^. 
 
 ^^^ 
 
 
 IMAGE EVALUATION 
 TEST TARGET (MT-3) 
 
 
 
 1.0 
 
 I.I 
 
 "Sf li- 
 
 ^ 1^ 12.0 
 
 12.2 
 
 
 1.25 1 1.4 111 1.6 
 
 ^^ II ^= iiii^ 
 
 
 M 
 
 6" 
 
 > 
 
 4^. # A^' V* .^^ 
 
 ^\r»' 
 
 ^ 
 
 '!> 
 
 Hiotographic 
 
 Sciences 
 
 Corporation 
 
 4 
 
 M 
 
 f\ 
 
 V 
 
 \\ 
 
 <b 
 
 V 
 
 
 c> 
 
 33 WEST MAIN STREET 
 
 WEBSTER, N.Y. 14580 
 
 (716)872-4503 
 
 
 % 
 

 CIHM/ICMH 
 
 Microfiche 
 
 Series. 
 
 CIHIVI/ICIVIH 
 Collection de 
 microfiches. 
 
 Canadian Institute for Historical Microreproductions / Institut Canadian de microreproductions historiques 
 
Technical and Bibliographic Notes/Notes techniques et bibliographiques 
 
 .«* Institute has attempted to obtain the best 
 riginal copy available for filming. Features of this 
 copy which may be bibliographicaliy unique, 
 which may alter any of the images in the 
 reproduction, or which may significantly change 
 the usual method of filming, are checked below. 
 
 L'Institut a microfilm^ le meilleur exemplaire 
 qu'il lui a M possible de se procurer. Les details 
 de cet exemplaire qui sont peut-dtre uniques du 
 point de vue bibliographique, qui peuvent modifier 
 une image reproduite, ou qui peuvent exiger une 
 modification dans la mdthode normale de filmage 
 sont indiqu6s ci-dessous. 
 
 D 
 
 Coloured covers/ 
 Couverture de couleur 
 
 I I Covers damaged/ 
 
 Couverture endommag^e 
 
 □ Coloured pages/ 
 Pages de couleur 
 
 □ Pages damaged/ 
 Pages endommagdes 
 
 D 
 
 Covers restored and/or laminated/ 
 Couverture restaurde et/ou pelliculie 
 
 I I Cover title missing/ 
 
 Le titre de couverture manque 
 
 □ Coloured maps/ 
 Cartes g^ographiques en couleur 
 
 D 
 
 Pages restored and/or laminated/ 
 Pages restauries et/ou pelliculdes 
 
 r~l/ Pages discoloured, stained or foxed/ 
 L_l Pages d6color6es, tachetdes ou piqu6es 
 
 □ Pages dotached/ 
 Pages ddtachdes 
 
 D 
 
 Coloured ink (i.e. other than blue or black)/ 
 Encre de couleur (i.e. autre que bleue ou noire) 
 
 r~Y Showthrough/ 
 L^ Transparence 
 
 I I Coloured plates and/or illustrations/ 
 
 D 
 
 Planches et/ou illustrations en couleur 
 
 Bound with other material/ 
 Reli6 avec d'autres documents 
 
 I I Quality of print varies/ 
 
 Qualitd indgale de I'impression 
 
 Includes supplementary material/ 
 Comprend du matdriel supplementaire 
 
 D 
 
 D 
 
 Tight binding may cause shadows or distortion 
 along interior margin/ 
 
 La re liure serree peut causer de I'ombre ou de la 
 distortion le long de la marge intdrieure 
 
 Blank leaves added during restoration may 
 appear within the text. Whenever possible, these 
 have been omitted from filming/ 
 II se peut que certaines pages blanches ajouties 
 lors d'une restauration apparaissent dans le texte, 
 mais, lorsque cela 6tait possible, ces pages n'ont 
 pas M film^es. 
 
 □ Only edition available/ 
 Seule Edition disponible 
 
 D 
 
 Pages wholly or partially obscured by errata 
 slips, tissues, etc., have been refilmed to 
 ensure the best possible image/ 
 Les pages totalement ou partiellement 
 obscurcies par un feuillet d'errata, une pelure, 
 etc., ont 6t6 filmdes d nouveau de facon d 
 obtenir la meilleure image possible. 
 
 D 
 
 Additional comments:/ 
 Commentaires &'uppi6mentaires: 
 
 This item is filmed at the reduction ratio checked below/ 
 
 Ce document est filmd au taux de reduction indiqu^ ci-dessous. 
 
 10X 
 
 
 
 
 14X 
 
 
 
 
 18X 
 
 
 
 
 22X 
 
 
 
 
 26X 
 
 
 
 
 SOX 
 
 
 
 
 
 
 
 ^ 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 12X 
 
 16X 
 
 20X 
 
 24X 
 
 28X 
 
 32X 
 
i 
 
 itails 
 i du 
 odifier 
 ' une 
 mage 
 
 The copy filmed here has been reproduced thanks 
 to the generosity of: 
 
 La Bibliothdque de la Ville de Montreal 
 
 The images appearing here are the best quality 
 possible considering the condition and legibility 
 of the original copy and in keeping with the 
 filming contract specifications. 
 
 L'exemplaire filmA f ut reproduit grAce i la 
 ginirositA de: 
 
 La BibliotMque de la Ville de Montreal 
 
 Les images suivantes ont 6t4 reproduites avec le 
 plus grand soin, compte tenu de la condition et 
 de la nettet6 de l'exemplaire fiimt, et en 
 conformity avec les conditions du contrat de 
 filmage. 
 
 Original copies in printed paper covers are filmed 
 beginning with the front cover and ending on 
 the last page with a printed or illustrated impres- 
 sion, or the back cover when appropriate. All 
 other original copies are filmed beginning on the 
 first page with a printed or illustrated impres- 
 sion, and ending on the last page with a printed 
 or illustrated impression. 
 
 Les exemplaires originaux dont la couverture en 
 papier est imprim^e sont filmte en commenpant 
 par le premier plat et en terminant soit par la 
 dernlAre page qui comporte une empreinte 
 d'impression ou d'illustration, soit par le second 
 plat, selon le cas. Tous les autres exemplaires 
 originaux sont fiim^s en commenpant par la 
 premiere page qui comporte une empreinte 
 d'impression ou d'illustration et en terminant par 
 la dernidre page qui comporte une telle 
 empreinte. 
 
 The last recorded frame on each microfiche 
 shall contain the symbol -^^ (meaning "CON- 
 TINUED"), or the symbol V (meaning "END"), 
 whichever applies. 
 
 Un des symboles suivants apparaftra sur la 
 dernidre image de cheque microfiche, selon ie 
 cas: le symbols — ► signifie "A SUIVRE", le 
 symbols y signifie "FIN". 
 
 Maps, plates, charts, etc., may be filmed at 
 different reduction ratios. Those too large to be 
 entirely included in one exposure are filmed 
 beginning in the upper left hand corner, left to 
 right and top to bottom, as many frames as 
 required. The following diagrams illustrate the 
 method: 
 
 Les cartes, planches, tableaux, etc., peuvent dtre 
 fiimis d de3 taux de reduction diff6rents. 
 Lorsque le document est trop grand pour fttre 
 reproduit en un seul clich6, 11 est film6 d partir 
 de Tangle sup6rieur gauche, de gauche A droite, 
 et de haut en bas, en prenant le nombre 
 d'images n6cessaire. Les diagrammes suivants 
 illustrent la mdthode. 
 
 irrata 
 to 
 
 pelure, 
 n d 
 
 n 
 
 32X 
 
 1 
 
 2 
 
 3 
 
 1 
 
 2 
 
 3 
 
 4 
 
 5 
 
 6 
 

 W 
 
 m 
 
 If?'., W: >>(' 
 
 -iy 
 
 
 
 - 
 
8^l 
 
 Wmif' 
 
 
 
 T^^iOBI 
 
 
 ' .<*■ 
 
 
 ••':^r 
 
 
 
 
 
 . , ' |i | i i * » ■ 
 
 .^i 
 
 
 fiUA, 
 
 , , ^^yfl'^W .1*^* 
 
 ,^«i«^-is3S»*f •• ; 
 
 • a'S^i4 |^.iiwfe»<«' 
 
 '* 
 
 1/ 
 
 
 _fi — 
 
 -t 
 
 &*;iS 
 
 ^m>0fm\ 
 
 
 -Jse*i*S-^^5?'P»W^**!J^^' 
 
 .«'»»e^, 
 
 ■jmM^.^V'^ 
 
"'ArMi '.l\^i 
 
 
 BIBLIOTHEQUB OE LA 
 VILLE DE MONTREAL 
 
 COLLECTION 
 GAGNON 
 
 %'t 
 
 
 IHSI 
 
 31273 
 
 I'ortne loSO -1-2U 
 
 
 OE. 
 
 
 tTnit«d gti»t«6 to 
 ill to appear ^ex- 
 he pra|KMed iiiode 
 the 8M}ig^boriilg 
 K>n temurof long 
 
 M 
 
 <*« 
 
 da Com] 
 ivata Ii 
 imount^l 
 alwamj 
 rlded 
 cototi 
 
 M 
 
 rt^aiiig 
 
 «tepltt 
 
 mm^- 
 
 r%fa1 
 
 mot 
 
 ty,with 
 idownera 
 (lie pti«Bl- 
 
 ^th«r 
 or 
 tbtivn to 
 awur- 
 ftvaUing 
 a^aiyroa- 
 )ap|M]pa,by 
 ttAdtepo- 
 bMiMkta 
 U&mk tkite 
 to protect aie 
 ildordinarny 
 . €T«ylot of 
 A^Qiii eooiTaleDt 
 »iii|B on tbe policy 
 ' a payment of 
 &ee contrito- 
 oxpiration of 
 ^ no longef; 
 mniily the Jbe 
 •epoMogio tha 
 9B<H the same 
 'j»d9ii|a& in his 
 
 es of 
 twcv 
 und. 
 ) hav! 
 ctenc 
 
 Qw 
 
 #»»«?. 
 
 Ul«» aoquirvQ w »um wyau . ^ 
 \ ihiM^ he die in the inta^, w: 
 '^ni <if the debt m«i oi ' 
 
 — ^hiuh siuHataa^tili. ^„.,«,«^ « .^ 
 
 ^ Realty |^dd% urooM not then be 
 . ., — ^^^^ — a la, by thfr: wt^iitmm' ^hat hl» flunflr'a 
 
 Z^^J^^*# Mtiueor^ a^ wdvonldbenotecled 
 
 . ggj'y^'^fg^ ?^]?*^"^. y^^ <fc» <*!»■«• «» genuine 
 
 "Vfeaehall AanHrtoMiP eo«M bfing wmmepmot «» ^Bwii>pn faf"»— »♦ 
 -f»a neiieHw yidl>sa btonMsrwi^^ bathe MtotoMoca 
 
 ASSIST 
 
 ' 
 
\ 
 
 LIFE ASSURANCE 
 
 IN 
 
 THEORY AND PRxVCTICE. 
 
 BY 
 
 CtEOROF. shkppard, 
 
 A.S*ISTAM ACTl-'AKr To THE CANADA I.TFE AfcSURANCE COMPANY. 
 
 'I 
 
 » »>- 
 
 HAMILTON, C. ^T. 
 1856. 
 
 \ 1 
 
 
 ^t.1 ."v^. ♦-.■fc tm*4 %i. 
 
