FARMERS 7 MUTUAL FIRE INSURANCE COMPANIES. 7 
reports gave no reply to this question. The significance of these 
figures, it should be pointed out, is materially lessened by the fact 
that the definition of a " single risk " or " any one risk " as used by 
these companies is by no means uniform, some companies applying 
the term to all the property insured on a given farm, or even in a 
few instances to the property covered by a single policy, while others 
use it in the more appropriate sense as signifying a unit or group of 
property subject to destruction by a single fire. 
The highest percentage for which insurance is granted by any of 
these companies was reported as 100 per cent of the cash value and 
the lowest such maximum was 33 per cent. The average percentage 
fixed as a maximum for insurance granted was 70 per cent of the 
cash value. Only 41 companies reported accepting risks for more 
than 75 per cent, and only 14 companies reported the maximum per- 
centage of value permitted to be insured as less than 66|. 
The maximum term for which policies are issued was given by 
1,155 companies, and of these, 806 gave 5 years as such maximum. 
Thirteen companies reported writing policies for not longer than 
1 year; 58, for not longer than 3 years; 19, for not longer than 4 
years; and 19 others, for not longer than 6 years. Thirteen com- 
panies reported writing policies for terms up to 7 years and 13 others 
for terms up to 10 years. Perpetual or annually renewable policies 
were written by 214 companies. It appears, therefore, that 5 years 
is the most common maximum period iqr which policies are issued 
by these companies, more than two-thirds of them reporting this 
term, while nearly one-fifth of the farmers' mutuals issue policies 
which remain in force as long as assessments are met by the insured 
or until the company finds reason to cancel the insurance. 
BUSINESS TERRITORY. 
Information concerning the territory to which they confine their 
operations, either as the result of legal restrictions or of self-imposed 
limitations was given by 1,145 companies. Of these, 386 companies 
reported their business territory on a township basis; 715, on a 
county basis; and 44, on a State basis. Of the so-called township 
companies, 87 operated in a single township ; 38, in 2 townships ; 21, in 
3 townships; and 32, in 4 townships. Ninety-eight companies oper- 
ated in from 5 to 9 townships ; 40, in from ID to 14 townships ; 44, in 
from 15 to 24 townships; and 26, in 25 or more such units of area. 
The companies operating on a township basis are most common in 
Illinois, Wisconsin, and Minnesota, although a considerable number 
of such companies are also found in Maine, New Hampshire, New 
York, Pennsylvania, and Ohio. 
Of the 715 companies reporting their business territory on a 
county basis and therefore frequently termed county companies. 
