The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-23
INSURANCE NEWS AND
NOTES

cdent Underwriters was uniformity In
policy contracts by the companies. and the
best methods for obtaining IL. The associa-
ton does not desire uniform profits and
premiums which should be left 10 the in
dividuality OF the companies but IL does
want uniformity in the definition OF an ac-
cident, the companies right or cancellation,
in providing for changes in occupation. or
exposure, notice OF injury and proof OF
loss, company's right Of examination. and
In requirements respecting the loss or
hands, feet or eyes A committee was ap-
pointed to draw up policy embracing the
six reforms.
Motor fire engines have been tried in
England and Germany. with marked sue
cess in the latter country. They are very
swift. being capable of making a mile in
two minutes and go thirty miles; it re-
quires but a few seconds to get them
ready for action. and the cost for maintain
ing them is very slight. Those in Germany
are propelled by steam. and liquid
fuel petroleum preferred on account OF its
safety in the presence of sparks. The ma
chimes can be stopped in few yards. are
more easily directed and in all respects
are safer for street use than the horse en-
gines. When the fire is reached the motor
apparatus is uncoupled by a simple ar
rangement and the power is directed TO the
pumping Of water. IL is expected that these
engines will soon supersede the ones in
present use.
Mnlie any one SubeT1ng ana OlSaDleQ
from accident or disease would appreciate
the benefits arising from proper insurance.
it is the poor man, the one who is dependent
on his earnings from day to day. who most
needs indemnity for loss OF time and cost
Of medical or surgical treatment In case
OF death the laborer's family is usually left
destitute. with no means OF livelihood and
no money for funeral expenses. The only
| assets available for such an event usually
are 10 be found in the proceeds from in
dustrial insurance. policy which Is
good sample of the above is that issued by
one of the leading life companies. The
rates for Sl39 for an applicant OF thirty
years, are 81 paid quarterly. The policy
secured gives the same advantages as the
higher-priced policies, providing cash
values, extended or paid-up insurance: divi-
dends are guaranteed, and coupons Tor
these are given with the policy, which is
nonforfeitable and incontestible. An en-
downment feature is also included. and the
Those who sincerely desire 10 aid the wage
Garner should call his attention TO the adj
vantages of industrial insurance In a good
company.
A Mutual Life agent reports that he was
rebuffed by native of Grant county. who
informed him that he knew how TO take
care of his money much better than any
life insurance company did; but only a short
time after this rebuff the same able farmer
! fell victim to sharpers and lost $500 on
| a fake foot race fixed up for his benefit.
| Nor was this unfortunate individual the
4 only loser in Grant county; the same agent
| made vigorous efforts to impress another
CITIZEN there with the advantages OF life
! insurance, but this astute man, manu-
| facturer was too wise for the agent and
sought a more speedy return for his money
than insurance offered, and therefore
placed his $4,000 in a gold-mining scheme,
which Melted quick return-but not 10 the
| manufacturer. With the larger sum a life
annuity of $2.Sl4 might have been pur-
| chased.
That the laboring classes appreciate the
value of life insurance and the importance
of making such provision for dependent
| families when deprived of their bread win
ners by death is shown by the immense
number OF policies carried by the industrial
life insurance companies. The wage Garner
paying for life insurance in proportion to
his income carries small policies. the aver
age amount of which varies. little from
| $50, but there are millions or them-mil-
ing large incomes in sums OF 81. 600 to ST.
100000 medium policy based upon the
| amount of insurance that 81 per
| month or 81 per periods OF three months
/ will carry is becoming very popular, the
premiums on industrial policies usually be-
! ing collected weekly. There are many car
! rying medium-sized policies of from $500 10
! 5000 who prefer 10 pay their premiums
| as they pay rent-by monthly installments
and many carrying quite large policies
prefer this method of payment As life In
| surance is a promoter OF thrift the mil
! lions of industrial policies in force and the
insurance incomes of the industrial life in
| surance companies are evidence that the
| American workingmen are very thrifty.
|
The full appreciation OF fire insurance is
shown by the present conditions control
ling the insurance business in the larger
cities, where instead OF the companies seek
| ing risks of any and every sort business
men find it difficult to obtain all the de-
sirable insurance they need. In many con-
gested localities this is impossible, and
there is tendency in some branches Of
business to form cooperative mutual
companies for carrying excess lines. In
dividual underwriting has been tried. but
has never become popular. Lloyd's associ-
ations which. though backed by the names
| of the most eminent financiers and capi-
| talists, proved Of little or no account
| few years ago, when their underwriting
| proved Improbable, have fixed the stamp
| of unreliablity so indelibly upon this class
| of companies that they are not likely to
= exert much influence In fire insurance. I'm
| derwrters who attempt TO indemnify the
| public against losses without any show OF
| real capital that can be reached by their
| patrons through the courts OF Immediate
| jurisdiction when losses occur are usually
| avoided by prudent business men. IL is
| the conservative methods OF fire under
| writing that have made IL difficult 10 Sc
| cure the insurance needed by the owners
| of large properties. Ii has come to be re-
garded as prime necessity for companies
| TO write small lines and scatter them well
| If they TO remain in business And so
| il has come 10 pass that a few more COM
| panies based on real capital and managed
| by real underwriters of experience would
be welcomed by the public and by compet-
| ing companies.