The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1919-02-20
STATE INSURANCE
IS PROVIDED BY
COOPER MEASURE
Bill Includes Method Of Pro-
viding Mothers and Old Age
Provision.
tBy Associated pr.ss,


INDIANAPOLIS, Feb. 30 A meth.
cd to care for mothers pensions, old
age and other pensions 10 provided In
a bill Representative George II. Coop
or. a banker and farmer, has intro
duced in the Indiana legislature. he
believes. 1t would create insurance
that II similar to the war. risk insur-
ance In may ways. The author Of
the bill declares that It 10 not regard
ed In any feature 40 An effort to sup
plant the life insurance business of
mutual and old line companies.
The title of the bill 10 "A bill for
an act providing for a system OF state
life insurance and annuities and pre-
scribing certain conditions 40 qualifl.
cations for obtaining marriage II
censes." The last part of the title
applies to provisions Of the bill which
reads:
That from and after the passage
OF this act. It shall be unlawful for
the clerk of the circuit court Of any
county to issue license to marry to
, any male person unless II satisfactor.
lily appears to such clerk which fact
shall be proved by the production Of
the necessary documents or other pa.
pers. that such male applicant ID i'm.
ancially able to support Z family and
likely to 30 continue. Financial abil-
ity to support q family and likely to
SO continue shall be construed as
proved. II. first, the annual income
from property which the applicant
owns In his own right is sufficient to
partially support his family in the
event Of his death, or II, second, the
applicant carries an adequate amount
of life insurance with any reputable
insurance company to afford relief to
HIS family in the event of his death, or
II. third, the applicant carries an ade-
quate amount Of insurance with the
state"
Provides for Life Fund.
The insurance features Of the bill
provide for creation of life fund"
to be administered by the state with
out liability on the part of the state,
beyond the amount of the fund, for the
purpose Of granting life insurance and
annuities to persons who at the time
of granting such are within the state
or residents thereof.
The state treasurer would be tho
ex officiO treasurer and custodian Of
the life fund and all other matters re-
lating thereto would be under the
supervision of the auditor of state.
Each would be required to give bond
approved by the governor and secre-
tary OF state.
Subject to the general direction Of
the auditor of state as to the amount
to be invested" reads the bill, land
the kind and maturity Of the secur-
tiles. and to the approval of the Sec
rotary OF state, attorney general, state
nj tnAA
as board, the state treasurer. shall
cause the moneys in the life fund to
be invested and reinvested in safe and
profitable securities as may be nec-
essary In the management Of such
fund
Premium Schedules.
Two years after enactment Of the
bill the auditor would prepare and file
forms OF applica tons and policies.
schedules OF premiums. tables Of cost
OF insurance and reserve, and other
data and forms for carrying out the
provisions Of the act. The premiums
would be based on the American ex.
perience table OF mortality with ad-
ditions for extra ha yards and with
interest at per cent a year." to
which shall be added for expense and
contingencies 81 year per thousand
dollars of insurance" The premiums
for annuities would be based upon the
British offices annuity tables. 1893.
Forms for applications for insurance
would be furnished every state factory
inspector. clerk and treasurer Of every
county. town and city and to every
state bank. The applications would
De transmitted to the auditor of state
with the premium for three months OF
Nd
fnation fee OF 81 in case OF life in
surance. No examination would be
required for annuities. Provisions fol
creating surplus on each policy in
cludes setting aside SO per cent of the
profits during the first policy year and
thereafter, five per cent less for each
policy year until the tenth year when
the net profits set aside would be ten
per cent a year. Loans could be
made on policies.
Require Annual Reports
Policies of life insurance may be
issued" reads section IA, upon beine
approved by the auditor of state ant
the state board Of health. but no policy
or policies shall be issued contrary to
any existing provisions OF law. mol
upon the same risk in excess Of $1,000
until the number OF insurants shall
exceed 1000. nor in excess of $4,000
until the number OF insurants shall
exceed 5000, nor at any time in ex
cess Of $4,000.
"Annuities may be granted in sums
not exceeding $500 upon one risk. Life
insurance and an annuity or annui
ties may be combined and granted IL
the same policy"
The auditor of state would be re-
quired to make reports annually and