The Rate Stands

One of the most preposterously successful insurance operations in all recorded history is Jesse Jones' War Damage Corp., which was set up to insure U.S. citizens and industries against damage from enemy attack. In the year and a half since WDC wrote its first policy it has collected a staggering $219 million in premiums, and has paid out only a paltry $4,571 in claims, it was announced last week. Awaiting adjustment is an additional $88,327.99 of claims--mostly for losses suffered by policyholders in the Aleutian area.

Actuarial profits like these might stampede an ordinary insurance underwriter into slashing his rates. But not Jesse Jones. He is holding his premium rate firm at $1.00 a $1,000, minimum.

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