Porky answers the door to Daffy, a pushy insurance salesman, who tries to convince Porky to sign up for a $1 million insurance policy because of getting a simple black eye (although there's some fine print to it).
In the end, Porky is convinced that Daffy is right - the home is full of hazards (having seen all the accidents befallen Daffy), and he signs up for Daffy's policy, convinced all he has to do is get a black eye, and he'll get $1 million. Daffy, however, cackles that Porky should have looked at the fine print - the $1 million is only paid out for a black eye as a result of a stampede of wild elephants running through his house between 3:55 and 4 PM on the Fourth of July, during a hailstorm. Porky is momentarily rebuffed, until a stampede of wild elephants comes through his living room! Daffy then nervously looks at the clock - 3:57 PM. The calendar - 4 July. He sticks his head outside - hailstorm! Porky displays his new black eye and asks to be paid, but Daffy tells him that the clause said "a stampede of wild elephants and one baby zebra" (even though he made up the part about the zebra) - and just then, a baby zebra comes trampling through the room. Daffy, laid out on the floor, picks himself up to wearily proclaim: "And one baby zebra!" before p***ing out.