Paul Waymond Caine attended grade school and high school in Greencastle, Indiana. He enrolled at Indiana University in 1909 and helped the other Founders in organizing Kappa Alpha Nu (original name of the fraternity). Because of a disastrous fire in the Fraternity house in which he was employed, he never finished his sophomore year.
Caine went into the catering business in his hometown, later attended Columbia University; set up catering businesses in Gary, Indiana, Peoria, Chicago and Evanston, Illinois and published a book on catering, which was copyrighted in 1919 by the Hurst Publishing Company. He was instrumental in setting up the Beta, Gamma, Delta, and Zeta chapters of the fraternity. He later went into business in Rockford, Illinois and was burned during an explosion of gaseous materials in his dry cleaning business in 1931. He died April 15, 1931 at St. Anthony's Hospital, Rockford, Winnebago County, Illinois, due to pneumonia and shock following 1st and 2nd degree burns.