The Hillsdale Mutual Failed

The Hillsdale Mutual Failed.

The Hillsdale Mutual Benefit Association has wound up its business, inflicting a serious loss upon a large number of families in this county. At one time this was one of the most popular insurance companies in this section. It had a large number of members in all parts of the county. In spite of recent heavy assessments, the membership here at the time of the failure was about ninety, of whom about fifteen are now past the insurable age, and a good many had no other insurance. The closing up of the company is a serious matter to these people, who have placed their reliance in it and have no other "anchor to the windward" for the support of their families after their death.

Since the organization of the company there have been 146 assessments. One of the prominent members here who has been in from the beginning has paid in $584, his assessment on $3,000 being $4, besides $3 a year dues. This may be taken as a criterion of what the company has cost the surviving members. At first the assessments were very light, but for the past two years there have been double assessments nearly every month. A good many members drew out, so that finally the company could not meet its losses.

Notices were sent out the policy holders that a receiver had been asked for to close up the business of the company, and also that arrangements had been made with the Covenant Mutual Insurance company, of Galesburg, to reinsure all the members under the age of sixty who can pass the requisite medical examination, without expense to the members. Many are now being rewritten in the Galesburg company but many others are not now insurable risks.

It is said that the Hillsdale company has not paid out the last two assessments and that these with $3,000 reserve will be used to pay the death losses not yet settled and it is thought that the beneficiaries not yet paid will probably realize about one third of the face of their policies. There are two death losses in this vicinity which have not yet been paid, viz.: Henry Paul, $3,000, and Nelson Booth, $3,000.