New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1904-07-27
STAYS WELL IN THE VAN
Interstate Continues to Lead Its
Competitors.
Local Insurance Company Gets It's
Share of Business.
Com missioner Dearth's Report
Gives It a Fine Rating.

u1HSS 1t a f10e Katlng.
Since jumping into the lead among
the health and accident insurance COM
panies of Minnesota two years ago.
the Interstate Accident and Relief
association of this city, has never
been headed. Although one of the
Youngest companies of it's kind in the
state, the New Ulm institution has
maintained its position without trouble
and the report of State Insurance
Commissioner Elmer II. Dearth, which
has just been received here, shows
that it is still at the very forefront of
the procession. There is in this a
splendid endorsement of the progress
slve and yet conservative methods of
the Interstate and local people will
take pride in the success it is scoring.
Commissioner Dearth's annual re-
port demonstrates conclusively that it
is the peer of all the Minnesota acct
dent companies. Last year it wrote
more business than any of the others,
paid as many claims as it's competitors
and conducted its operations at lower
ratio OF expense than the majority.
Each of these things is due to careful
and efficient management and with a
continuance of the same there is every
promise of even greater prosperity in
this and succeeding years.
At the close of business on Dec. 81.
1908, the Interstate was in the possess
sion of ledger assets amounting to
Sc, 22S.49 and during the year the sum
of 1924, 477.11 was received from mem
bers. Only one other company came
within $4,000 of equalling this revenue
and that, the Union Mutual of Duluth.
was some distance in the rear, having
receipts of $40, S16.06. During the
twelve months the Interstate paid
claims aggregating S7,21O.O5, but the
Union Mutual had losses footing up to
SO, 912.4 New policies to the number
OF l, 775 were issued and in this respect
the Interstate led the Globe of Mime
apolis, its nearest rival, by several
hundred. At the end of the year it
had 2,442 contracts in force, or SIG
more than the Globe, which was sec
ond with ,626. To transact this bust
ness the ratio of expense was reduced
to the minimum. Of the eight leading
companies only one had lower, one
other was identically the same as the
Interstate and the remaining five
above.
After showing the above facts in a
comparative table Commissioner
Dearth goes on to discuss accident
insurance and says: "The assessment
accident Insurance companies wrote a
total volume of new business in the
state during 1903 of So, $40, $780, an in
crease over the new business written
in 1902 of 1851, 215. The total amount
Of insurance in force at the close of the
year 1908 was s5,3O6, 100, exceeding
that of the previous year by s143, 255.
Total number of new policies written
was 10, 527, as against IA, $50 in 1902.
The increase in the number of policies
in force, as compared with the year
previous, was LOOP. The total amount
Of premiums or assessments, including
membership fees, dues, etc., paid by
the members of this class of companies
during the year was Sl15, 3O4, exceed
ing the amount paid in 1902 by SO, 1922.
Losses incurred during 1908 were
$40, 895, as against S42, 716 in the year
previous.
1T is clearly evident that the only
class of insurance that can be con-
Quoted with any degree of success up
on the assessment plan, is that involv-
ing accident or sick benefit indemnities
for small amounts. No company of
this class should ever issue a policy
of insurance, providing for a death
benefit, in excess of a few hundred
dollars at the most, unless a sufficient
stipulated annual premium payment
or assessment, with which to meet
such liability, was actually collected,
this applying to companies of small
membership especially"
To Replace Overhead Bridge.