INSURANCE: 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...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!