 / 
 
)hase 
 
 inmg 
 ivoli 
 rronj 
 :adl( 
 lanj 
 im 
 jVic 
 lates 
 Iwa^ 
 
 Irea 
 
 * 
 
 ite, 
 terci 
 
LIFE ASSURANCE.* 
 
 'UR period is pregnant with paradoxes. Its 
 )hases of character vary so widely, and in many 
 [espects exhibit so little affinity of method or of 
 mrpose, that every attempt to reconcile them is 
 leset with difficulties, not to say impossibilities. 
 
 Vhatever be the temporary inconveniences of 
 
 le fact, its probable index is far from disheart- 
 jning. The terrible upheavings of the first French 
 
 evolution were preferable to the dead-level of 
 
 rrono; doinc; in which its bitterest throes were 
 jradled into being. Conflict anywhere is better 
 
 lan apathy, not simply because of the vitality which 
 implies, but also because of the coming food 
 
 rhich to the eye of the believer it surely inc'i- 
 lates. Life and hope and faith are blended 
 
 Iways more or less freely — always beneficently. 
 
 |o, now-a-days, the struggle between civilization, 
 
 reated and controlled by commerce^ and civili- 
 
 ii,^m * A lecture: delivered to the members of the Mechanics' Insti- 
 ite, Toronto, and the members of the Mechanics' Institute and 
 fercantilo Library Association, Hamilton. 
 
"1 
 
 LIFE ASSURANCE. 
 
 zation, noarished, sustained, and parified by reli- 
 gion, is in every aspect more acceptable, more 
 encouraging, than the dull stupor which sprang 
 from the selfishness and serfdom o^' r h "'or^r : 
 If there be more ot* selfishness in rsii. . '.• j ab 
 than feudalism or chivalry ever fostered, we have, 
 at least, the satisfaction of knowing that selfish- 
 ness was never more largely influenced by an inhe- 
 rent sense of right, or by the comprehensive intel- 
 ligence which links the individual and society — 
 the unit and the aggregate — in the bonds of a 
 common and an enduring interest. 
 
 Time was when giants, club in hand, swayed 
 the earth. The mass of men were pigmies, tiny 
 in stature and in soul. They believed as they were 
 taught to believe, and did just what they were 
 told to do, without requiring rhyme or reason. 
 The little thinking that was done in those days 
 was performed wholly and solely by their lords 
 and masters, grim giants as they were. In that, 
 the feudal, age we have the proper type of the 
 one-man power. The kingly right-divine of later 
 growth was at best ii sickly thing, in comparison 
 with its great original. 
 
 Now, we gaze in vain for giants. They belong, 
 happil;'^ -o an extinct race, and are only found 
 fOjSJsilizeiji., like the mastodon of another tribe. The 
 
 ;pigmi 
 
 hood. 
 
 of wai 
 
 rccog 
 
 kiiowl 
 
 *bers 
 
 lexclui 
 
 |appar 
 
 '^ple ac 
 
 haudj 
 
 liianu 
 
 kjliara 
 
 a coil 
 
 ill as a 
 
 kcoon 
 
 found 
 
 Btrens 
 
 |'Gi\ 
 as t 
 
 |he ^ 
 l^hicl 
 iiot a 
 
 minora 
 
 f)e lii 
 ition. 
 
 \ 
 
THEOUY AM) I'llACTICK. 
 
 
 
 id by reli- 
 ble, more 
 ih. sprang 
 
 '<7)T>r 
 
 we have, 
 at selfish - 
 y an inhe- 
 sive iutel- 
 society — 
 )onds of a 
 
 d, swayed 
 lies, tiny 
 they were 
 -hey were 
 )r reason. | 
 liose days | 
 leir lords ! 
 
 In that, 
 )e of the 
 le of later | 
 >mparison i 
 
 g. 
 
 y belon 
 ly found 
 ibe. The 
 
 /pigmies, in turn, have advanced towards raan- 
 ^hood. From more hewers of wood and drawers 
 *of water they have been metamorphosed into the 
 |rocognized source of political power^ and the ac- 
 Uknowledgcd basis of national prosperity. Niim- 
 ?bers accomplish what was before deemed the 
 exclusive right of prerogative or caste. The 
 apparently complex machinery, propelled by sim- 
 ple agencies, which does the work of millions of 
 hands within the scanty space of a few hundreds of 
 nanufactorics, is the iiiaterial embodiment of this 
 haracteristic of the a^o. 31en pull together for 
 common purpose. Perceiving that humanity 
 ias a task to achieve which isolated eifort cannot 
 ccomplish, they look to organized exertion as the 
 foundation of society's hope ; they throw their 
 ptrongtli into common channels, and with seem- 
 ingly feeble means realize prodigious results. 
 I*' Give me a fulcrum whereon to rest my lever," 
 |was the saying of Archimedes, '^and I will raise 
 |the world/' Society has discovered the agency 
 liivhich Archimedes lacked, and uses it lavishly, if 
 |iot always wisely and well. With associated means 
 find elTort as the fulcrum, with intelligence and 
 ij«ioral principle as the lever, the world may yet 
 lifted into a truer, higher, and happier posi- 
 tion. 
 

 
 LIFK ASSrmANPK. 
 
 I 
 
 ! 
 
 From this general roterencc to a wide and an 
 eminently .suiru:cstiv(i subject, the transition to 
 one of its many fertile feeders is neither arduous 
 nor irrational. A licntle step leads from the 
 contemplation of a potent principle to the consid- 
 eration of its application to interests involved in 
 human life. From the ability of joint effort to brinp 
 about great ends, we turn to life assurance as an 
 illustration of the operation of such effort in a di 
 rection easily appreciable and susceptible of mul- 
 tifarious ramifications. 
 
 That life assurance is ordinarily set aside as n 
 *' dry'' matter, is a circumstance attributable ra- 
 ther to the mode of handling it than to aught 
 essentially connected with it. To present it as r. 
 solemn abstraction, to be spoken of only in sub 
 jectiou to logarithmic labors and algebraic sym- 
 bols, is to inflict injustice upon a really interesting^ 
 branch of knowledge. To deal with it as a mys- 
 tery, which can in no way be rendered compre- 
 hensible to common intelligence, is to entomb in 
 darkness that which, when made intellidble, mav 
 be expected to command the approval of every 
 thoughtful man. On the other hand, to touch tho 
 subject in strains of spasmodic poetry, and to for- 
 get its merits in a zeal for rhapsody, is to imperil 
 the entire working of a plan which rests quite as 
 
 secui 
 sym] 
 eunc 
 
 Si 
 enoii 
 tract 
 l)ay 1 
 iixcd 
 am 01 
 conti 
 the ] 
 sure( 
 puuii 
 exist 
 eieni 
 deat 
 the 
 tion 
 bubi 
 laul: 
 
 T 
 rostf 
 indi 
 to a 
 tivii> 
 neii 
 li'ue 
 
TFFKOIJV AN!> IMlAfTICK. 
 
 ilo and an 
 
 insition to 
 
 cr arduou- 
 
 from tlio 
 
 -lie consid- 
 
 nvolved in 
 
 )rt to briiip 
 
 aneo as an 
 
 ort in a di I 
 
 ble of uiul- 
 
 asido as cV 
 
 I 
 
 butable ra- 
 in to aught 
 sent it as m 
 ily in sub \ 
 braic syuj-i 
 interestini^ i 
 t iis a niys- ; 
 ed com pre- i 
 entomb in 
 ii>'ible, mav 
 1 of every 
 ) toucb the 
 and to for- ; 
 ; to imperil I 
 ts quite as 
 
 4 
 
 hocurely (»n the pillars of sense as upon those of 
 sym])athy. The head and the heart arc alike 
 concerned in promoting its success. 
 
 Simply as a fact, apart from causes and tend- 
 encies, ]if3 assurance maybe defined to be a con- 
 tract, entered into by a society or company, to 
 pay upon the death of an individual assured a 
 lixcdsumjn consideration of receiving a stipulated 
 amount of money, at once or periodically during the 
 continuan'.'c of his life. The hypothesis is, that 
 the premium or purchase money paid by the as- 
 sured shall be such as, being invested at com- 
 I)ound intorost during the probable period of his 
 existence, will vield to the societv a fund suffi- 
 cient to discharcje the claim that will arise at his 
 death. The vital elements, then, that enter into 
 the theory of the subject, are, the probable dura- 
 tion of human life — technically, the theory of pro- 
 babilities — and the profitable investment of accu- 
 mulatin!::: funds. 
 
 The doctrine of probabilities in this instance 
 rests on the established truth that life, albeit in 
 individual cases most uncertain, is, in reference 
 to a community, regulated by an almost undevia- 
 ting law. We cannot tell who amongst our 
 neighbors will be the first to die, nor can we 
 Li'uess the likelihood of our own lenii'thened exist- 
 
8 
 
 LIFE ASSURANCE. 
 
 ence ; but extensive and, in a large degree, relia- 
 ble data exist for calculating the ratio of mortality 
 to the v;hole number. It is known that of a given 
 number born, a given number die within one year, 
 a given number m the second year, and so on, 
 year after year, until the entire number cease to 
 exist. As, at any particular period, the whole 
 body of survivors may be supposed to have an 
 equal chance of life, the phrase " expectation of 
 life" is used to denote the avera2;e of the entire 
 
 CD 
 
 number of years which may, on a supposition, be 
 enjoyed by a mass of individuals collectively. 
 Thus, according to the Carlisle table of mortality, 
 the probability is that a man, aged forty, will 
 live twentv-seven years and seven months 
 longer ; and this probability or expectation rests 
 on the knowledge that that is the curtate mean 
 duration found from the deaths of 5,075 persons, 
 all of whom were alive on their fortieth birthday. 
 Again, bills of mortality rfhow that of 5,807 persons 
 in the prime of life, 650 will die before ten 3^ears 
 elapse ; before other ten years pass away 757 more 
 will cease to live ; and in a third term of the 
 same duration 1,000 will uo to tlieir final rcstinu' 
 place ', so that, at the expiration of thirty years, 
 but 2,894 of the 5,307 will remain to tell the story. 
 The mathematician is, therefore, enabled to de- 
 
i 
 
 , relia- 
 ortality 
 a given 
 e year, 
 so on, 
 ease to 
 whole 
 ave an 
 ition of 
 entire 
 ion, bo 
 ctively. 
 )rtality, 
 y, will 
 months 
 )n rests 
 i mean 
 ersons, 
 :thday. 
 )ersons 
 1 years 
 7 more 
 of tlie 
 •estini'' ' 
 years, 
 story. 
 :o de- 
 
 termine the theory or law which governs the 
 waste of life in its various stages, and to calculate 
 the money quota which each of a body must con- 
 tribute to provide a given sum, payable at the 
 period of their respective deaths. 
 
 As, however, assurance offices usually deal 
 only with lives that are believed to possess a fair 
 likelihood of longevity, occupation, climate, and 
 other circumstances are, in their arrangements, 
 considered in conjunction with the ascertained 
 rate of mortality. Take the influence of occupa- 
 tion, for example : Of 1,000 boys, ten years old, 
 who shall be reared to agricultural pursuits, one- 
 half will live to see their seventy-second year ; 
 rear them as miners, toiling deep in the bowels 
 of the earth, and half of them will die ten years 
 sooner than the first half of the agriculturists ; 
 make them plumbers or painters, and half will 
 perish in five years less than the period of the 
 doomed miners ; make them clerks, and their 
 chances are five years worse than those even of 
 painters. Let our young men, who hurry from 
 farm or village work-shop to ply a pen behind desk 
 or counter, mark the close relationship which 
 exists between sedentary pursuits and early death. 
 
