Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1901-04-25
HAII INSURANCE..
Some Facts About the Farmer M.
tual Hail Association.

tual Hail Association.
The very stringent law recently
passed BY the legislature governing
hail insurance in Kansas has cot some
Of the little companies guessing just
what course to pursue. From pres
emit indications there will DO but two
companies writing this kind Of BUSH
ness in Kansas this year, one Of
which is the Farmers Mutual Hail
association Of Topeka. So far only
two have shown disposition to put
up the necessary bond OF $4,000 and
the above company is one OF them.
This company has arranged for .
bonded agent in Dickinson county
and will do business during the en-.
suing season. 1t can be depended on
to deal fairly with all.
The vital features Of the new law
are as follows:
1.-The officers Of each company hav.
ing custody Of the papers or funds
thereof shall enter into bonds to the
state Of Kansas for the benefit Of all
parties interested in the sum Of
$50, 1000, with three or more sureties,
or with some surety company author
lied to do business In Kansas, to be
approved by the superintendent OF
insurance, conditioned for the faith.
full accounting for and proper pay.
ment and disbursement to the legiti-
mate purposes Of the company Of all
the moneys thereof which come into
their hands. Said bond shall be ex-
amined as to its suhiciency by the
superintendent Of insurance, and
shall be renewed whenever be shall
require, and with his approval in
dorsed thereon shall be filed with the
treasurer OF state"
"All companies organized under
this act shall create and maintain .
reserve fund which shall be used ex.
clusively for the benefit Of policy
holders. Such reserve fund shall
consist OF a cash sum Of not less than
two per cent Of the total amount Of
insurance written; and the same shall
be deposited in some bank or banks,
to be approved by the superintendent
Of insurance and such deposit shall
be made upon the express condition
that the bank or banks accepting the
same shall hold such reserve fund for
the exclusive benefit OF the policy
holders Of such company, The full
amount OF such reserve fund, as above
provided for shall be deposited in
such bank or banks on the first and
fifteenth day Of each calendar month,
or as near thereto as may be practic-
able; and in no event shall such de-
post be made with less frequency
than twice In each calendar month,
Such reserve fund. or so much there
Of as may be required shall be avail.
able and used whenever the same is
necessary to pay all losses in full, and
shall be drawn from SAID bank only
upon check or order issued by the
proper officer or officers Of such in.
surance company, and such check or
order shall designate the policy hold.
err for whose benefit the money is
drawn and shall give the postoflice
address Of such policy holder and the
number Of his policy"
The Farmers Mutual Hail associa-
ton has had Its application blanks
and policies examined and Endorsed
by the superintendent Of insurance,
and their $50, bond now on file In
the state treasurer's Office bears the
following indorement:
TOPEKA, Kas., April 2. 1901.
II have examined the foregoing
bond as 10 its efficiency and The re-
sources OF the surety thereon and the
said bond and the sureties thereon are
by me hereby approved.
"Signed, W. V. CHURCH,
superintendent Of Insurance"
This company was organized and
began business year ago with the
following we'll known Topeka people
as officers: +. H. Foster, president;
H. L. Wentworth, vice president; W.
+. Bagley, secretary, and J. V. Abra-
hams, treasurer.
Nearly $S.OOO,O00 Of risks were
written last season and the probable
tiles arc that these figures will be in
creased many times over during the
present year.
The fact that this company has so
promptly complied with the require.