The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-15

the State. The laws especially to be at
tackled are the valued policy and anti-com-
pact laws.
Owners of large property interests in In
diana should be certain that their insur-
ance is placed In reliable companies Dur
ing the last year many worthless policies
have been issued through unreliable
brokers in this vicinity, and in case of fire
the insured would find that they had sus-
tanned loss and, in addition. had paid for
insurance that affords no relief.
The Stuyvesant Insurance Company, OF
New York. has been granted an extension
of thirty days for the collection of the as
sessment upon the stockholders ordered by
the superintendent of insurance, and which
was due on Friday While the Stuyvesant
has not been regularly admitted to this
State, IL is understood that Ii has issued
a large number of policies direct from its
office to residents of Indiana.
XXX
The Fire Insurance Society OF Philadel-
phia has recently moved into more COM
modious quarters. 1t will hold meetings
during the winter months, and give several
social entertainments. 1t will also conduct
night classes for the study of electricity.
construction and chemistry. After study
ing these subjects for half the year at
tention will be given during tlle latter half
TO practically applying the principles
learned.
Several successful suits against insur-
ance companies for policies which
were made valuable TO the insured
on account of the extended insur-
ance make a recent experience OF one
of the agencies of one of the large compa-
MES here interesting. The assured had a
policy which the extended Insurance car
ried for nine years and thirty days: after
living nine years and one day the fortu-
nate holder died just in time TO get the In.
surance for his estate
Foreign insurance companies are permit
ted to transact business in Cuba in ac-
cordance with the laws of the place OF
organization in so far as their capacity to
make contracts is concerned. and in ac-
cordance with the provisions of the code
of commerce relating TO the establishment
of their houses their business transactions
and the jurisdiction of the courts. A de-
post in cash or securities after approval
by the secretary OF finance OF $1,000 is re-
qured before business can be: begun.
III Great Britain the cost OF conducting
Industrial insurance is three times as great
as ordinary life insurance. but in the United
States the reverse is true. aAd companies
doing an industrial businessman they all
do ordinary business also-fini the cost OF
new business lower than in those COM
panies doing no industrial Insurance. Il
should be remembered. however, that the
cost of new business to the life insurance
companies in this country Is excessively
high.
In an interesting suit recently decided In
Chicago it was held that the plaintiff,
Thomas Chalmers. was entitled to the re-
Of lie in he
Life. which had been Cancelled after he
had carried 1t for fifty-one years. on the
ground OF misrepresenting age in the appli-
cation. In applying for the policy Mr..
| Chalmers gave his birth year as $50, but
later he discovered il to be 1915. and so gave
| IL in applying 10 the same company for
another policy. The company did not dis
cover the discrepancy for aeveral years
| later, when making up a card index: IL then
| demanded $500 difference, which IL claimed
as due. and on refusal TO pay Cancelled the
| policy. The successful defense was that the
| company should have notified afr. Chalmers
| OF the money due when he applied for the
second policy.
A case OF great Importance to insurance
companies is that of Smith vs. Mutual Ben
eft Life Insurance Company just decided
| by the Supreme Court OF Missouri The
plaintiffs husband took out Insurance with
the defendant company. but borrowed
money on the premiums and also ~ the
reserve until the entire loan amounted TO
over $500. The net value Of the policy
| was sufficient 10 carry IL to Sept. :. 1897. but
| IL the cash loan was excluded the value was
sufficient TO carry IL beyond July J. the date
| of the death OF the husband. The court
held that under the statute she cash loan
| must be excluded, and also asserted that
| though the continued existence OF the as
sured beyond the expiration OF the policy
| would leave the company without security.
yet the fact that the ASSURED might die
and thus give the company the opportunity
| OF deducting the amount OF the loan from
/ the proceeds of the policy Aas sufficient
| security TO uphold his Interpretation OF the
| statute.