 "Without entering into a history of the various 
 tables of mortality that have been constructed in 
 
 Al 
 
M) 
 
 I.I I'M ASSlUtANCK. 
 
 \ n 
 
 ' 1 
 
 ■ti'i 
 
 Kiiulanil, Fraiuu', Ccniiany, jiiid Swinlon, wo se- 
 lect tli(i lour wliicli, IVoin diviMs t'jiuscs, Iijive ob- 
 tuinod irivatiH" or less rcn'O'-iiilion in tlu; lile assu- 
 ranco world. Tlu^si} arc, llu' North. luiptoii table, 
 eoiistriieted in ITS'J ; the ('arllsle, r(^stiMl;•, like 
 the Northampton, u|M)ti very liiiiitiul data; tlu^ 
 KxperieiuH', ih'riviMl iVoiii i\\v aet'ial experieiiet; 
 of seventeen Uritish lil'e olVices ; and the b]n^lish, 
 d(;diieed iVoni returns rnrnislnvl to th(^ ll(!u:;istrar 
 (leneral since the adopt ion ofthe syst,eni orct)ni])ul- 
 sorj ret;istration, which has l)(>en for some years 
 in lc»rce in Kni;land. The Northaini)ton tal)le is 
 reverenced by iL;'randanics be(r:ius(; of its anti(juity, 
 and, a])parently on that i;round, is obstinatidy 
 adhered to by not a. tew of the old Uritish ollices. 
 Its authority is altou;(!ther traditional. Dr. IVice, 
 with all his zeal and ability, (»rred in constructinu; 
 it, tor, instead ol' coniparini;- the deaths and tlui 
 livinjj^ at each ap% and thus obtaiiuni;' the rate 
 of mortality and survivorship, he used the deaths 
 alone. A committee of the House of (Jommons 
 lonii; a^o voted it unreliable ; it inflicts injustice 
 upon all yeuui; lives assured under it, exactinj>; 
 20, »)(), and even 40 per cent., at sonu^ '*^'A^^} hc- 
 yond the reopiired premium, and distributing' the 
 surplus with e(jual unlairness ; and still venerable 
 British offices cling to it as an ark of safety. The 
 
TIIIKHtV AND IM{A<"n('i;. 
 
 n 
 
 , wo so- 
 ui\{) ()!)- 
 i\\) assu- 
 on table, 
 ii'4', like 
 a ; th(i 
 )erieiie(; 
 Ku^lisli, 
 veLi,i,strar 
 'eoinptjl- 
 ne years 
 table is 
 iti(|uity, 
 stiiiately 
 I oiliees. 
 r. IVic(^, 
 truetin^' 
 and tlui 
 he Vi\t{) 
 '- deaths 
 
 )lHin(>!lS 
 
 MJustiee 
 xactiiig 
 ,i;'es, be- 
 in.i»' the 
 nerable 
 r. The 
 
 (!arlisl(! table. (' sdrd nii limitiMl ()])servations, 
 and absunlly i*a'i>(.y in ils ;^:i'a(l nation at dilltM'ent 
 ai;(!S, has bet'onu; lln; v'orkin;j:; tabh; in the major- 
 itv orulliccs, less on a(U!()nnt ofdeinonstrable value 
 than in consiKjucnct' ol' approximate aecniraey, 
 tesled by ieniithinied exp(!rienc(!. The nisults 
 indi(;ated by thii I'onr ta])l(;s in relation to the 
 al'terdiletinK!, or expectation of life, are best »seen 
 in juxtaposition. 
 Expectation of Li fe according' to dilferent Tables of Mortality. 
 
 Ak''- 
 
 •JO 
 
 ;•>() 
 
 40 
 
 01) 
 
 70 
 
 NO 
 
 Ndi-lli- 
 :ilti|)l(iii. 
 
 Cnrlisli'. 
 
 AdjiislctI 
 
 Irisli l]\- 
 |M'ri«'iif<'. 
 
 ;!.•!, 4.} 
 
 41.10 
 
 •ll.lt> 
 
 .';4.0.') 
 
 'JS.27 
 
 :u.;m 
 
 •MAA 
 
 20.71 
 
 'j;'..os 
 
 •J7.0I 
 
 •J7.'JS 
 
 •j."..;;o 
 
 17.00 
 
 •ji.ii 
 
 'JO. IS 
 
 17.70 
 
 v.:.-i\ 
 
 ii.;'.i 
 
 i;;.77 
 
 1'J.07 
 
 s.co 
 
 0.1 s 
 
 s.r.4 
 
 7. on 
 
 4.7 r. 
 
 r).r.i 
 
 4.7S 
 
 4.70 
 
 KiiKlixli. 
 
 40.;54 
 .'{.'{.OS 
 27.14 
 
 14.00 
 
 H.7S 
 0.07 
 
 On the assumption that the Northampton ver- 
 nion of the mean duration ol* life is trustworthy, 
 death may ho (expected to occur to the mfijo- 
 rity of mankind much earlier than other 
 tables lead us to expcict ; and, consccjuently, a 
 hij«her premium is re^juisite to provide against 
 the contingency. On the contrary, if the Carlisle 
 estimate be near to truth, the cost of assurance 
 may be reduced to a comparatively low point, 
 without infringing the main essential, safety; 
 
12 
 
 LIFE ASSURANCE. 
 
 and that this estimate is, on the whole, sound 
 enough for practical purposes, is proved by the 
 tabulated testimony of admitted authorities. 
 
 The rate of interest is the next element that 
 challenges attention. The premiums to be paid 
 on any table of mortality are supposed by the 
 hypothesis to be invested at the moment they 
 become due, year after year, and to be afterwards 
 continually undergoing the process of compound 
 interest. The English offices, for the most part, 
 take three per cent, as their basis of calculation ; 
 here and there, three-and-a-half per cent is adopt- 
 ed ; and the latter rate usually obtains in Scot- 
 land. Prudential management in all cases of 
 this nature implies the selection of a minimum 
 rate, as that most likely to yield the desired 
 quality of permanence ; and, for the parent coun- 
 try, therefore, three per cent, may bo said te be 
 the highest available rate compatible with invest- 
 ment in first-class securities. Looked at, however, 
 in the Canadian light, the question wears another 
 aspect. The exigencies, resources, and prospects 
 of a young community, like ours, necessitate and 
 justify the adoption of a higher standard in regard 
 to the value of money. To say that money is 
 worth more here than in England, is to state a 
 naked fact, involving no opinion for or against 
 
THEORY AND PRACTICE. 
 
 18 
 
 |e, sound 
 by the 
 
 es. 
 eiit that 
 be paid 
 by the 
 iiit they 
 "terwards 
 )inpound 
 ost part, 
 iulation ; 
 is adopt- 
 in Scot- 
 cases of 
 linimum 
 desired 
 nt coun- 
 d tc be 
 1 invest- 
 lovvcver^ 
 another 
 respects 
 ate and 
 I regard 
 onsy is 
 state a ^ 
 against 
 
 usury laws ; and to render that fact the basis of 
 long calculations, predicated upon the future, is 
 in no respect to deviate from the path of wisdom. 
 Six per cent, is to our future as three per cent, 
 is to that of England, and may be built upon for 
 the present purpose with quite as much safety. 
 On the fiice of the matter, then, life assurance 
 premiums invested in Canada, at six per cent, 
 interest, are as safe — other circumstances being 
 equal — as premiums invested in England at three 
 per cent., while their accumulative power is im- 
 mensely .augmented. Or, altering the form of 
 the comparison, a lower premium, improved at 
 six per cent., will, in a series of years produce a 
 fund equal to that yielded by a higher premium 
 invested at half that rate. Parallel columns most 
 clearly exemplify this view. 
 
 Net Annual Premium to Assure £100, Single Lives. 
 
 :.»: 
 
 V 
 
 u 
 
 li '^ S (i 
 
 
 ti i 
 
 
 •~> 
 
 ^ 
 
 
 
 
 
 f 
 
 "*' 
 
 
 *'," 
 
 T 
 
 
 u 
 
 P- 
 
 
 Ch 
 
 
 
 • y 
 
 C) 
 
 ?> lier 
 
 ■—" 
 
 ■^ 
 
 ceiil. 
 
 
 
 
 
 •(-' 
 
 
 
 C;irl!slo, 
 
 •i JM'f 
 
 per 
 
 C'-'Ut. 
 
 cent. 
 
 ('. 
 
 fl ( 
 
 4-0 
 
 ) 
 
 «:'l. ;) 
 
 3 13 4 1 ■!'^ 1 
 •; V \V 1 V> 1 
 
 ^0 !;4 10 T-'J 10 l-i 
 
 1 ^t lu 1 ii 4, 1 ;; V 
 1 ii) Oil ir. r (. 11 11 
 
 
 ^ 
 
 
 ■M 
 
 -H 
 
 cv 
 
 
 
 'A 
 
 
 
 
 
 
 to 
 
 
 O 1 
 
 r, % 
 
 a 
 
 f**. 
 
 
 
 
 
 
 
 ■' ' 
 
 1 
 
 :^ 8 
 
 i 
 
 (I: 
 
 ■^ 1^ 11 -2 
 
 ;5 'J ' 
 
 1 1 r 1 a 5i 
 1 i» ^ :i 10 n 
 
 I 
 
 ■2 1 
 
 ■J IS 
 
 The purchasing power of cvl Is. 6d., as a pre- 
 
14 
 
 LIFE ASJSUHANCK. 
 
 ■,' 
 
 mium for ^100, ptiyablc by a person aged 20, is 
 equal in Canada to £1 9s. lOd. paj^able by the 
 same person in England. A Canadian company, 
 charging the lower net premiuni in consideration 
 of Canadian investments, has the same element 
 of solvency and strength as an English company 
 exacting a net premium little less than forty per 
 cent, higher. The advantage in favor of Canada 
 is shown yet more strikingly by a comparison of 
 the net amounts which an annual premium of c£l 
 will assure. 
 
 Net Sum which an Annual Premium of £1 will Assure. 
 
 Nets 
 
 cent. 
 
 1 to t 
 i w .> 
 
 si 
 
 
 "£ s (1. .C s (I. 
 
 4.') 17 S (17 K) 11 
 
 ;17 It 10 : r)2 9 
 
 20 S Si' ^JS 7 S 
 
 22 1 () 20 1 (» 
 
 (iO 19 
 
 51 4 
 
 ;is 9 
 
 27 12 
 
 £ s (1. 
 
 92 11 
 
 (•)7 IS f) 
 
 49 4 11 
 
 ni 10 
 
 i£ S (1. 
 
 
 ISo 4 1 
 
 ' 
 
 (if) 9 10 
 
 
 i 4S 5 ft 
 
 
 1 32 12 10 
 
 1 
 
 Substitute a deferred annuity for a life 
 assurance, and the contrast becomes still more 
 palpable in favor of Canada as a field for this 
 branch of business. 
 
