Life Assurance: An Historical and Statistical Account of The....different Systems of Life Assurance; Including the Validity and Non-validity of Life Policies: with Observations on Friendly Societies and Savings Banks...

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Effingham Wilson, Royal Exchange, 1849 - Electronic book - 211 pages
 

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Page 21 - Nothing is more proverbially uncertain than the duration of human life when the maxim is applied to an individual, but there are few things less subject to fluctuation than the average duration of life in a multitude of individuals.
Page 107 - That from and after the passing of this act, no insurance shall be made by any person or persons, bodies politick or corporate, on the life or lives of any person or persons, or on any other event or events whatsoever, wherein the person or persons for whose use, benefit, or on whose account such policy or policies shall be made, shall have no interest, or by way of gaming or wagering; and that every assurance made, contrary to the true intent and meaning hereof, shall be null and void, to all intents...
Page 10 - The mean rate of increase was -0141 annually; that was probably the excess of the births over the deaths. Grain, fruit, animals also, increase in geometrical progression ; but the increase of capital, at compound interest, is the most familiar example of this kind of progression, and may render it intelligible to the general reader.
Page 121 - But, being once inserted in the policy, it becomes a binding condition on the insured, and, unless he can show that it has been literally fulfilled, he can derive no benefit from the policy.
Page 45 - ... brought to light, a modification of the system was attempted. A number of years was fixed for the continuation of the tontine, and the entire amount originally subscribed was to be received by the member who last survived. This plan did not meet with general approbation. It possessed great inequalities, as many died without receiving any advantage whatever for their subscriptions; and others, longer lived, received, in many cases, nearly three hundred times the amount advanced.
Page 191 - London, and was induced by his wife's friends to assure his life for 1,000. Shortly after this, the cholera made its appearance in the metropolis, and the party in question fell a victim to that disease. The assets of the deceased were little more than sufficient to pay his creditors, and had it not been for the insurance on his life, his widow and family would have been left destitute ; as it was, however, they received the 1,000. A...
Page 183 - Besides the vast advantage of that security against disastrous contingencies, afforded by the practice of life insurance, it has an obvious tendency to strengthen habits of accumulation. An individual who has insured a sum on his life, would forfeit all the advantages of the insurance, were he not to continue regularly to make his annual payments. It is not therefore optional with him to save a sum from his ordinary expenditure adequate for this purpose. He is compelled, under a heavy penalty, to...
Page 60 - In the present day it is very difficult to procure for a new * Again he says : — If the premiums were really too low, capital would be an injury, and not a benefit, for, since this capital is really paid for, in whole or in part, out of premiums, it would not preserve the office from insolvency, but would rather accelerate its progress towards bankruptcy.
Page 45 - A certain number of persons clubbed together a specified sum (without reference to age or sex) annually, and at the expiration of each year the interest of this fund was divided amongst the subscribers who were living, and so on from year to year, until the last survivor received the whole of the interest. This...
Page 24 - ... who labor with their hands" begin to follow the plough — enter the factory — or descend the mine — the loss of life remains small ; 68,627 will live to the age of 15. At this age the loss of life among girls is rather greater than the loss of life among boys, and it continues so for the next five years, when both sexes are more detached from the care of their parents, and the majority pursue the professions or trades by which they afterwards gain a livelihood. The mortality appears to increase...

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