II aSs
| amount of assessments paid is slightly less
| than double that paid on the smaller certif-
Gates. In the Iron Hall the maximum amount
| from ssl2 to $slS. The officials of the Equity
| claim that the accumulation on the $50 paid
| b. the policy holder, together With the per-
| about equals the $500 which Is ultimately paid
| the policy holder. The endowment policies
| provide for the payment Of sick benefits, bui
| they are worded that the amounts OF ben
| efits paid by the order shall not exceed. tc
/ any great extent, what the member has paiC
into the treasury. Under the Iron Hall plar
| the member might become a charge upoI
| the order and draw out far more than hi
/ had paid in.
| Another feature of the Order of Equity !.
| lauded as being of great benefit to the pol
! icy holder; that Is the rule which provides
/ that members who have paid assessment
| for two years or more. on $500 certificates
| may cease paying assessments, and receiy'
| a paii-up policy for the amount he has paiC
| In. less sick benefits advanced. The paid-ul
| policy becomes payable at the expiration o
the original five-year period. The same plai
Is pursued on the 81. 900 policies, save tina
| the member must have paid dues for thre
years. Or. III the member does not want
paid-up policy, upon the surrender OF tn
original policy i has cash surrender yalu
paid.