Excerpt from A System of Records for Local Farmers' Mutual Fire Insurance Companies

It will be noticed that the left-hand page of Form 1 is, in general, devoted to the description of the policy, while the right-hand page provides space for the recording of fees and assessments. The head ings of the various columns are believed to be self-explanatory. More than two-thirds Of the farmers' mutuals write policies regu larly for a term of five years, and partly for this reason no special column has been provided for the date Of expiration. In cases where the company writes policies for varying periods of time, and the expiration for this reason is not readily ascertainable from the date Of the policy, the upper half Of column 6 may be used for the date of the policy and the lower half for the time Of expiration.

The left-hand page of Form 1, it will be seen, includes spaces for recording property insured by classes, as well as for the total amount of the policy. A strict adherence to bookkeeping principles would require that extra columns for increases and cancellations be provided in connection with each Of the five class columns in Form 1, as well as in connection with the column for the total amount Of insurance. Since to do SO would make the pages unduly wide, however, and since the changes in a given class column will be relatively less frequent than in the column for total insurance, it was deemed advisable to handle changes in the class columns by the Simple plan of crossing out the superseded figures and entering the corrected item above, as Shown in two of the sample entries. The columns for insurance by class in the policy register do not need to be refooted to Show net amounts after increases or cancellations have been recorded, Since these items can be Obtained for the period in question from the Special book for increases and cancellations.

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