344 BOARl) OF AGRlCULTtjRE.' 



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We have great mercantile companies carrying all kinds of risks car- 

 ried by other companies. They all pay their losses promptly, their assess- 

 ments are not burdensome, and the mercantile people are satistied. I want 

 your State to fall in line and do this kind of business. We are not making 

 any n)oney out of it. but we are saving x whole lot . That is where we come 

 out ahead. There are no high salaried officers connected with these com- 

 panies. The men who work for us earn all the money they get. It is a 

 cheap proposition, and we are getting our insurance at ac'tual cost. 



I want to saj' one word in regard to the application. I do not want 

 to take issue with Mr. Tufts; his ideas in the main are good. It is unnec- 

 essary to print your articles of incorporation and by-laws on the applica- 

 tion. It does not make your contract any more binding, and if your agents 

 are like ours the man who signs the application never gets a chance to 

 read what is on it. If he reads the face of it he is doing well. You should, 

 however, print the articles of incorporation and by-laws on your policy, 

 then send it with a circular letter to the man asking him to read it. and 

 if he does not like it to send it back. Then when he signs it he agrees 

 to abide by the articles and the by-laws. He also has a copy he is bound 

 to keep as long as he is insured. 



I want to say a word in regard to live stock. It is the inclination of 

 the insured to raise up the amount carried on his buildings as much as 

 he can. It is also his inclination to crowd down the live stock as much 

 as he can. We came to the conclusion we had to do something to protect 

 the members from excessive losses on live stock, principally by lightning. 

 Therefore we compel them to take out at least 5<» per cent, of the value. 

 If we have men who are feeding cattle and want to carry the full value 

 of their fat steers, under the applications they can do so. If they want 

 to carrj- any registered animals of any kind for any amount they may do 

 so, but they must describe the animals and there must be some evidence 

 when the application is taken that the animals are worth the money they 

 say they are. Then if a man has a loss we pay him the money, provided 

 he can show the animal was in as good condition when it was killed as it 

 was when the application was taken. If you do not do this you will be 

 paying for a lot of high-priced cattle and horses. We say we will pay .^30 

 .•1 lic:i(l for coninion cattle and -1^12.") for a !u)rse. If a man w.nnts any more 

 protection than that he must specify it and specify the animal. It is 

 always safe to let the company specify the kind ^)f contract they will 

 accept. When a company "luakes its own contract and a man signs it in 

 good faith, the company is under obligations to carry out its part of the 

 contract in case of a loss. 



I am glad to have this opportunity to meet you, and if there are any 

 (piestions I can answer in a general way in regard to any kind of insur- 

 ance, I shall be very glad to answer them. I th,inl< yon ir>r this oppor- 

 tunity of meeting with y(Hi. and for your kind jittention. 



