These companies, there are many of them, are known as societies, and their local branches are called "lodges," "councils" or a similar name.
Properly conducted, these mutual societies should be able to furnish insurance at about actual cost, for the expenses of management and collections are small.
It can be said that some of them have been and are being well managed, but others, like their predecessors, the old line companies, have unfortunately been conducted for the enrichment of their promoters.
The mutual insurance companies, like their more pretentious prototypes, are now placed under the supervision of inspectors in nearly all the states.
AMOUNTS OF POLICIES
In the society companies, there is a limit to the amount, usually $3,000, for which one can be insured, but the regular companies have no such limitation.
In the mutual insurance companies, the insured cannot leave his insurance to his creditors, or to any one not within a certain degree of kinship.
In the regular companies a man may insure for any amount he thinks he can carry, and he can insure in the same way in any number of companies, and he can leave the money to any one he may select, or for any purpose he may choose.
Sometimes the policy is made payable to unnamed executors. These may be named in a will made after he has taken out his policy.