Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1904-04-28

| OF all those VINO carry an Iiisui
ance. either fire or life. how many I'M
derstand the subject? Most likely,
dear reader, especially if you chance TO
be among that number, you say the
greater part of them. Do they? Hard
lily. Again you say they must for be-
fore l took out my policies l made
thorough study of the matter, and no
practical man would fail to do the
same" That is true to a certain ex-
| tent and that is all. You did, as dit
the others, make a careful examination
of the standing of the several compa-
MES which We're offered you, compared
| their rates and finally decided upon the
one in which you would take out the
policy And right there you stopped.
so did all the rest of them. You did
not look to see what obligations the
policy carried more than that if your
buildings or furniture We're burned you
We're to receive a certain indemnity,
while if you died, if it was a life in
surance. your beneficiary received Il
certain sum.
Eut there are obligations, other than
these, which any company desiring to
DO business in the State must conform
Ito.
| Take, for instance, how mary people
who carry Insurance on their property
and how many agents who write that
| kind of insurance, are aware that if a
man goes to an agent and secures 4
policy for Il certain sum upon build
| ings or furniture. as the case may be,
and the property is destroyed by fire
before the premium is paid the COM
pany must stand the loss? Very few.
IN all proba bility, and yet such is the
lease.
To cite case of this kind A certain
insurance agency in the eastern part CT
the State, q few years ago got into
trouble in this way. A representative
of a concern came to them and wanted
a policy for n certain amount. 1t was
written and delivered to the represent
alive of the firm, but the premium was
rot paid, the agent allowing it to &c
for a time, as an accommodation. He
sent the amount of the premium, taken
from bis own pocket to the home office
Of the company in which the policy was
issued. In few days thereafter, and
before said premium had been paid, the
company made an assignment. The
lHSuTdlCc agent went " tIit dSSlSIlet
and told him that he wanted the pay
fment of the premiums.
But, my dear sir, I know nothing
about that" said the man, If you
trusted them that's your lookout ant
you must take your chances with tn.
ether. creditors. The policy says the
premium has been paid"
Then the agent made an effort t.
/ cancel the policy. but found himself w
against proposition that to do this h,
must tender to the assignee that por.
ton of the premium. as the policy CAV,
!, which had not been used in the time
(which the insurance had been in force
To do this he must make an additional
demand upon his own funds. which
would only increase the amount whici
| he was out by the transaction.
| I Another feature which few under.
+! stand is that if a man goes into al
| agents Office and tells him that h,
\ wants Il $1,000 insurance on Il piece O
= property and the agent says all right
We'll give it to you in such company
ard the property burns before the poll
icy has been written, the company mus
stand the loss and should the agen
simply tell the man that he would in
sure the property for definite amour
from a given time. but prior to thu
fire had designated no particular corr
: pany then each company represents,
by him must bear it's proportional par
icf the loss.