The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-01-24
INSURANCE NEWS AND
NOTES

oils has good lead. having about twenty
home companies altogether only two of
which are fraternal organizations.
XXX
The United States Civil-service Commits
sion has recommended action by Congress
towards instituting a system of annuity
insurance for superannuated employees,
which would be effected by deductions from
the salaries of the employees. To this insur-
ance could be added insurance against dis
ability or death, payments for which would
be optional with the assured. Investigation
has shown that the number of employees
over the age or seventy was very nearly
2 per cent. and that the average age of en-
trance into the service was about twenty
eight years.
While the best accident policies Of some
of the large casualty companies provide for
insurance against expenses incurred
through surgical operations. yet the speci-
fic operations insured against are not many
in number: il is about time that a policy
covering every surgical operation known
should be issued with a scale OF indemni
valescence and nurses fees This would
allow a sensitive person. who shudders at
the idea of a public hospital, to have pri-
vate treatment, and to secure the services
of the more skillful OF the surgeons.
The showing of the Indianapolis Fire In
surance Company has been exceedingly
gratifying 10 the officers of the company.
The premium income OF the company for
the year 1902 was $3.50. S60. 80; the net premi-
UNI income was sos, S07 TO- which, added TO
the income from invested assets, SIS. 005.4 AZ,
made a total net income of s22Os1s2s, an ex-
cess over disbursements of $61 434 IL. The
assets OF the company now exceed si3l,Ooo.
The loss ratio of the company was much
below the average for the State.
The business of life insurance as carried
on by the British government for thirty
six years is practically failure as COM
| pared with other insurance companies, and
the total amount of insurance in force does
| not reach the sum Of 100000. Yet the
company is solid financially a. any insti-
tuition in the world. Its lack of success
shows plainly that there is no natural de-
mand for life insurance, and that though
| the great majority of men recognize the
value of life insurance, yet they have to
| be coaxed into taking it, and that the prog
ress of a company is due chiefly to its corps
of agents; though of course it is to the
advantage of the agent to be backed by a
| good company.
| With the close of this week Auditor
Harris term as state auditor ceases. as Mr.
| Sherrick takes charge of the department
on Monday. The insurance department has
SiOWH past IOuT years
The fees and taxes collected and paid into
! the state treasury from this department
alone during Auditor Harris term were
$1.0lS. "A. which is 1854, 9S more than in
any four years previous. The laws against
| wildcat" insurance companies, whether
| life, fire or assessment, has been vigorous
! ly enforced so that to-day the State is as
| free from worthless indemnity corporations
| as any State in the Union. There remain
| in the State only three assessment COM
panies which have the faint OF graveyard"
| but the law of their organization, repealed
| so far as new organizations is concerned, is
so loose that so far the State has heen
| unable TO close them up. The list of fraud
ulent companies that have been kept out of
residents of Indiana have been saved from
wholesale robberes by the vigils of the
law. Foreign investment companies, CO.
| operative and debenture schemes that have
so boldly operated in other. States have
been kept out of Indiana, except as they
| have found victims by solicitation through
| the mails. While Auditor Hart has been
most diligent in collecting the revenues
| from insurance companies his incorruptible
| attitude during his term OF Office has gained
him the respect of insurance men through
| out the United States, which was evidenced
| by mis- election to the presidency of the
| National Association of Insurance Com
missioners. He is one of the few commits
sioners who have not stopped to make raids
| upon the companies by fictitious examina-
| tons. He has the best wishes of all insur-
! ance men for his success in private life.