 A-e 
 
 Aniiui 
 Aiiiiui 
 
 Th 
 mivai 
 
 to till 
 
 with 
 
 be II 
 
 .< covei 
 
 to m 
 
 of b 
 
 the 
 
 the : 
 
 mad 
 
 frou 
 
 an 1 
 
 Stan 
 
 w 
 
20, is 
 by the 
 irrjpuny, 
 eratiou 
 lenient 
 nipany 
 rty per 
 Canada 
 ison of 
 lofjei 
 
 Assure. 
 
 To ^ 
 
 W 
 
 ' s ,1. 
 55 4 ] 
 
 i-') (» 10 
 
 •'^ f) 5 
 2 12 10 
 
 I life 
 
 more 
 
 r this 
 
 TllKORY AND PKACTICE. 
 
 15 
 
 Net Single Premium for a Deferred Annuity of £10- 
 
 so ' 
 
 Carlisle. 
 
 A-c 30. 
 
 r£ i 1 :5 JUT cent. >3 per cent 
 
 '/^.~ 
 
 C S (1 ; C S (1 ; C S (I 
 
 Aiiiiuitvitrr)(t If. :, 4 o;> 12 lo o:j u 
 
 7. -* 
 
 • »-< 
 
 CO :^ 
 
 £ 8 dii£ 8 d 
 
 26 8 1 125 15 10 
 
 AmmitvfitOO V.) Y; \V 1^ 15 8 \ l!'.» 7 S 15 5;i 9 S 8 
 
 11 li I il 
 
 .'I 
 
 Thus far w(; have -spoken only of the net pre- 
 mium, that is, tlie premium absolutely essential 
 to the due fulfilment of a society's engagements 
 with its assured members. But provision must 
 be made for the expenses ^of management, to 
 cover the possibility of loss on investments, and 
 to meet contingencies arising from the admission 
 of bad lives, the perpetration of fraud, or any of 
 the other minutijc which legitimately enter into 
 the actuary's calculations. Hence, additions are 
 made to the not premium, ranging in England 
 from ten to thirty per cent. Let us now see how 
 an English and a Canadian company relatively 
 stand. 
 
 

 m 
 
 in 
 
 LIFE ASSURANCK. 
 Grcssior loaded) Premium to assure £100. 
 
 ■ o T i^^ !, <,'jirli-I(>. 
 
 iC 
 
 
 "■Z ^- 
 
 ,■ 
 
 C ;^ .1. 
 
 -'* i 
 
 •J V n 
 
 1 ;;() 
 
 •J IS !'i 
 
 i ^1') 
 
 ;•> 1 4 s 
 
 ; 50 
 
 4 j;i s 
 
 ."i )icr ci'iit. I ;> pur (•'•lit. I (i p"i' cnnt. 
 ' with -•) ]n'\' I with ;!') ]u'v witli ;')() per 
 (••'iit.a'Mi^iI. I (N-ni. iifldod. i oi-nt. uildi'f!. 
 
 I IV 
 
 N '.I 
 
 4 111 C, 
 
 V '. il. 
 
 I 1^ 10 
 -.1 li) U 
 .> , .1 
 •Ml ! 
 
 £ s. (I. 
 
 •J .! •_> 
 
 ;; u ii) 
 
 I n 10 
 
 A Canadian company levying a premium of^l 
 12s. 3d. per £100, at the age of 20, exacts six 
 sWllings and seven pence less than an English 
 company, and nevertheless has an extra guarantee 
 to the extent of twenty per cent, of the net 
 premium. With the same table of mortality, we 
 of this section of the ximerican continent can 
 underbid a British company in the proportion of 
 twenty per cent, of the gross premium, and still 
 possess a clear disposable surplus of twenty per 
 cent, of the true premium! Could any fact be more 
 conclusive ? Can other evidence be wanted to 
 prove that cis-Atlantic premiums may be lower 
 than British, and at the same time present a much 
 greater margin to provide against v.ossible 
 mishaps ? 
 
 In these examples reference has been made 
 
only to tlie assurance of selected or healthy live?. 
 Unfortunately a large proportion of the population 
 are not comprised in this category, either on ac- 
 count of hereditary taint or acquired disease, or 
 on account of near relationship to those possessing 
 one or the other. Many, knowing their position 
 in this particular, regard their lives as beyond the 
 pale of assurance, and never trouble an office on 
 the subject. Of the actual applicants for assur- 
 ance, it has been computed that twenty per cent, 
 are rejected or admitted only at rates above the 
 average for healthy lives. A few English ofHces 
 assure diseased lives at rates specially calculated 
 with reference to the mortality prevailing amongst 
 the class to which the assured belong ; and tlie 
 tabulated statements of mortality from pthisis, 
 dropsy, hydrocephalus, and other forms of disease, 
 certainly show remarkable uniformity both as to 
 the prevalence and duration of each. But though 
 the number dying yearly from specified causes is 
 known with greater or less precision, we may 
 reasonably doubt whether medical statistics have 
 attained to a degree of perfection indicating the 
 relative number dying at different ages, or the 
 extent to which a disease supposed to be latent 
 has not been developed. In the absence of this 
 and kindred information, the assurance of diseased 
 
 i!.*I 
 
18 
 
 LTFK ASSURANCE. 
 
 H 
 
 ■I- 
 
 i '!i 
 
 lives proceeds upon rates hiG;li enough to cover 
 the worst imaginable contingency in every case, 
 and therefore much too high to render this class 
 of assurance generally available. 
 
 A directly opposite view of the figures we have 
 presented may bo suggested. "The tables of 
 mortality/' an objector may allege, "proceed on 
 ' the average of the whole communit}^, sober and 
 ^ drunken, sound and diseased, and for that 
 * reason represent a more unfavorable state of 
 ^ things than assurance olSces, dealin<2: with 
 ^ selected lives, are called to encounter." As 
 applied to the Northampton, the Carlisle, and the 
 Englidh tables, the remark is unquestionably per- 
 tinent, but it fails to cover more than a section of 
 the ground. If life assurance were a contract 
 which neither of the parties could invalidate — if 
 individuals once assured were constrained to con- 
 tinue the payment of their covenanted premiums 
 during the term of life, just as the oliico is con- 
 strained to sustain the liability to pay the amount 
 assured whenever death may happen, then, un- 
 doubtedly, the necessity for rigid scrutiny on the 
 part of the office would be materially mitigated. 
 But the case is otherwise. The society and the 
 assured respectively enter into a contract which 
 the assured alone is permitted to annul. The 
 
case, 
 
 c 
 
 lass 
 
 liave 
 
 es of 
 
 id on 
 
 and 
 
 that 
 
 As 
 
 THEORY AND PIIACTICK. 
 
 11) 
 
 society is bound irrevocably, save in cases of 
 fraud. The assured, on the contrary, is at liberty 
 to continue his connection with the society, or to 
 suspend payment of his premium when he choose. 
 He accomplishes a temporary object, and then 
 withdraws ; he finds his health better than he 
 expected it to be, and he stops his premium; the 
 society beinj^ all the time bound to submit to his 
 bidding. The right of selection which the so- 
 ciety exercises at the outset is, then, to some 
 extent neutralized by the subsequent exercise of 
 a light of selection as against its interests; for 
 the withdrawal of a member not only deprives the 
 society of the portion of income which he en- 
 gaged to contribute, but in a measurable degree 
 weakens the security on which the mass of the 
 assared have reckoned fur the due creation of 
 their respective beneiit,s. Nor are these draw- 
 backs fully counterbalanced by profits from lapsed 
 or surrendered policies, which are often inconsi- 
 derately alleged againsi; a company. On the 
 principle of equity, an individual seceding from 
 an assurance office has no right to expect repay- 
 ment of anv Dortion of his premiums 
 
 ly portioi 
 
 premi 
 
 voluntarily abandons what the other party to the 
 contract is obliged to respect ; and if he receive 
 anything on retiring, the circumstance is properly 
 
20 
 
 LIFK ASSUHANCK. 
 
 attributable to (Concession on the side of the office, 
 acted upon, no doubt, by the pressure of conipeti- 
 tign, and by a desire to obviate every ehiss of 
 objection. 
 
 A reference to competition in this connection 
 does not imply the presence of the precise evil in 
 relation to liCe assurance ol' which in other 
 matters old conimnnitios universally complain. 
 The Iciriou of lii'e assurance o ill cos have a -work 
 belbre tiicm broad enoui;li to iilibrd honorable 
 scope for all their ei^ertions ; and the proper 
 source of regret is, not that their number is large, 
 but that the means they employ are often framed 
 in view of popular ignorance and gullibility, 
 rather than to promote a healthy regard to the 
 judicious enterprise and the cautious policy which 
 should be found at the boctom of assurance 
 transactions. Scliemes are constructed with a 
 single eye to novelty, as a bait with which to catch 
 the great rublic whale. Professions are put for- 
 ward pretty as bubbles, and as hollovr and evanes- 
 cent. Promises are i^romulirated with Munchau, • n 
 extravagance, without stopping to remember 'v;^ 
 life assurance, with all i 
 
 poetry 
 
 P^ 
 
 a great fact, open at any time to the im] 
 scrutiny of coi ^^on aritb-uetic. The result 
 
 that prudenc* 
 
 iS :oo 
 
 frequ-'utly sacrificed to 
 
 m 
 
 )S, is 
 
 of 
 
 rtia 
 
 an 
 
 t is, 
 
 to 
 
 leet- ! 
 
 th 
 
ofticc, 
 iipcti- 
 ass of 
 
 iction 
 
 vil in 
 
 other 
 
 pliiin. 
 
 , work 
 
 :tral)lc 
 
 proper 
 
 largo, 
 
 rained 
 
 bility, 
 
 to the 
 
 which 
 
 arancc 
 
 with 11 
 
 ► catch 
 
 ut ibr- 
 
 vancs- 
 
 lau. « !i 
 
 er ' h'jt 
 
 hos, is 
 
 partial 
 
 ult is, 
 
 ) ileet- 
 
 
 inj^show; and in this way the olid, lastinp^ in- 
 terests of an onlicjhtened economy are exposed to 
 a petty rivah-y and a disingenuous (."nitest, worthy 
 (uily ot a tape-store or a grocery. 
 
 With the (juarrel waged in Britain ))y oldoliices 
 and young offices, wo of the new world need not 
 meddle. Tho Atlantic rolls betwixt them and us, 
 and we f*an \\\)\\ .ffbrd to stand aloof from their 
 irritatinj, controversy. Whether age gives to 
 oomjcMiies the privileges of monopoly, or youth 
 the prerogative of imposture, is a ([uestion on 
 which the lOnglish people need no enlightenment 
 from (\anadn. There are, however, some consi- 
 derations associated with the general (juestion at 
 stake in which we and all men are, or should be, 
 deeply interesced. We are interested especially 
 in the diffusion of such just opinions in relation 
 to assurance as shall necessitate the adoption of 
 a system of fhiance most clearly calculated to 
 command conGdenco, and to fultil in perfect faith 
 the vast though long-deferred obligations of life 
 assurance institutions. 
 
 ixiQ finance of tiro insurance and the linanco 
 of life assurance arc essentially different affairs, 
 and their managoiient must be judged according 
 to different standards. Pleasures adapted to serve 
 the objects of oi r, would entail upon the other 
 
99 
 
 LIFE assurance:. 
 
 inextricable embarrassment. Fire insurance ex- 
 tends over a brief period, and involves risks limited 
 to that period. The losses encountered may be 
 heavy or light ; the ability of the premium fund 
 to meet them is ascertained without difficulty ; 
 and whatever be left after payment of these, and 
 after setting apart so much as may be needed to 
 cover outstanding risks, is properly surplus, 
 either divisible as profit or applicable as a guaran- 
 tee fund, to pay off a subscribed capital or to 
 inspire larger confidence in the con)pany's future. 
 Quite different is the position of a life assurance 
 society. With a large present income, it has 
 enormous distant liabilities. It receives current 
 assets to defray deferred debts. It is a bank^ 
 receiving thousands year after year, to provide 
 tens, perhaps hundreds, of thousands due half a 
 century hence. In this respect it differs from 
 every other institution in existence. Their balance 
 sheets are susceptible of weight and measurement 
 now and always ; a clear-headed accountant sees 
 throu2;h them at a sflance. But in life assurance 
 the matter is cojnplicated. An institution may 
 exhibit to the on-looker a brilliant array of figures, 
 and yet be irredeemably insolvent. It may show 
 
 and nevertheless be jour- 
 
 1 
 
 eem 
 arG:e current income 
 
 neying onward to ruin. On the other hand, it 
 
THEORY AND PRACTICE. 
 
 
 ni«o,y reveal a lessened business and a falling 
 capital, and still be able to fulfil every obligation 
 now or hereafter comino- a«:ainst it. 
 
