The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-05-29
INSURANCE NEWS AND
NOTES

| the applicants would realize the necessity
| OF insurance, and seek insurance in the
offices. they might save a substantial sum
| for themselves.
The officers of the Mutual Reserve have
| filed their suits against c. ]. Franklin for
criminal libel. The defendant took advan-
| tage Of the presence of the insurance COM
missoners in New York TO have them SUBJ
| are small, the commissioners inspected sew
| eral companies during their enforced stay.
bill has been signed by the Governor of
New York which requires the Lloyds as
sociations to file a statement of their
financial condition with the Superintendent
| of Insurance at the end of the year. The
statement must be verified by the attorney
OF the association, and shall contain such
matter as the superintendent may prescribe.
xxx
The United States Supreme Court has
decided that service of process on the
Auditor of State is valid against an in
| surance company though the company has
| withdrawn from the state. and the officers
| have revoked their consent that such pro-
cess shall be valid The suit was against
| the Mutual Reserve Life by the policy
| holders to recover premiums.
The Independent Order of Foresters Is
very indignant over reports circulated by
certain insurance papers in the early part
of the year stating that the order was In
solvent. They call attention to the insur-
ance reports, which show over $4,000, 900 in
| their treasury, and refute the alleged I'M
pairment by noting that they are not re-
| quired to maintain the reserve necessary
| for the life insurance companies. They
| also state that their rates have been in
| creased since 1888. which has materially in
creased their surplus.
The Mutual Security Company of Con-
necticut has been Incorporated Cor the pur-
pose of irsuring manufacturers against loss
| caused by strikes, riots or interruption of
business from any causes. 1t is thought by
the promoters that it will operate to de-
| crease strikes, since ii will enable the en-
ployers to hold out against striking en-
| ployes and, on the other hand, will not be
| operative If the strike was caused by the
| employer. 1t can be readily seen that the
| settlement of such losses will be attended
| with some complications.
Jameson & Frelinghuysen, New York
brokers, are trying to perfect the organiza-
| ton of an insurance league which
| will give large insurers insurance at
cost. The plan provides that the
| insurer will have guaranteed in
at six at
| cent less than the tariff rate. The policies
| are to be issued by a responsible company,
which is already In existence. Inc oeVeiop-
ment of the plan will be watched with
| interest.
| President Phelps, of the National Life OF
| the L. s. A, of Chicago, was in this city
for short stay. The National has recently
purchased the business of the National Life
| and Trust of Des Moines, which will give
| the former company more than s4O.OOOO0
| of insurance in force. The company made
| bid for the business of the Kansas Mu-
| tual but higher bids were made by other
| companies, which were referred to the pol
| icy holders of the Kansas Mutual. The 1lli-
nois Life offered q bonus of Sl01,CO the Ma
| tional offering slOl 600 Gr. Starnes for
pany, is now vice president OF the National
| Life.
Two cases against accident insurance
companies which were decided last week in
| Pittsburg We're very unfortunate, since the
| grounds upon which the companies de-
| Tended were very technical. and the con-
| Quoting of the suits and the results in each
| case could not but help confirm the gen.
| eral impression that insurance companies
VIII avail themselves Oh any excuse W
avoid payment of claims, however just. In
| one of the cases an officer of manufac-
| turing company who had described his
| duties as executive" was killed while d.
| recting the moving of a crane. The COM
pany resisted payment OF the face or the
| policy, 5000, claiming that he had mis-
/, described his duties, and that the rate he
| paid called for only 5000 of insurance 1t
was impossible to convince the court and
/ the jury that the insured was not still per-
| forming executive duties when he met his
| death. In the other case the insured lost
| his feet from being run over by a train
while crossing a track to get another car.
The defense was that he was on a road
| bed, which was forbidden by the policy.