Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1913-11-05
First Police 70 ingram.

First Police 70 ingram.
Madison--State life insurance be-
came an accomplished fact with the
issue OF the first policies In the wis
consin Life Fund" The first policy
was given to Charles A Ingram of
Durand. Wis. former speaker of the
house. Many of the more prominent
citizens of the state are found among
the policyhOlders as well as the indus
trial classes. Upwards OF thirty differ
ent occupations were represented in
the policyholders granted insurance.
Ten per cent. OF the number are VIC
men. Only citizens of Wisconsin are
allowed TO participate in the fund. OF
the policies issued to males. the av-
erage age is Twenty-Five years; height
five feet and nine inches; weight 153
pounds; chest measure, 35.S inches
and waist measure, BIS inches.
The law creating this, the first state
life fund plan to be tried in America.
was passed in 1911. Two years were
given the commissioner of insurance
to prepare forms, and mortality tables.
Existing governmental machinery
has been used in the administration
of the law without the creation of new
offices. Applications are received by
clerks of cities, towns, villages; by Of
ficials of banks which receive state de-
posits and by state factory inspectors.
No paid agents as such Are employed
and the large agency commissions,
which constitute 40 per cent of the ex-
penses of old line companies. is elm
mated at one stroke. Rates are based
upon the American experience table,
used by the old line companies, but
the plan has been worked out TO meet
the conditions of all classes and prem
ium payments may be made at any
time-weekly, monthly. semi-annually
or annually.
The policies granted resemble those
granted by the old line companies
Many of the technical provisions are
lacking, however. The policyholder
may borrow to the full extent of his
reserve and there is no forfeiture
Seven different kinds of policies are
proved the more popular. Other kinds
of policies issued are: ordinary life
twenty-year endowment, ten-year en-
downment, endowment at age sixty
five, ten-year term and term to age
sixty-five
No policy is issued for a larger
amount than 81 900 until there are l.
600 policyholders. A maximum of 3d.
900 IS all that the state will ever in
sure Oh one life. The reserve is in
vested by the state treasurer in Wis
consin farm mortgages. The rates for
insurance in the life fund are lower
than those of the old line companies.
THE purpose of the state life fund
is to give the people of the state the
benefit of the best old line insurance
at the lowest possible cost" said In
surance Commissioner Herman L.
Ekern, who urged the passage of the
law and who is now at the helm in
the management of the fund ITO
benefit the policyholders is the only
consideration. OF the total expense OF
old line companies more than one-half
is commissions and salaries to agents.
Under the state life plan the policy
holders are saved this great expense.
Rates are based upon the American
mortality tables used by the old line
companies, but the records show that
the death loss computations in the
tables are too high by 40 per cent.
This difference will result in further
dividends and savings to the state
policyholders."
When it was announced that appli.
cations would be received, numerous
inquiries came from other states
Massachusetts. New Hampshire. Tex.
as, California and even France and
Germany Equal interest has been
shown by insurance agents anxious to
sell state life insurance Students OF
the University of Wisconsin, class OF
1913, took out 100 policies making an
assignment of them to the loan fund
to be used to support needy students.