 Although, as has been said, the financial ma- 
 chinery of a life ofiice is in the nature of things 
 complex, its operation may be so simplified as to 
 place proof of solvency within the comprehension 
 of every man concerned. The disposal of a sur- 
 plus, accruing from the "charge,'' or '^ loading,'^ 
 added to the net premium — the application of 
 profit derived from the interest actually received 
 on inves^aients above the rate embraced in the 
 premium calculations — and other similar niceties 
 of management, are too intricate to be readily 
 simplified, and too formal when simplified to be 
 particularly attractive outside of the professional 
 circle. But in relation to the solvency of an office, 
 these points areof comparatively minor importance. 
 On that head difficulties are more imaginary than 
 real. Starting with a true life table and a con- 
 fessedly safe rate of interest, a company ought 
 to be in a position at any time to demonstrate its 
 soundness ) and there is more of credulity than 
 judi2;ment in the individual who remains connected 
 with an office which systematically shirks the 
 simple, available test. The better to understand 
 tins test, let us for a moment refer to the gradual 
 
progress of a life assurance fund, as illustrated 
 
 in the operations of an ideal office. 
 
 Assume that a society starts with 300 mem- 
 bers, each 30 years of age, and each assured for 
 
 ;€500. The net premium on the Carlisle table, 
 at three per cent., is £1 19s. Od. per £100, or £9 
 15s. Od. per £500. Assume, further, that 300 
 new members enter at the commencement of every 
 succeeding year, each 30 years of age, and each 
 assured for £500 ; and that the claims on account 
 of death are all paid at the end of each year. 
 Omitting decimals, the society will in its first 
 year receive £2,926 as premiums, and £87 in- 
 terest ; after paying £1,500 on the deaths which 
 may be expeeted to occur in twelve months, it 
 will possess £1,514 invested stock. In the second 
 year it will receive £5,823 premiums from 597 
 members, and after payment of claims will possess 
 jG4,558 stock. Proceeding at this rate, with the 
 number of members and the proportion of deaths 
 continually increasing, the premiums of each year 
 will be found sufficient to cover all payments at 
 death, and to add somewhat to the stock, until the 
 close of the fortieth year. The members will then 
 stand at 0,282 ; the income from premiums at 
 £90,545, and i'rom interest at £33,636 ; the in- 
 vested stock being £] ,064,865. In the forty-first 
 
 (oi 
 
TIIEOUY AND I'RACTICE. 
 
 25 
 
 strated 
 
 ' mem- 
 
 ed for 
 
 i table, 
 
 orje9 
 
 at 300 
 
 f every 
 
 d each 
 
 ccount 
 
 1 year. 
 
 ts first 
 
 ::87 in- 
 
 which 
 
 iths, it 
 
 second 
 
 m597 
 
 iDossess 
 
 h the 
 
 deaths 
 
 1 year 
 
 nts at 
 
 til the 
 
 1 then 
 
 ms at 
 
 he in- 
 
 .Y-first 
 
 vear the claims on account of deatli will exceed 
 the income from premiums; and at the end of the 
 lifty-nixth year, the income rrom premiums and 
 interest united will be less than cue outgoings. 
 At t!i;it period, then, and not till then, the en- 
 croiiclimeiit upon the stock, amounting to 
 t:l,'].-]2,259, will commence. 
 
 Assume, niiain, that the Pix per cent, rate be 
 :ido]>t(v.i by another society, exactly identical in 
 remind to membership, inanagemcnt, and indeed 
 (i;i nl! ]K)iiits excepting only the material ones of 
 premium and interest. At the end of the thirty- 
 iir,>t \vAiv, (ho income of this second society from 
 vu'cmlums will lali short of the out2;oini>s for 
 lieath,- : nrid at tlie end of the fifty-second year, 
 the stock, amounting to i^89T-,91o, will be called 
 into requisition.''" 
 
 or eoiirse both cases ju'c hypothetical. In 
 prjietice, m) olliee tallies precisely with either. 
 A variety of difierences, some adverse, some 
 fivora])le. come in. in realitv, to modify the results. 
 uut the ilhisnaiion is suiiicient for the purpose 
 j for v/hicli it h;!.' been constructed, namely, to 
 prove that a society ought to be able at any time 
 to shoAv that it possesses invested means equal in 
 amount to the aggregate of stock, which should 
 
 * Sec Ilhistiivtiv'Tiihle tippcuded to the Lecture. 
 
 2 
 
 y\ 
 
L^G 
 
 LIFK ASSURANCE. 
 
 be found at the credit of each policy holder. 
 Nothinc; is more easy than to tabulate the sums 
 which should be in deposit for every pound of 
 net annual premium paid upon lives which com- 
 mence assurance at specified ages; and if the 
 managers of a society withhold the information 
 which enables every individual interested to 
 judge of its financial condition, the circumstance 
 must be ascribed, not to inherent difficulty, but 
 to a determination to enshroud in darkness that 
 which ought to be clear as noon day. There are 
 bats and buzzards even in the life assurance 
 world. 
 
older, 
 sums 
 md of 
 1 com- 
 f the 
 lation 
 ed to 
 stance 
 J, but 
 58 that 
 ire are 
 urance 
 
 i— 
 
 
 3 
 
 
 3 
 
 
 •■H 
 
 
 3 
 
 
 V 
 
 
 ^ 
 
 
 
 
 -H 
 
 
 
 
 
 
 
 
 <« ts 
 
 v.. 
 
 o O 
 
 a 
 
 ^'B 
 
 <o 
 
 «rt o 
 
 w 
 
 o 
 
 
 !>> ■*• 
 
 u 
 
 C* '^ 
 
 H) 
 
 o u 
 
 a 
 
 fr-c 
 
 
 ^ ♦^ 
 
 X 
 
 o^ 
 
 —^ ' 
 
 
 OQ 
 
 -W ^ 
 
 
 ^^ (pN 
 
 o 
 
 3 « 
 
 s i 
 
 n i 
 
 o.a 
 
 #^ 
 
 ij 
 
 ,—i 1 
 
 S ''^ 
 
 ;-i > 
 
 '" o 
 
 CO i 
 
 c ;^ 
 
 ? ' 
 
 °3 
 
 
 u, >: 
 
 1 
 
 
 Si 
 
 S.1 
 
 o 
 
 ri 1i 
 
 p^ 
 
 
 M 
 
 '-^ "f" 
 
 i^ 
 
 
 
 ;:; 'f" 
 
 
 — '-J 
 
 ^ 
 
 *' ^ 
 
 »H 
 
 « fH 
 
 
 
 trCJ 
 
 
 ^ 
 
 
 P 
 
 "^ '^ 
 
 OQ 
 
 o P 
 
 
 
 
 
 
 ::> i- 
 
 w 
 
 -3 c 
 
 _ O 
 
 1^ 
 
 • ■H 
 
 pq 
 
 - >» 
 
 < 
 
 ^^ 
 
 H 
 
 
 
 
 {25 
 
 
 O 
 
 *■« 
 
 H 
 
 rS c 
 
 «] 
 
 •^ ,-^ 
 
 
 
 <J 
 
 
 > 
 
 3 
 
 u 
 
 ^ l- 4? 
 ^ r-i rH 
 ^>{ 'O to 
 
 O '-O 
 
 c 
 
 • 
 
 l« 
 
 i-t 
 
 O 
 
 >> 
 
 
 
 
 
 
 
 f-l 
 
 a 
 
 O 
 
 -*-» 
 
 
 I-H 
 
 
 
 I— 1 
 
 r-t 
 
 ^ 
 
 >o 
 
 o 
 
 lO 
 
 U 
 
 r-C 
 
 JC 
 
 '.-1 
 
 1- 
 
 >-i 
 
 
 
 
 
 ^ 
 
 t 
 
 I— 1 
 
 I-. 
 
 XI 
 
 ■«-> 
 
 
 
 r—i 
 
 (— i 
 
 o 
 
 I— 1 
 
 ^ 
 
 ifT 
 
 H^ 
 
 ->< 
 
 o 
 
 r-l 
 JO 
 
 S(0 
 
 ~5~ 
 
 CC 1— 
 
 r-H 
 
 00 o 
 
 o -o 
 
 • 
 
 • 
 
 (M 
 
 r— 
 
 VJ 
 
 c^ 
 
 t'j 
 
 lO 
 
 o 
 
 M 
 
 ■"^ 
 
 
 1—1 
 
 
 
 
 
 
 >•» 
 
 
 
 
 
 
 
 
 
 
 . 
 
 ■M 
 
 ''*• 
 
 t^ 
 
 a? 
 
 '35 
 
 C-l 
 
 c? 
 
 
 33 
 
 I— 1 
 
 
 
 
 
 I— t 
 
 
 C5 
 
 -4? 
 
 -+ 
 
 -t< 
 
 -i> 
 
 -t* 
 
 "+ 
 
 lO 
 
 to 
 
 
 -.0 
 
 
 
 I— 1 
 CI 1-? 
 
 
 r-i rH 
 
 r? CO 
 
 vo ^ 
 
 :0 
 
 r-i O 
 rH 
 
 1- CO 
 
 1-H 
 
 CO rH 
 rH 
 
 ■M CO 
 
 rH 
 
 CI 
 
 
 CO 
 
 'M 'TJ 
 
 to 
 
 Ctl 
 r-l 
 
 01 
 
 1^ ~ 
 
 r" 
 
 eo CO 
 
 , 
 
 * 
 
 :o 
 
 o 
 
 CO 
 
 CO 
 
 to 
 
 o 
 
 ^-> 
 
 «N 
 
 •^ 
 
 
 
 
 
 
 
 rH 
 
 >^ 
 
 
 
 
 
 
 
 
 
 
 ^ 
 
 i- 
 
 X 
 
 
 o 
 
 cr 
 
 -^ 
 
 •I* 
 
 »-0 
 
 V? 
 
 01 
 
 01 
 
 OI 
 
 01 
 
 Ol 
 
 Ol 
 
 CO 
 
 -J x> yD 
 
 o 
 
 e< O r- 
 
 
 '■:5 o 
 
 Ol 
 
 01 
 
 .J 
 
 -d 
 
 X. 
 
