Webster City freeman. [volume] (Webster City, Hamilton County, Iowa) 1884-1946, 1919-03-17
war RISK fund
SHORT MILLIONS
There is a Deficit Of $780,
100000 in Treasury Of
Soldier Insurance
Department.
PAID TOTAL $2oo,ooo,oOO
Next Congress Will be Ask
ed to Provide Funds
for Deficit.

Washington, d. c., March 14.-When
the new congress is called by President
Wilson, one of the first measures to
be presented will be. a bill to provide
funds for the payment of the war risk
policies held by American soldiers,
sailors and marines who were killed in
action or died in the service. The
governments net loss on insuring It's
service men is about $70O,OOO,OOO, ac-
c0rding to figures compiled by the
bureau of war risk insurance. Col.
Henry d. Lindsey, director of the blI-
reau, said today that the losses totaled
5000, 100000, but that the premiums
paid during the war amounted approXi
mately to $2OO,OOOOOO. The difference
between the premiums and the total
loss will have to be made good from
the public treasury, and existing law
does not permit premiums or earnings
from the premiums.to be applied to the
war debt. The total loss of 500, 000,-
600 will not be taken from the treasury
in lump sum, but will be distributed
over a period of approximately twenty
years. Thus the cost of insuring AM
erican fighters will be- about $35,OOO,-
600 annually for the full period of
twenty years.
Within the next few weeks, Colonel
Lindsey will make public the details
of how war time insurance can be con-
verted into peace time policies. His
recommendations are now in the hands
of Secretary of the Treasury Carter
Glass, and it is expected that the secre-
tary will act in the near future. Col
onel Lindsey also announced that
plans are being made by the bureau of
war risk insurance to conduct a nations
wide educational campaign so that as
from the service will lose their rights
under the war risk insurance act.
Premiums on war insurance must be
paid within thirty days after they are
due, he said, but the bureau has adopt
ed liberal policy in reinstating men
who neglect to make their payments on
time. Checks or money orders should
be sent to the premium division, war
risk insurance bureau, Washington, ID.
G., in payment of premiums.
Beats Old Line Insurance.
Two things were pointed out by Col
onel Lindsey as necessary to impress
upon discharged men who have war in
surance. These are: First, that the
government peace time insurance, of
which there probably will be six forms
or policies, is 20 per cent cheaper and
better than that offered by private
companies because every policy will
contain total and permanent disabil-
ity clause, along with all the other feat
ures offered by private concerns; and,
secondly, that every man is entitled to
convert his policy and thattit can be
done without great inconvenience to
him.
Colonel Lindsey believes the govern,
ment owes each insurance holder an
easy means of making his premium
payments. Negotiations are now under
way for the postoffice department to
take over this task. If Colonel Lind
sley's recommendations are carried
out this service will be furnished free
All it will be necessary for the soldier
to do will be to present to his postmas-
ter the statemnt from the war risk bu-
reau, which will be in duplicate The
postmaster will collect the amount due,
give the payee a receipt and forward
the money to the war risk bureau, and
will not be required to keep a record of
fourth class postmasters are paid por-
ton of the Office receipts as salary. an
accounting arrangement between the
postoffice department and the war risk
bureau is necessary. AS quickly as this
arrangement can be made postmasters
throughout the country will be in
structed to receive government insur-
ance premiums.
The peace time policies may be re-
duced but not increased over the sum
held under the war risk insurance plan.
The premium rates will be based on the
age of the insured at the time the con-
version is made. and premium payments
are due on the first day of each month,
although grace of the balance of the
month for payment is allowed without
charge of interest. Premiums. however.
may be paid quarterly, half yearly or
yearly, as the insured may desire, and
the method of payment may be changed
lat will on notice in writing.
1t is with books as with men: