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Show March 1974 Utah Farm Bureau News Page 6 VFBF Your Insurance needs a second look By Lowell W. Walker Underwriting Manager In a time of increasing costs, we are often inclined to accept things as they appear at face value. Lets take automobile insurance for example. The fuel shortage has created quite a stir about the need for rate reductions. As an insurance industry, regulators have never permitted us to increase rates without data to prove the need; by the same token, we should not be required to reduce rates without experience data justification. A restriction on the amount of driving and reduced speed limits will undoubtedly reduce the number of accidents and severity of those accidents. Many politicians are anxious to use this as a political football, without first looking at some of the other elements of risk that could do quite the opposite to our rating structures. Continued inflation increases our costs to make automobile repairs, labor costs and other costs of doing business; the decreasing size of cars would tend to generate more severe losses. There have not yet been any results of federal safety standards on automobiles to warrant rate reduc- tions. Our new Utah State No-Fau- Law lt is another unknown quantity as to what effect if might have on rates. These are some areas of concern that statistically we need to lake a look at before making any rate reduction. Advantages which we have as a small company is being close to the problems and being flexible enough to (Personal Injury Protection) move quickly when the need arises. Another real concern we should have right now, at least those of us with our automobiles insured in Utah Farm Bureau Insurance Company, is not to be stampeded into changing companies for lower rates. Such could only be a temporary situation, as the above information indicates, with so many factors working in the ratemaking process. Another concern, even more important, should be the possibility of ending up with inferior coverage. Such could be the reason for the lower rates, and many such policies are being merchandised today by agents, financial institutions and news media. These are all legally approved by the Insurance Department, too. Here are a few examples. 1. The Persons Insured is limited under some policies to only the Named Insured unless by permission, while the broader coverage extends to any resident of the household without permission. 2. Most coverage limits pay only the excess over any other collectible insurance under these non-own- ed . Membership in the Utah Farm Bureau may be heading for a record high level in 1974, according to Neil Sumsion, UFBF director of field services, If the present effort to gain new members continues, he said, it appears we will reach a new peak. Last years 10,101 figure is tops in Farm Bureau history up to now. For the first time in recent years, it looks as though every county will post a membership gain by the end of the year, Sumsion added. He urged county Farm Bureau leaders to help make this a banner year, in keeping Farm with this years theme: Bureau on the Move. limited policies. 3. The Uninsured Motorists Bodlily Injury coverage is usually statutory limits. Your company extends the same limits that you feel are necessary to protect you under your own policy. In addition, your company provides what we call Underinsured Motorist or Vehicles Bodily Injury protection. Here you are protected up to your liability limits when some Insured negligently causes Bodily Injury to occupants of your car, but carry lower limits than your own. These coverages are still may hit new peak automobile The restricted more is usually coverage and applies only if you are legally liable for the damage. Our policy would extend the coverage we provide on an insured owned automobile to a borrowed uninsured automobile. Our competitor may' not extend the same coverage, which could leave your neighbor very unhappy. As an Insurance Company, interested in serving the needs of Farm Bureau members, we have, as well, expanded our policy to provide more and better coverages than our largest competitors and what is required by the law and the filing agencies to whom we prescribe. 4. membership very1 important and should not be eliminated, as some companies encourage you to do. AFBF President William Kuhfuss (left) honored Brent Parker of Wellsville and his wife Sharon as Parker was named one of three Outstanding Young Farmers in the nation at the recent AFBF convention. Besides a plaque, the Parkers received a Seth Thomas clock for their recognition. Young Cache county farmer sets busy leadership pace start with a Land Bank Loan Good earth, good talk; what you believe in, and people who believe in you. Over the long puli your Land Bank association will be there . . . just as they have been for more than half a century. dh!) iif liirlSWDGEIil Visit the association office near you Richfield Logan Millard V. Owens, Mgr. 100 Nor'h Main St. 4 Rodney S. Nyman. Mgr. 7 East Firil North OH-447- 7S2-214- S Salt Lake City Provo Blaina O. Hales, Mgr. 172 South 100 East Harold M. Thompson, Mgr. 0 22S West Tremonton Keith H. Anderson 14S West Main First South 143-41- Leadership is a way of life for young farmer Brent Parker and his wife Sharon of Wellsville, Cache county. That includes Farm Bureau work, dairy farming, and many other areas of activity. The young couples marriage is as old as their dairy enterprise-bo- th started in the summer of 1969. That was the year Brent was graduated from Utah State University and started the Holstein herd that now numbers 120 head. Brent credits careful recordkeeping as a key to his profitable operation. Its as important to know how my cows are doing as to build their production, he says. He keeps close track of all cost factors. Modern milking equipment in a milking barn of USU design has enabled him to reduce milking, time by almost 50 percent from the old system. This saving in labor has sped up his payment of debts that every young farmer finds it necessary to incur. Several features of the Parker dairy set-u- p were designed and built by Brent. A large hay barn serves as a windbreak to a loafing area that will handle more cows than he now milks, since expansion is a family goal. His manure-handlin- g facilities include a ramp under which he can back his spreader to ease loading; a scraper blade works much faster than a front-en- d loader for the Cache county dairyman. Steady progress in milk production has marked the Parkers enterprise. In 1969, the herd average was 40 pounds per day; a year ago it was up to 50. Brent is county Farm Bureau secretary and president of his local. Both he and his wife are active in L.D.S. church affairs and have leadership roles in other groups as well. Like most other observers, Brent lists a source of capital as a vital need for young farmers getting started. To that he adds management as a key to success. , Keeping careful records of his dairy herds performance is a key element essential to the success of my dairy operation four-year-o- ld says Brent Parker of his enterprise. |