The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-04
Local Insurance LD0rid;
NeWS and Notes of Interest

Indiana agents Of the John Hancock
Mutual Life Insurance Company were the
guests of State General Agent L. E. Flick
niger last Wednesday evening at the ban
quet table in the Claypool Hotel. Follow
Ing the banquet number of toasts were re-
sponded to.
Schools and academies have proven es
pecially Improbable TO fire insurance com
panles for some years past and new
schedule of rates has been prepared by
which the use Of indirect heating systems
Will be penalized Is cents per 500. and an
additional charge of . cents will be made
when the refuse Il burned in the building
and not carried away.
Much regreat is expressed at the retire
ment OF the Greenwich Fire Insurance Com
pany of New York, which reinsured after
the Baltimore fire. The company is sew
enty years old. it's stockholders are well
able to restore the Impairment which it's
losses in Baltimore OccasiOned and at a
time when more companies are needed to
carry the risks that are offered, 1T is con-
sidered a pity that such an efficient plant
as that Of the Greenwich should be aban-
doned.
The State OF Connecticut is the first to
publish its annual report covering the bust
ness of fire insurance companies for the
year 1893. 1t shows, among other items OF
interest, that at the time Of the Baltimore
fire the companies had of cash in hand only
about one-half of the amount necessary to
meet their losses caused by that conhagra-
ton, but with the exception of a few re-
firing companies, they possessed enough of
quick assets to enable them to meet their
obligations promptly and without much en-
barraSsment.
!
1t seems probable that an increase in fire
insurance rates may be expected owing to
the numerous heavy losses recently borne
by the companies. In the words of L. G.
Irwin, president Of the Fire Association and
a prominent member of the National Board
of Fire Underwriters: AN increase of
rates is expected generally By the public
as we'll as by the insurance men. / think
the national board committee will go over
the records, find the towns and cities in
which the experience of the insurance COM
panies has been Improbable for series of
years and see that these are put upon n
paying basis.
Insurance men are naturally congratulate
ing themselves on the fact that the State
of Wisconsin, about a year ago, determined
TO carry her own insurance and instead of
paying premiums to fire insurance compa-
MES she paid them into an insurance fund
proportions before fire should occur in
any of the public buildings and draw upon
this accumulation. But an $500, 900 fire came
when the fund had grown only to So, 600 and
within a few months after 100000 of insur-
ance in stock fire insurance companies had
been allowed to expire. The game of in
surance is most uncertain.
Mississippi has long suffered from the
evil effects of 'inimical insurance laws and
the Legislature now in session is beginning
the repeal of some of the MT irksome
The valued policy law repeal Jill has al
ready, progressed well along toward pas
sage and bill repeating the anti-compact
law has been introduced with apparently
enough friends behind it to make ii law
That State is a conspicuous example of the
consequences which follow the passage OF
laws 10 restrict the operations of fire in
surance companies to such degree that
they compelled to carry on business al
a greatly increased expense. The various
laws that have thus been placed on the
statute books of Mississippi and of many
others were intended by their makers &c
afford relief from the burden of fire tax, but
they have proven quite the opposite and
have added 10 the load. In Mississippi tht
aim is now TO keep the companies in proper
supervision but 10 avoid interfering with
their free transaction of business along the
most economical lines.
The Equitable Life Assurance Society Of
New York has just taken important
stand in regard to the practice of twist
ing" as it is known among insurance mer
the displacing of policies in one company
by those of another. This has been a very
common method of getting business on tbs
part of many agents. In order to accom-
plish such work il is necessary to breal
down the confidence of a policyholder II
the company which is already carrying hi:
insurance, which, in itself, is most repre-
hensiDle, as 1t has the effect OF placing al
companies in like disrepute. Furthermore
it works to the direct disadvantage Of the
policyholder himself for. at his increased
age, his insurance fnva new company mus
cost him more than it did under the ole
contract. There are always agents, how
ever, who can cover up these facts adroitly
and make their victim think that he /:
going TO save himself from certain loss by
the change The Equitable has noti
fled its agents that it will not countenanc'
such work on the part OF its representative.
and has asked the other companies to take
a like stand. Beginning with March l al
policies sent from that office bear a slil
which reads as follows: Agents are pos
itively instructed not to sell an Equitable
425; cows, $1,000; 1heifers. s2Q45O; Gamers