Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1905-11-29

led him to believe that in taking the
policy he was saving his money for
rainy day, but when it rains on a day
other than the 18th of September,
he is compelled to stand out in the
rain, unable TO procure what is right
" due him.
This specific case also multiplies
the evidence showing the necessity
of law compelling life insurance
companies to make an annual ac
counting to policyholders. If life in
surance companies are to be permit
\ ted by the severa, states to write de-
ferred dividend contracts, then why
discriminate and shut out the Louisi-
ana lottery?
Need Uniform Regulations.
Just now we hear and read so
much about meetings of policyholders
being called for the purI. use of taking
some action to protect their inter
I ests in life insurance companies.
think the interests of policyholders
| best can be conserved by more uni
4 form regulation, in the several
states, of the affairs of life insurance
| companies. In this connection |
woud suggest the enactment of a law
j in each state, providing that the pol
1 fcyholders shall meet therein annual
ly, and by vote, in person or by
proxy, elect representative to attend
the annual meetings of the companies
and vote for trustees and directors;
or better still, by Law compel each
company to have a trustee or director
from each state in which it is trans
acting business, to be e. ecte5 at such
annual meetings in the several sts.tes
"There is danger in this plan. State
agents through local agents, unless
prohibited by law, might be able to
secure enough proxies to control the
election of the representatives., trus-
tees or directors: but if such a plan
could be made practicable and free
from the manipulations of state
agents, it would bring the policyhold-
ers more close to the management of
the companies Affairs, which condi-
tion should exist. If the trustees or
directors elected prove unacceptable
20 the po.icyholders, at tue next annu-
al meeting they can replace them by
choosing others. This fact should
not be forgotten, that the officers of
companies are only agents of the
policyholders with trust duties to per
form.
Hint for New York Probe.
while the legislative investigation
committee in New York is giving at
tention to the life Insurance situation,
| trust it will not over. ook the con
dition CT that class of fraternal soci-
cites working on the death assess
ment plan. In the last few years, a
large number of fraternal societies
have reqdjusted their rates upon an
adequate basis, or nearly so, but
there are a few still leading their
members to believe that their rates
a. adequate, when they are merely
working on the death assessment
plan. The officers of this latter
class deserve to be punished as Sc
verely as the officials of bank thai
, accept deposits after that institution
t has been declared insolvent.
: In the life report this year, | in
cluded new table-Table VII
which shows that one society with {
membership of 100000 and insurance
in force or contingent liability o.
S1.136.000,000, has an average surplus
or balance to protect contracts o.
= $1.32 for each $1,000 of insurance il
force. 1t shows that the Royal Ar
canum, with a membership of 305,00(
on January /. 1905, and $780, 600, DOT
of insurance in force, had an average
surplus or balance to protect con
tracts of only S3.5z for each $1,000 o
ins france in force. But the officers
of the Royal Arcanum have readiust
ed their rates on a basis that If no
, adequate, they are so nearly ale
J quate, another adjustment easily car
be made without inconvenience to the
members, if deemed necessary.
: Good Word for Arcanum.
What a blessing it would be to the
: thousands of beneficiaries if the off
GERS of other fraternal societies col
lecting inadequate rates would mani
1est the honesty and integrity that die
. the officers of me Royal Arcanam
+ when in the face of public denuncia
: ton, they continued their persistent
fight for the future welfare of thai
society. which means the protection
of the beneficiaries While | have
! always contended that fraternal soci
cites should reform themselves with
out the application of drastic meas
ures, it now almost seems that legis
I Iation is the only means by which the
: officers of some of the fraternal soci
5 cites of this c.ass can be forced to
readjust their rates. Fraternal so
cites cannot permanently live and ig
more mortality tables and the sooner
the officers realize this fact the less
danger there will be of thousands OF
) benefciaries being wilfully deprived
l of what is justly theirs and completes
: to face suffering and want.
Fraternals Do Much Good.
Much good has been accomplished
+ through fraternal societies for the
r proceeds of their certificates have
teen the means of preventing widows
: and orphans from becoming public
charges. However, we must not
: overlook tho fart that much ioTustice