 -ri 
 
 r-< 
 
 ^. 
 
 JO 
 
 O 
 
 CO 
 
 i^* 
 
 r' 
 
 •o 
 
 
 *44 
 
 CT' 
 
 lO 
 
 Ci* 
 
 r-l 
 
 • • 
 
 ^ 
 
 r- 
 
 r-l 
 
 r-< 
 
 r-' 
 
 rH 
 
 r-l 
 
 rH 
 
 
 — ' 
 
 01 
 
 :2 
 
 «o 
 
 r-l 
 
 
 — 
 
 r> 
 
 -H 
 
 „• 
 
 r-^ 
 
 ?^. 
 
 O 
 
 1— ! 
 
 CO 
 rH 
 
 "^ 
 
 CO 
 
 r— 
 
 -f 
 
 0<J 
 
 «f? 
 
 tT' 
 
 r- 
 
 O 
 
 O 
 
 — 
 
 05 
 
 •H 
 
 ^ 01 >^- o 
 
 — 
 
 
 
 • 
 
 — 
 
 
 X 
 
 £ 
 
 
 
 2 
 
 bi 
 
 
 
 — 
 
 •3 
 
 
 
 
 r. 
 
 
 
 C« 
 
 r: 
 
 
 
 
 < 
 
 
 
 «J 
 
 .j;? o o 
 
 ' c " :3~ ^ -H 
 
 ti »- 01 
 X CO ^ 
 
 o o o 
 
 01 CJ> 
 
 I- CO 
 
 to ira 
 
 
 -0 lO 
 01 01 
 
 CO 
 
 •o 
 
 -h 
 
 UO o 
 
 ri- 
 
 3 <tJ ^ 
 tjj > 7.- 
 
 0^ ;t H 
 
 fc< - 8J 
 
 * rt P 
 
 00 o"t=' rt 
 rH — /- 
 
 t~ K ■rs .2 
 ^ ° a *- 
 «t^ != i r; 
 
 r^ C3 -\ "-^ 
 
 rt *j - . 
 C .2 =* S i 
 
 S. o 
 
 -H - ? '* 
 
 '2 ^ • c ! 
 >" ij * — 
 
 -^MS ■ 
 
 2 J' ^ o 1 
 
 CO '^^S O I 
 
 ^ K^ - ' 
 -t .S ? ~ ' 
 
 i » (li M ! 
 
 ^3-== I 
 
 rH S J O i 
 
 '^^ '^ +J -tH j 
 
 3 S 'i '-J ' 
 
 aaj ^*^ -* ' 
 ^^ ^3 ' ' 
 
 « 20 
 
 e- • r-l ^ 
 
 §2-3- 
 
 C e3 X v": 
 rs ^ •" <*■> 
 
 « i o - 
 
 - a o ft. 
 ^ c 5 *' 
 
 *-• ci — 
 •• .^ t- 3 
 
 Y ^^ 3 S 
 '- C2 Y- "^ 
 
 - 1- on 3 
 
 z; >^« S 
 
 ^— » ^ ^ •* 
 
 ii v; > 
 

 LIFE ASSUiJANCI' 
 
 " i 
 
 Instead of dwelling upon the organic peculiari- 
 ties of life assurance institutions — proprietary, 
 mutual, and mixed ; or upon the prevailinp; 
 methods thatirovern the distribution of profits — 
 rever^sionarj bonus^ reduction oi' premium, and 
 cash ;^' we pass on to consider tlie relation whicli 
 assurance, as a provident agency, bears lo the 
 community. 
 
 *Tlie term '' profit" i.s used hero in its conventional sense, tliat i.«, 
 fig comprisinfT the whole anioiiiit wliich the n»anu;;ers of ii n iiitititu tir n 
 allocate for distribution amongst it:5 monili'r--. M'avc llii.s ;! proiier 
 opportunity for such a rontroveiNv, it nii;.in 1m; i-he\vi\ that tlio 
 term, as comniunly received, is not precipe (lu.uph ru he accurate. 
 To be strictly correct, u distinction sliuuid bi' drawn bctvvixl rjuji}.^, 
 derived from an excess of interest over tbe )iito a-snined, from 
 judgment in the selection of ntme but fi,o(Kl lives, and uHier causes 
 pertaining to manas.:;ement, and .v^JO'/vr-'x. a.ri-^in.u' from an l•xces^i oi' 
 preminn.is paid by the assured ab(iV(* tiio rate aisulnioly i;<u'(,ssury 
 for the fulfilment of the pnrjiuses of a?.-ur;ieri-. Culy oiu.' ui' thei^c 
 items enters into tlie constitntinn of trm- jvimm? ; the ellier has noie 
 of its essential characteristics. In pracJii-e l-nrh aic tlir.'UM toge- 
 ther to swell tlie tempting array of pi-oiit, wJrich is tco often 
 paraded successfully to decoy casual obM.'v,!'! • iVom an e\;;nnnatii ii 
 ofveightier matters. 
 
 The ojieration of tlie tiiree prevailing jihkjc'^^ v,i\ich .'..nvcrn the 
 distribution of '• profit" admits of biicl diuidi'tion. .*'ay that an 
 individual, age -10. having becni a^^suvcd a ;.;jvcn pdiud.i' credited 
 with surplus amounting to -£10. If he clocr. lo take •• rash," tl;(^ 
 £iriare handed to him. ami tlie tran.-a<'tii:n. s-.> Car as snrjdns to tiiai 
 period extends, is enddh If lie ciion,-.- ••permanent reduction i-;' 
 premium,"' the £10 an; lieid to rei)rc><-nt the j rci-ent vaine of an 
 annuity to be received Ity tlie assiiri'd (iminv: liie reiiuuiMJer of liis 
 existence. Let tlie division pieTccd on a Ct'i»']i<]',- five p;'i- ceni. basi- . 
 and the £10 will represent a life annuily oi' M'<. J !d., io );e (■.■( i;ct(.'d 
 year after year from the premium originally agre -d dj-eii. Ir, histly. 
 he choose •• reversionary bonus." the Clii reju-.j^cui tlie ]U'eM'i:r 
 value of an assurance, payable at hi- eeath : and in tie ra>e sn:- 
 posed. £10 soapplied. on Ihe same ij.'isi-* as be.nre. Avi!i yielil an addi- 
 tion to tlie policy of £31 J."w. -hi. Tb'^ as.-i!iii],li(«n of'five pi r cent, 
 in this illuslratiou is in accordanc;' with tbe sab' rule of actuarial 
 practice, which, in valuing surplus »• piolit. proceeds either upon 
 a lower rate of interest than is emplove'd in iJie ollice premiums, or 
 upon a rate of mortality diib'ren* ' from that on which those 
 premiums have been constructed. 
 
TriEORV AND l'llA(' IMCi:. 
 
 29 
 
 Life a.^suranoo is legitimately applicable to 
 every transaction into which the duration of in- 
 dividunl existence; enters as an essential element. 
 \iy i)\v the laro'er proportion of policies extant 
 have been t;j ken for purely mercantile purposes — 
 to cover outstandinii' liabilities created by lonns 
 granted for business accommodation or arising in 
 the common course of trade. The assurance bv 
 membei's of commercial firms of their trading capi- 
 tal, to avert inconveniences proceeding from the 
 uOMth of a partner diu'inj? the progress of a husi. 
 ness connection, affords a species of indemnity 
 plainly required wherever partnership capitals 
 exist. Tiie survivinu* members of a firm may in 
 this mode secure the enjoyment of funds ade- 
 ijuate to the profitable continuance of their enter- 
 prise, fi'ee from li;tbility to the injury or ruin 
 which the sudden withdrawal of capital could not 
 fail to produce. In a dozen different methods, 
 directly or remotely nkin to this, assurance is sus- 
 coptible of use as a menus of guaranteeing per- 
 manence to great undertalcings, and of inspiring a 
 de«ji;ree of confidence in individual energy and 
 solvency that wer,^ else impossible. In all such 
 instances, actuarial skill determines the proportion 
 of risk that exists and the money premium by 
 which it may be represented ; and the day is pro- 
 
no 
 
 LIFE ASSURANCE. 
 
 bably not distant when labor of a parallel cliarac- 
 tcr will be deemed an indispensable associate of 
 every mercantile corporation of more than usual 
 magnitude. 
 
 Into the strictly mercantile applications of life 
 nssurance we will not more minutely enter. They 
 depend for their value in particular cases on cir- 
 cumstances which cannot be generalized with 
 safety, and which, after all, when generalized, 
 would be found subordinate in importance to the 
 strictly social aspects of the question, and the in- 
 fluence which it is calculated to exercise on indi- 
 vidual character and domestic happiness. 
 
 Writers who have searched the lumber-room 
 of history aver that the Jews of continental 
 Europe were the earliest to avail themselves 
 of the rough elementary principle of insur- 
 ance as applied to marine risks ; and certain 
 it is that from the first mention .of the contract 
 until now, insurance, guarding against a possible 
 risk, and assurance providing against a certain 
 one, have been resorted to mainly in their refer- 
 ence to man\s immediate convenience. So the 
 system of annuities, with the tontine as its pre- 
 cursor, may be said to have originated in state 
 necessities, which have seldom recognized moral 
 
 (( 
 
 M( 
 
 the I 
 at II 
 ster 
 
 assi 
 
arac- 
 ,te of 
 asual 
 
 f life 
 They 
 n cir- 
 
 with 
 lized, 
 ,0 the 
 he in- 
 
 indi- 
 
 r-room 
 incntal 
 Qselves 
 insur- 
 certain 
 on tract 
 )0ssible 
 certain 
 r refer- 
 So the 
 its pre- 
 in state 
 d moral 
 
 
 obligations in the choice of means or human hap- 
 piness in the anticipation of results. 
 
 The number of life policies in force bears an 
 infinitessimal proportion to the number of male 
 heads of families ; and of these policies a large 
 share, amounting, conjecturally, to one-fourth of 
 the whole, have been obtained and are kept up as 
 collateral security or for other purposes of business.* 
 The community, or that portion of it which re- 
 joices in self-complacent respectability, has not 
 begun to appreciate the moral responsibility of 
 life assurance and the odium which rightfully 
 attaches to those who refuse to avail themselves 
 of its provisions. A popular writer has said that 
 " when life assurance shall be as universally un- 
 * derstood and practised as it ought to be, he who 
 ^ has not made such a provision, or something 
 ' equivalent, for the possibility of his death, will be 
 < looked on as a not less detestable^ wretch than 
 
 * A recent estimate by a writer in a London publication fixed 
 the number of life assurance societies in operation in Great Britain 
 at 175. assuring in the aggregate, in round numbers, £160,000,000 
 sterling, on less than a quarter of a million of lives. Many of these 
 assurances are duplicates on the same lives. The number of indi- 
 V iduals assured is calculated to be about 230,000, and these are 
 nearly altogether confined to " the middle and higher classes." In 
 this respect, the industrial classes of the parent country are immea- 
 surably ahead of the classes occupying positions of social superiority. 
 The latter muster a moral phalanx which, after every allowance, 
 must be pronounced small, whilst the working people enrolled in 
 Friendly Societies and Benefit Clubs constitute an army of upwards 
 of 3,000,000, whose aggregate annual contributions amount to 
 £4,980,000 sterling. 
 
32 
 
 LlFi: ASSURAN'OR. 
 
