The times. [volume] (Richmond, Va.) 1890-1903, 1898-02-16
PoLrcY HOIDERS WIN CONTEST
The Legality of Recent Mortuary Calls by
Mutual Reserve Fund Life Association.


The Petersburg Index-Appeal OF yes
tcrday prints the following. which will be
read with interest by many persons In this
city:
A meeting Of the policy holders in the
Mutual Reserve Fund Life Association
resident i'm or near Petersburg was held
Yesterday afternoon at o'clock at lhe
office of Mr.. Charles 4. Lassiter. Con-
siderable interest was manifested IN the
stand taken by tho members on TINS as
ISOLATION I'm Richmond in regard To con-
testing the legality OF the recent mortu-
arv calls issued by the association. L. Is
understood that Mr.. W. T.. Royal has
been employed TO represent the contest
ing policy holders. and the object or the
meeting ON yesterday was 10 see now
many of the Petersburg members VIII
co-operate I'm this fight We learn that
between 100000 and 10000 Of insurance
lu this company Is held in this city. The
Nutual Reserve Fund Life Association
was Incorporated something less than
twenty years ago. From its inception
IL met with considerable success on ac-
count of the cheap rate OF insurance u
offered 10 It's members. \ number Of our
best known citizens went into II Win the
distinct understanding that the age or en-
trv into the association would govern the
amount OF their assessment. The manage
rneut NOW claim that they have the right
10 raise the assessment on the members
according 20 their more advanced age.
For instance certain gentleman be-
came "a policy holder I'm this association
about fourteen years ago AT ifty-seven
years OF age. According TO his policy the
assessment rate on that age ON N.WN was
s. g.. So that or $500 his assessment was
$50 This rate was afterwards raised
IN s3s IN and then about two years ago
10 Sf5I5. tt the time Of each raise m the
rate some explanation was sent 70 the
members in the form Of circular letter,
but as we are informed. it Is only re-
Gently that the claim has been advanced
that the association can continue 10 raise
the rate OF assessment year by year. IL
rs now proposed 10 assess the gentleman
above referred 10 $50 for the age or
seventy. and next year 10 advance the
rate Of age 20 seventy-one. and so on.
II this can be done by the association
then this gentleman (whose expectation
of life according to the tables or NOR
tality is eight years, viii pay TINS Assoc
cia-ion in the next eight years SJlJi on
a g. 900 policy. The older members claim
that this raise in the rate is not neces-
sarv To pay the death losses. but that II
IS made for the express purpose Of forcing
undesirable risks out Of the association.
II is further alleged that this additional
burden Is not equitably divided among
all OF the members. but that the older
policv holders have been cOralled into
class apart and are being charged these
exorbltant rates just at a time OF lite
when they can m afford 20 pay insurance
premiums This. they urge. Is practi-
callv an attempt 20 freeze out those who
are now too old 70 get new insurance
elsewhere. The fight will no doubt be
hotly contested and the result will be
looked forward 20 with interest, not only
bv the older members. but also by their
Younger associates. as II is reasonable 10
suppose that these latter can look for
ward 10 the same treatment when they
have reached the age Of undesirable
risks"