ItPPORT OP TI1 COMMISSIONft o0 !NS'UtAXC.


143


the year 1913, $988.73 of premiums. The liability of the Ex.
change under its contract with the subscribers limits the amount
of payment to $5,000, for the injury or death of any one person
and to $10,0010, for the injury or death of more than one person
as the result of any one accident.
ADVISORY COMMITTEE
The advisory committee has charge of the funds of the sub-
scribers and all disburements are made by check, which is coun-
tersigned by the treasurer of the advisory committee. The
number of members in the committee is five and they are chosen
by the subscribers on the recommendations of the attorney-in-
fact. They serve until their successors are chosen but the ad-
visory committee has the power of appointment in case a vacancy
occurs.
COMMISSION
The attorney-in-fact receives a commission of 30%o of all
moneys received or due the Exchange on premiums or interest
account.
INSPECTION
The Exchange maintains an inspection department, which is
paid by the attorney-in-fact. They make recommendations in
regard to safety devices, the installation of wiring and other
accident prevention aparatus. We were shown reports from
the inspectors which indicate that this work is thoroughly per-
formed,
LOSSES
The contract with the subscribers provides that losses shall
be distributed pro rata on the basis of the subscribers deposit
premiums. We found that the losses of the Exchange were paid
promptly and that since organization of the Exchange it had
paid out $14,413.213, and that its unpaid claims in process of ad-
justment amounted to only $2,064.41.