 ' he who will not work for his children's bread ; 
 'and his memory after death will ])e held in not 
 ' less contempt.". The judgment is severe but 
 suggestive : is it a hair's breadth beyond the just 
 and truei* 
 
 How is it that whilst fire insurance is^compara- 
 tively, a rule, life assurance is an exception ? Is 
 it that a man, aware that his prospects in life 
 would be largely damaged by the destruction of 
 his merchandize, his furniture, or his dwelling, 
 acknowledges the benefit he may himself derive 
 from insurance and accedes to the terms on which 
 it is presented ; while he feels that the gain pro- 
 ceeding from life assurance is not attainable by 
 himself, and will only fall to the lot of others 
 wh3n he shall have ceased — huminly speaking:-- 
 to be affected by their condition ? This narrow 
 selfishness lies, we fear, at the root of much of the 
 indifference and most of the hostility wliich are 
 manifested toward life assurance. Charity points 
 to the supposition that in soma quarters at lonst 
 the indifference is traceable to ignorance or for- 
 getfulness. Men otherwise earnest in tlieir efforts 
 to promote their families' good forget that the 
 prudence which prompts an effort to stave off 
 danger from fire, presses with tenfold force in the 
 direction of provision for those from whom thoy 
 
TIirOllY AND PRArTICE. 
 
 8:J 
 
 not 
 
 but 
 
 just 
 
 para- 
 Is 
 life 
 n of 
 lling, 
 ei'ivc 
 .vhich 
 i p)'o- 
 dIo by 
 others 
 
 I » I T - 
 
 arrow 
 ofilio 
 3h aro 
 points 
 loast 
 or Ibr- 
 eilbrts 
 lat the 
 ave oif 
 in the 
 1 thoy 
 
 may be at any moment snatched, ^o long as the en- 
 ergy of manhood remains, tlie loss of property cannot 
 bo deemed irretriev.'iblo ; tlio exertion which first 
 realized it miiy ho oxpcoted to do much towards 
 reproducing it; hut ibr the widow and the orphan, 
 suddenly phmged into pei;uiiiiiry diincuUy,no buch 
 consolation or expectation is avaihdjle. Who that is 
 possessed of right feelin'^' can regard without appre- 
 hension, notunniix(!d withscli'-reproach, the bitter- 
 ness of poverty and sorrow which only the frail 
 thread of his single life keeps back frouj his now 
 happy hearth 'f What husband or parent endowed 
 with ordinary ailectlon can calmly contemplate the 
 possibility — aye, the probability if not the certain- 
 ty — of destitution being experienced in all its 
 crushing reality by his family in the event of his 
 death? That he has started in the direction of 
 prosperity is a plea in no way applicable ; for the 
 grave perhaps stands betwixt himself an i the 
 distant goal. That he enjoys ruddy health is an 
 excuse not one whit more pertinent than its pre- 
 decessor ; fcft* others robust and temperate as him- 
 self are daily unjiaonedto their final habitation. 
 As yet exempted from many of the chronic ills 
 which cripple and crush European communities, 
 we of the new world have proved ourselves apt 
 copyists of their weaknesses and vices. Forget- 
 
u. 
 
 LIFI-: AS.SIJK,AN<'i:. 
 
 ting the thrift wliich storn noccHsity imposed 
 upon tlie early settlers oF the country, wo appear 
 intent upon nothini:^ Ic^ss than wide and rapid 
 strides. We must be hl<i;hly civilized, forsooth — 
 polislied brightly as jet blacking can make us ; 
 and in anxiety for effect we often overlook con- 
 siderations which a little thoudit could not fail to 
 suggest. We worship externals as devotedly as 
 the giddy multitude of Paris or the motley crowd 
 of a German watering place ; and are half dispos- 
 ed to join both in treating life as a prolonged joke. 
 We have thousands of industrious fathers who 
 contentedly spend their last farthing that they 
 and their families may retain what is called '^po- 
 sition '^ in society. They make that their idol, 
 and bow before it as reverentiallv as the Hotten- 
 tot before the god of liis own handiwork. They 
 live continually in advance of thoir income, not 
 for the gratification of their own tastes, which 
 remain simple enough, but in obedience to the 
 law of leather and prunella, which measures n 
 man's value by the ([uality of his coat, the texture 
 of his wife's last shawl, the dimensions of his 
 daughter's bonnet, or the number and brilliancv 
 of his social entertainments. Accost them at mMi- 
 day, and they are unable to spare a life assurance 
 premium. The banks have stopped discounting 
 
TllKUltir AND I'HACTICi:. 
 
 35 
 
 j( 
 
 iposeJ 
 ippear 
 I rapid 
 outli — 
 us ; 
 )k coii- 
 fail to 
 lly as 
 J crowd 
 dispos- 
 ed joke. 
 ors who 
 It they 
 bd '^po- 
 eir idol, 
 Hotten- 
 They 
 me, not 
 !, which 
 e to the 
 jasures a 
 texture 
 IS of his 
 rilliaiicv 
 [I at iniii- 
 ssurancc 
 30unting 
 
 and hard times are ahead. See them at ni<^dit 
 and what a cliange I The tightness of the money 
 market is no hindrance to a dashin<r quadrille 
 party. The hardness of the times is not a reason 
 
 A W 
 
 why a year's assurance premium should be diverted 
 from the throatsof boon companions. Our friends' 
 lives are not assured, but why mar their fun by 
 remindintr them of the iact ? Their families 
 have J 10 protection against puverty, but, poor 
 things, they must be like their neighbors ! And 
 HO, mayhap. Death catches them. He steps in, 
 unbidden, and carries off husbands and fathers, 
 who have had good trades or professions, but who 
 have always happened to spend quite as much as 
 they earned, lie found them at the dinner table, 
 the ball, or the card party, laughing at the pre- 
 sent and never dreamins; of a future. When 
 their seats are empty it is discovered, too late, 
 that the heartiness of their companionship has 
 been exercised at the cost of the comfort,not tosay 
 the existence, of the wives and children whom 
 they loved. In life they cracked jests; at death 
 they crack hearts. 
 
 " But in Canada," somebody says, " property 
 ' is so easily acquired that the necessity for life 
 * assurance is much diminished, if it be not alto- 
 ^ gether destroyed." The proposition is plausi- 
 
 .~-.>.l:.«I.SiiaUW!».'- 
 

 LIFE ASSURANCE. 
 
 blo ; is it, oris it not, deceptive ? It' literally 
 and in its broadest siirnification correct, it has 
 ji^reat force, but let us bo thoroughly satisfied, ere 
 we trust to it, tiiat it is not a will-o'-thc-wisp, 
 dancinir over the quarA'tnires oFspeculation. 
 
 In the current sense, the individual who is 
 taxed for city lots, or lots so deeply liid in the 
 bush that nobodv knows how to find them, is vn- 
 derstood to have acquired prupony. Me has title 
 deeds duly registered, and iigures oi'rtinies in the 
 tax collector's roll. Whv should such an one as- 
 sure his life y Tlioui>;ti lie die, his i'ainiiv will 
 possess fifty leet IVontiige on Paradiso street, soujo- 
 
 where within the limits of iianiilton ; and 
 other hl'ty feet frontage on ilie (Jrand Kiver, be- 
 tween l^'evtrus and Elora : and other "" 
 
 1 
 
 ry leet m 
 
 me oiisiDi'ss partot tiic umurv.) citv ol .r;o"-doni 
 in the heart of the county <;)f hl^sex ; and, added 
 to all, a hundred acres in tlie eenrre of the town- 
 ship of ]Minto. Talk of iiie assurance, indeed I 
 \\ !iy liere is a sinaJl tradi'snian Vv'it h real estate 
 
 enouiih to start a baron 
 
 etcv 
 
 i 
 
 veai e 
 
 LO 
 
 lH)\V- 
 
 ) 01 
 
 ever, dot^s not preserve him from the ii'ri 
 Death. Afr(!r thf^ iirst outburst (U* ^^\u^^^ the wi- 
 dow leisurely felicitates hersoH'nn \\qv possessions 
 and liands the papers to a lawyer tliat 1 
 
 le ma 
 
 \i 
 
 y 
 
 realize, lie examines and reports somewhat i; 
 
 B( 
 
 indi 
 
 days 
 
 flictl 
 
 of 
 
 pro] 
 
 iu li 
 
 ganj 
 
 Wei 
 
 exej 
 
 law 
 
rally 
 
 fc has 
 :1, ere 
 
 -wis]), 
 
 'l).o is 
 n the 
 is nn- 
 s title 
 11 the 
 luo as- 
 : will 
 SOI no- 
 il nu 
 er, bc- 
 ieot in 
 
 added 
 } t own- 
 id eed I 
 
 estate 
 , iiow- 
 ^'I'ip of 
 the wi- 
 
 3SS10IiS 
 
 J 
 
 TIITIORY AND PRACTICE. 
 
 37 
 
 e iiitiy 
 diat ii] 
 
 this wise : lot in Paradise street, XI 5 paid, mort- 
 gaged for £85, payable in six years with interest; 
 lot on the Grand lliver, valued at £lo, paid £5, 
 and X45 to be paid in yearly instalments; lot in 
 Bogdoin bought for iJ20, whereof £17 10s. re- 
 main on mortgage ; lot in Minto forfeited for 
 non-performance of settlement duties. The 
 learned gentleman modesdy opines that th. ivail- 
 able assets are less than nothin<>: to the extent of 
 his fees and expenses. The reed on which the 
 fatherless family have confidently leaned being 
 thus abruptly snapped asunder, they have no 
 alternative but to beoin a drearv battle with bes;- 
 gary. Alma or Inkermann could scarcely have 
 been more terrible to them. 
 
 Admit, if you please, that the case cited has 
 an air of the extreme about it. Admit that 
 industry and enterprise and thrift, with lengthened 
 days, rarely fliil to win prosperity. Two potential 
 facts remain : one, that as a people we are most 
 of us in debt to a greater or less extent for the 
 property that is nominally ours ; the other, that 
 ill relying altogether upon long life we play the 
 gambler's part and stake all upou a single throw. 
 We have not a right to assume that we shall be 
 exempted from the unvarying operation of the 
 law of life, or to risk our children's bread upon 
 
88 
 
 LIFE ASSURANCE. 
 
 the assumption. As little right have we to 
 iiiiafiine that the burles(jue of buying property 
 with promises to pay, maturing ten or twenty 
 years hence, in any measure diminishes the force 
 of the dutv to do what can be done to c;uard 
 against the miseries which gallop ever in the train 
 of death. On both points life assurance removes 
 a difficulty : in one case by placing in rever- 
 sion, to the credit of families? or friends, means 
 which years of toil and solicitude ma}' fail to real- 
 ize } in the other, by providing funds to meet 
 outstanding liabilities, and thus to guarantee full 
 and easy possession of property apparently present- 
 ing a probability of coming profitableness. The 
 merchant, the farmer, and the mechanic, holding 
 property subject to the sway of the evil genius oi* 
 debt,are equally interested in the benefit which life 
 assurance extends to all, and are equally bound 
 by duty to avail themselves of it to the extent of 
 their necessities. Hy and bye, perhaps, the man 
 who shall acquire house or land subject to mort- 
 gage, without providing for its discharge by the 
 assurance of his life, will be held to have perpe- 
 trated a moral wrong to his fiimily and society. 
 Whatever effect a higher morality may exercise 
 on the prevailing liking for indebtedness, this 
 at least is more than problematical, tliat debt on 
 
 t( 
 
 pi 
 tli 
 
 tli 
 
 b( 
 
 P 
 P 
 
we to 
 3perty 
 werity 
 ) force 
 guurd 
 e train 
 (inoves 
 rever- 
 ineans 
 o real- 
 meet 
 tee full 
 iresent- 
 s. The 
 holdiriii: 
 iiiius oi* 
 licli life 
 7 bound 
 sttent of 
 the man 
 to mort- 
 3 by the 
 e perpe- 
 society. 
 exercise 
 iss, this 
 debt on 
 
 THEORY AND PRACTICE. 
 
