718   BEST'S INSURANCE REPORTS   FIRE AND MARINE.

NATIONAL AUTOMOBILE OWNERS, INTER-INSURANCE ASSOCIATION — Continued.

occurring while the policy is in force. The profits or say
ings, of any, are disbursed to subscribers at the time of ex
piration of each policy. The actual cash returned to sub-
scribers has been small, but the management claims that
the savings since organization have averaged about 40%.
One-half is credited to each member's surplus account;
the other half is deducted from the renewal premium de-
posit. Members withdrawing have been paid in cash.

At the close of 1919 the exchange had 1,965 subscribers
and the number of risks insured aggregated 2,227.

The assets of the exchange are in the custody of the
attorney-in-fact, who is bonded for $10,000.

Subscribers may retire by giving ten days' notice, in
which event the surplus, if any, is returned.

Detailed statements of accounts are rendered annually to
subscribers.

The Commissioner of Insurance of the State of Michigan
and the attorney-in-fact are authorized to accept service of
process binding upon all the members in the event of a dis
pute arising concerning any claim against the exchange.

Losses are adjusted by special representatives of the ex-
change. The unearned premium liability is in accordance
with the Michigan legal requirements. No assessments
have ever been made during any policy year for any sum in
addition to the premiums stipulated in policy.

The exchange is licensed in Mich., _Minn. and Wis.
Advisory Committee.— J. C. Kirkpatrick, Escanaba,

Mich., president National Pole Company; I. N. Bushong,
of Gladstone, Mich., manager Northwestern Cooperage and
Lumber Co.; F. H. Van Cleve, of Escanaba, Mich., presi
dent First National Bank; H. B. Fryberger, of Duluth,
Minn., attorney-at-Law; J. C. Kimberly, treasurer Kimberly-
Claane, Neenah, Wis.

lts statement as of December 31, 1919, is as follows:
Admitted cash assets: Bonds and stocks owned (market
value), $50,000; cash in banks and olfiee, $37,415.91; pre
miums or deposits outstanding not over three months due.
$1,742.15; business prior to October 1. 1919, $2,346.13;
total cash assets, $92,004.22.

Liabilities: Unearned premium deposits, $11,98S.S6;
due attorney-in-fact for administration expense, $832.33;
total liabilities, $12,821.19; net cash surplus, $79,183.03;
total, $92,004.22.

Cash Income, 1919.—Premium deposits written, gross,
$41,209.30; less reinsurance, $732.54; net, $40,476.76; total
cash income, $40,476.76.

Cash Disbursements, 1919.—Net losses, $8,865.51; paid
to attorney-in-fact for administration expense, $8,767.61;
legal expense, $1,029.82; taxes, licenses and fees, $645.27;
other disbursements, $40; unused premium deposits re-
turned to subscribers, $15,808.80; total cash disbursements,
$35.157.01.

In connection with this report, see important article in
troducing this section.

NATIONAL AUTO UNDERWRITERS,

123 West Madison Street, Chicago, Ill.

History.— This association, which is an inter-insurance
organization, was established on August 8, 1916. On
October 2, 1918, it was merged with the National Auto-
mobile Protective Association, Danville, Ill., and the office
removed from Danville, Ill., where both originated, to
Chicago.

Management and Reputation.—The attorney-in-fact is
the National Inter-Insurers Corporation, incorporated un
der the laws of Illinois with a capital stock of $3,000.

Its directors are: O. M. Mackey, president Westville
National Bank; J. F. Quartier, president Quartier & Co.,
Westville, Ill., and F. H. Reiter, insurance, Chicago, Ill.

Mr. Reiter, the practical man, has had only slight in
surance training.

Plan of Operation.— The association writes automobile
full coverage.

Subscribers pay initial membership fees of $4 each.
which are payable to the attorney-ia-fact, and are used for
management expenses. Under the subscriber's agreement
the attorney-in-fact can assess a subscriber whenever it is

deemed necessary for any of the purposes of the association,
and such assessments must be paid within forty-five days
after receiving notice. Regular assessments are made
quarterly. Subscribers are accepted on the recommenda
tion of the attorney-in-fact. The attorney-in-fact and Su
perintendent of Insurance of Illinois are authorized to ac
cept service of process.

It is licensed in Illinois only.

The exchange did not furnish us a statement as of De
cember 31, 1919, nor complete information requested by
us; the above is the latest that we have on file.

Extracts front Statement as of December 31, 1918.—
Total cash assets, $6,516.79: unpaid losses. $815.47; un
earned premium deposits, $1,623.26; total liabilities, $2,-
438.73; net cash surplus. $4,078.06; total income, $11,319.60:
net losses paid, $4233.07; expenses paid, $6,426.06; total
disbursements, $10,659.13.

In connection with this report, see important article in
troducing this section.

NATIONAL INTER-INSURANCE BUREAU,

311 American Bank Bldg., Kansas City, Mo.

history.— This is an inter-insurance organization, which
was established April' 1, 1907. It is licensed in Ark., Colo.,
Ill., Kan., Ky., Mich., Mo., Okla., Pa.. S. C. and Tex.

Management and Reputation.— This bureau is operated
by the National Insurance Adjustment Company, 311

American Bank Building, Kansas City, Mo., as attorney
in-fact. Its officers are Isaac \V. Jones. secretary, treasurer
and manager; Clyde W. Miller, president, and Will J.
Miller. vice-president. The officers are in good standing,
and are officers of the Preferred Risk Fire Insurance Co. of