Caine came from a distinguished family in Utah. His father, Will Farrell, started work at 13 in Salt Lake City. After several beginning jobs, he went to work for one of the most famous politicians in Utah history – John T Caine. Caine served six terms as a US Congressman, longer than anyone else in the Nineteenth Century. He was one of the key peo­ple who got Utah admitted as a State and he was the Democratic candidate for Governor.

Will married John Caine's daughter, Florence Nightingale Caine and they had two sons, Caine Farrell, born in 1898, and Fred Farrell, born in 1903. Will left his father-in-law's office and entered the insurance business, ultimately handling all of Utah and Southwestern Idaho for Penn Mutual.

The family moved to Los Angeles and Will became a prominent figure in business. He served for the rest of his life as an officer of the Trust Insurance and Title Company.

Caine decided to follow his father into the insurance business. He established a com­pany known as The House of Farrell on Spring Street in downtown Los Angeles. The Depression hurt his business badly, but he had real support from his friend Durward Howes, who had invited him to become a founder of the Economic Round Table in 1932.

He wrote Durward a letter later, saying that he was in deep despair when he ran into Durward one lunchtime – and Durward, after talking with Caine, told him he wanted to buy extra insurance. Caine felt this was a turning point for him. His spirits improved, his business began to pick up, and he went on to considerable success.

Caine later established a highly regarded award for special achievement in the insur­ance field – and he named it in honor of his father, Will Caine.

Caine did not marry until he was in his seventies. He died at the age of 88 at his home in the City of Orange.