'j40 boaed of agkiculture. 



to any other kind of personal property, as well as to a horse. If you can 

 ascertain accurately what the insured had in that barn you certainly can 

 ascertain the value of the horse. The people who have the best class of 

 property usually make the best members, and they are the people we 

 want in our company. Because a man happens to have stock that he 

 could not possibly take a hundred dollars a head for is no reason why he 

 should be compelled to take a policy in another company to fully protect 

 them. That would be a hardship on him. 



rresident -Tones: Wliy not eliminate all specific insurance and say 

 "personal property." 



Mr. Young: We do. We take the house or barn' or other structure 

 at two-thirds of its actual value. We used to carry eight hundred dollars 

 on the contents of a certain barn. Along in June there would probably 

 be twelve hundred dollars' worth of stuff in it, Avhile at other times, when 

 the hay was fed out and the corn was gone, and the animals were in the 

 pasture, the probability is that if the barn burned the owner could not in 

 justice ask or recover more than two hundred and fifty dollars. 



I'resident .Jones: The result would be that every time there was a 

 loss the amount of insurance would have to be paid. That would make 

 the rate of assessment higher, and when comparison was made with stock 

 and other companies you would be at a disadvantage. If you itemize 

 your accounts you make a lower rate, it shows to the world a lower rate 

 of a.ssessment, and thereby gives your company a titlking advantage you 

 never can get under your plan. 



Mr. Young: This talking advantage is secured at the cost of the 

 policy holder. 



Mr. P.ray: I am well aware, and have been for ycius, that our insur- 

 ance costs more than it would under that system of insurance. -\t the 

 same time we cut any rate any old line company can give right in two. 

 For over twenty years our assessments have not been over twenty-tive 

 cents. We lack about fifty-five thousand dolliirs of having four million 

 ilollai's of insurance in the county today. While our cost of insurance is 

 Hot as low ;is some others, it is as low in comiiarison with other insurance. 

 \\',v give ;i man more I'm' bis money than anyone else. 



.Mr. 'I'nt'ts: In an application I start out with the view of doing no 

 injustice to tlie mutual company, but doing justice to the patrons of the 

 company. Hence 1 take the position that in insuring person.-il property 

 we slioii'd cover it as much as we possibly can. and not itemize anything 

 if we can possibly help it. We have, however, some patrons who want 

 everything itemized, and we allow them to do so in the application. 



