OCR Text |
Show POLICYHOLDERS ARE GIVEN JOLT M CKT I'AY AHHIWHirHVrH T MAKK vv Finn m)khix Drctolnn Affrcln Ti'ti Ttioiiitatxt Prr ronn In One Nrw York County Alotm AMiiml Stnt 1'njr To VoltArn and Tlilrty Cnit ICncli On Krcrjr One Dollar of l'rrmlum lo Mutual. Juntlco A. 12. Huthrrlam! of Itorhra tr, N. Y.. haa liandrd down a tlf-cl-dlon afflrmlnit thn rport of Itcfpree IVck In thr action brouRht by tho Hkanealrles I'aper company BKnlnut tho American I'nderwrltpra Flro In auranco compnny. Thn lpcllon la of llio utrnnit Importance, and In Onon-daKft Onon-daKft county alonn Indirectly affect ten tliouaand pollcyholilcni of mutual flro Inaurance tontpanlri. Thn Bknne. ntlea I'aprf company hold jl policy of Inmirance In thn American Under wrltern' company. Thrrn wan n fire at thn plant nf tho paper company, but before It wnit paid the Inatirnncn com pany went Into the hand or n rr celver Thn Hknneatnlra rnmpruiy then lirouKht artlon to recover tha nmuunt of tho Inmiriiiii'c front tho potlohol-dera. potlohol-dera. nnd the diHlalon of JiirIIcp Huth-erlnnd Huth-erlnnd la on tho report of the referee In thla iii-tlnti. Iteferee Peek found for tho plaintiff, but attorney for tho polh ytioldera objected to thn report lielna; confirmed. Tho matter of confirming con-firming the report win argued before Jutlcu Huthcrland. The ilcclnlun nffecta. Indirectly, twelve hundred pollcyholdera of tho company, many of whom rcaldn In On ondaxa county. Join. II. Illoka la receiver re-ceiver for the Inaurancn company, nnd ha I directed by tho court to levy nn aixenrment on tho policyholder to mnko up n deficiency of twenty-two thouaund dollar. Tho HMCaiiment la on the premium of the policyholder nnd amount to 13.30 on each ona dollar dol-lar premium. There were two thou nnd action moilnal policyholder held up pending- tho declnlon In this en He. The raao ha been hard fought, nnd there hnvo been many Intricate question ques-tion of In - Involved. It I probably Ihn inont Importnnt en no affeotlna; mu ual Inauranco companlea that has ever been brought. Among the flnd-Inga flnd-Inga In Juatlco Huthcrland'a declnlon nro tho following: All peraoii holding pollclea nt tha time of tha making of nn nmeMinont or the uppolntment it n receiver nnd nil policyholder whoo pollole hnvo not been nctu'nlly cancelled nro llahlo. A pidloyhotdcThecimea it member of n co-opcrntlvn or mutual company by accepting u policy In ruch compnny without alanlng a written application of undertaking. The liability or the policyholder accrue ac-crue wheh the demand or iianennmeiit la made. An uaarMimant can be made upon member of the compnny for debla duo nnd unpaid by way of note or Judgment for two jeon prior to the mnklng nf thn nKra-sament. Tho flat rnto prrtuluni. If charged by tho mutual companlea, doe not relieve re-lieve thn member from liability for hi pro rain aharn of tho debt. No It gul or t'tfectlvo cancellation of u policy can l made vhll unpaid debta exlat, without payment by the nolbyholder of hi pro rut a almrc of the debta. Where n pollc expire by lot term before, any amamunt la made or do mand for payment of any pro rata aharn of thn debta the policyholder 1 not liable. Thn Hun give publicity to tha nboo that buyer nf lnumncn In thl ace tlon ot t'tuh, or anywhere ele for that matter, may not ba "atung" by noma ngent that la offering "mutual protection" protec-tion" at any old price. , Thn North rtern Mutual Kirn of Heattlc. Wah., la attempting to place bunlnen In thl field through u I 'rice agency. It would bo well for those to whom thn rn mo la offered to decline thn name. Thern arc nny number of rellubl flro Inauranco companlea doing bul neaa In thl field that promptly and equitably adjust their Inaxea when the flro come. Aa much cannot be said for thn mutuant. |