Mutt (the tall one) takes out a policy on Jeff hoping to cash in big. But, unfortunately for his big money plans, ACCIDENTS WON'T HAPPEN.
The Silent Mutt and Jeff cartoons, in colorized and original versions, having been emerging from obscurity and showing up on YouTube. They are worth a look (and some study by those who think the only worthwhile silent animation was Felix.) This one, regrettably colorized in its YouTube incarnation, is really funny, as the gags keep coming, and are not the ones constantly recycled by Tex Avery, Chuck Jones and the boys in later years. Even the hugely politically incorrect joke is both topical and funny.
Worth finding, if silent animation is your interest.