 39 
 
 real estate will ao bund in hand w'rh the means 
 of securing its liquidation ; arid life assurance 
 alone provides them. 
 
 r.t were unfair to afFcut iunovantu.' o\' the objet;- 
 tion which piety liere ;ind thoio suggests to all 
 assurance, in whatever f<jvui, whether ;iuording 
 against casualties by tire, or protecting against 
 the contingency oi* death, assurance is con- 
 demned by a certain class of estiuiable people as 
 in their judgment violating the domain of i)eity. 
 The class in ([uestiou are not always consistent. 
 Some of them practice tire insurance, but shrink 
 from a life policy as a device of the evil one ; and 
 preachers may now and then be iiiet who press 
 the objection while themselves contributing to an 
 annuity or a superannuation fund. The principle 
 which denounces provision for a man's wife oroii- 
 apring while sanctioning provision for himself^ is 
 too pitiful to merit (consideration, and too trans- 
 parently wicked to operate extensively against 
 the system of assuraiu-c. Leaving to these gen- 
 tlemen the enjoynient of tl'.eir peculiar logic, let 
 us ask how far a just interprettition of the com- 
 mand, " Take no thought for the nu^rrow," ean 
 be construed adversely to the exercise of liunian 
 prudence ^ The spendthrift beyond doubt tram- 
 ples on the letter and spirit of the precept ; but 
 
the avoidance of liis crime does not necessarily 
 imply an adoption of the sin and folly of the miser. 
 Not to use care rpiinst wnnt wore surely an error 
 fjuite as p;Teat as to burthen ourselves overmuch 
 with anxious thought. In this as in every other 
 instance the genius of Christianity harmonizes 
 with the economy of nature, and he but poorly 
 serves his Master who on any ground seeks to 
 construct an element of antagonism betwixt them. 
 The bee and the beaver, thuant and the squirrel, 
 typify instinctively the practical wisdom which 
 man is required to manifest. Wiser than man, 
 they hit the happy medium ; laying up store to 
 meet winter's wants, yet not piling up treasures 
 which they never can consume. Should not we, 
 like them, shun the extremes of profligacy and 
 parsimony, and, while casting care on providence, 
 rationally use the blessings which are placed 
 within our reach ? The lawful employment of 
 the present is not incompatible with a righteous 
 regard for the future, but, on the contrary, en- 
 joins it upon us ; and by what plan other than 
 life assurance can these twin duties be broucjht 
 into practical unison y 
 
 The immediate consequences of life assurance 
 are seen in their relation to the family in the re- 
 moval of the apprehension which renders hearths 
 
THEORY AND PRACTfCK. 
 
 41 
 
 cessarily 
 tie miser, 
 an error 
 vernuich 
 pry other 
 rmonizea 
 it poorly 
 
 seelcs to 
 ixtthem. 
 squirrel, 
 n which 
 an man, 
 
 store to 
 treasures 
 [ not "we, 
 cracy and 
 evidence, 
 'e placed 
 ^nnent of 
 righteous 
 trary, en- 
 her than 
 
 brought 
 
 [issurance 
 ri the re- 
 ;; hearths 
 
 unhappy, in the promotion of permanent comfort 
 and independence, and in the development of 
 sympathies which the grossly selfish man can 
 never know. Scarcely less obvious are the bene- 
 fits of the system in its relation to society. 
 Through his family, the prudence of the assured 
 reflects upon and influences those around him, 
 fostering thought for others,generating self-denial 
 as a means of doing good, building up self-depen- 
 dence as an ennobling element of character; and in 
 this manner infusing into daily life a purer feel- 
 ing and a loftier conception of duty than have 
 hitherto prevailed. Viewed in this light, life 
 assurance forms a barrier against avarice as well 
 as against improvidence, stripping both of their 
 most plausible pretexts, and doing much to 
 counteract the baneful influences which they are 
 alike calculated to produce. Of all men, then, 
 the christian is most interested in sustaining it, 
 and in giving to its claims a more general and 
 cordial recognition than they have heretofore 
 received. 
 
 " The true philanthropist," remarks Southwood 
 Smith, " is he who labors to give the people, not 
 ^ food, but the knowledge which will enable 
 
 * them to secure it in abundance for themselves 
 
 • and for their children ; and no one saves, 
 
 ._ . ,__. ,.i 
 
42 
 
 LIFE ASSURANCE. 
 
 ^ pn)loii!j,s, or blesses lui man life like him who in- 
 ' sti'ucts the people in their own interests/' 
 Apply ^he idea to the subject under review. We 
 nave in life assurance a principle that is suscep- 
 tible of endless modification and unlimited diffu- 
 Available by trading and other classes as 
 
 sion. 
 
 a source of security to their families, as a means or 
 freeing property from incumbrance and of impart- 
 ino' confidence to lar^-e mercantile undertaking's, 
 it is capable of beingalso converted into the basis 
 of a sounder and more humane polity than has 
 been engrafted upon the nations of Europe. They 
 have contented themselves, so far, with strug- 
 gling against eftects, without attempting to grapple 
 with causes. Poverty sprang up in England,and 
 charity rose to alleviate its horrors. At one time 
 through monasteries, subsequently and to this day 
 through the poor law, English philanthropy has 
 striven to mitigate English pauperism. But the 
 evil lives and thrives. Grrowing with what it 
 feeds upon, it has become the monster cancer of 
 the parent state, which all the skill of parliament 
 has failed to check or cure. In guaranteeinii: to 
 a'l a bare ability to live, English legislation has 
 vindicated English humanity; but, however good 
 the enacted poor law — however much preferable 
 to mere spasmodic manifestations of charity — it 
 
 lUt 
 
 i yicl 
 
THEORY AND PRACTICE. 
 
 43 
 
 ho in- 
 vests." 
 Y. We 
 suscep- 
 diffu- 
 isses as 
 eans of 
 impart- 
 akirigs, 
 le basis 
 lan lias 
 }. They 
 I strug- 
 grapple 
 and,and 
 me time 
 this day 
 ropy has 
 But the 
 what it 
 ancer of 
 irliament 
 eeing to 
 tion has 
 3ver good 
 )referable 
 larity — it 
 
 is not equal to the system of annuities, either as 
 a moral agency or an arrangement of finance. 
 The poor law consumes millions, and after all 
 feeds only paupers. Through the medium of 
 d3ferred annuities, a permanent provision might 
 be presented, less in its original cost and in- 
 finitely superior in all its associations and results. 
 A sum little more than nominal'^*' invested at the 
 birth of every child in the land, and improved, 
 as the theory presupposes, at compound interest, 
 would purchase for all who should survive " the 
 valuable reversion of a home and a crust in the 
 days of old age and helplessness," without entail- 
 ing upon the annuitant or the country the de- 
 gradation and waste of the present system. The 
 government of Belgium has for years past been 
 occupied with the consideration of the problem, 
 and has in some measure tried to solve it by con- 
 cocting and carrying a project of law granting 
 deferred annuities under the authority and ^ 
 
 » 
 
 "•'' With tlio Carlislo table of iaurtality,and a sixper cent, rate of 
 iutere^^t. a.s. Id. invested at tlie birth of each of 10,000 children, and 
 improved at compound interest, willprodxice a fundhirge enough to 
 yiekl an annuity of £1 to all of the number who shall survive to the 
 aj^e of 50. In th(.' same ciieumstanees, but with the annuitj' deferred 
 to 05 years of ag<', os. 2d. per head will suffice. In other words, 
 £2 ids. 10(1. per child will in one case yield to the sjurvivors a life 
 annuity of £10: in the other, £1 lis. 8d. will achieve the object. 
 As a measure of nati<mal econt)niy, then, a compulsory annuity tax 
 would oe preferable to the poor-rate which has long formed an op- 
 pressive element of English taxation. 
 
u 
 
 LIFE ASSURANCE. 
 
 the guarantee of the Htate.''" There are grounds, 
 too, for gratulation that the system of deferred 
 annuities granted by the British government, with 
 special reference to the circumstances of the in- 
 dustrial classes, has recently been so far amended 
 as to make more generally acceptable a system 
 possessing in itself all the germs of usefulness and 
 popularity. I* 
 
 The people and the legislators of Canada are too 
 deeply absorbed in the speculations, the intrigues, 
 and the exigencies of the hour to listen with at- 
 tention to a proposition affecting an era which is, 
 mayhap, comparatively remote. Like prodigals re- 
 vellingin rich possessions, they are prone to think 
 that the evil day of poverty can never come ; and 
 with this as their humor they are hardly prepared 
 
 * In Belgium, in lS4-'t, a project ox law, propoyod by the Minister of 
 the Interior and the Minister of Finance, was sanctioned by King- 
 Leo nold, granting deferred annuities, with the guarantee of the 
 state and under the authority of government. In addition to an 
 ordinary deferred annuity, a moderate annuity is grunted to persona 
 dependent upon labor for subsistence, who, prcA'ious to the period at 
 which the deferred annuity commences, shall by any accident be 
 rendered permanently incapable of earning a livelihood ; provided 
 five years have elapsed from the commencement of payments to the 
 fund. The annuities are paid in monthly instalments by agents of 
 the government ; and the management of the fund is under the di- 
 rection of a commission nominated by the king. 
 
 t By an act of the British parliament, intituled *• An act to cou- 
 solidate and amend the laws, and to grant additional facilities in rela- 
 tion to the purchase of gov(!rnment annuities," Ac, (1853,) the National 
 Debt Commissioners are authorized to grant innncdiate or deferred 
 annuities to any amount not exceeding £30 per annum, and also to 
 contract for the payment of any sum not exceeding £100 on the 
 death of any party who purchases a proportionate life annuity. 
 
uuds, 
 ■erred 
 , with 
 be in- 
 ended 
 ysteni 
 ??B and 
 
 are too 
 dft'ues, , 
 th at- 
 lich i&, 
 ^als re- 
 think 
 and 
 
 ■< 1 
 
 jpared 
 
 inisterof 
 
 by King 
 
 ^0 of the 
 
 on to an 
 
 persona 
 
 period at 
 
 ciclent be 
 
 proviiled 
 
 Its to tho 
 
 agents of 
 
 er the di- 
 
 to con- 
 es in rela- 
 National 
 r deferred 
 id also to 
 ou tho 
 uity. 
 
 THEORY AND PRACTICE. 
 
 45 
 
 to discuss seriously an idea which nevertheless re- 
 commends itself most strongly to infantile nation- 
 alities. An ex-premier cited approvingly Belgian 
 practice in connection with railroads, and it is to 
 be hoped that tho Belgian precedent in the mat- 
 ter of annuities will be remembered and considered 
 before pauperism becomes part and parcel of 
 colonial institutions. 
 
 With a good deal of propriety, the provincial 
 government may even now be asked to dedicate 
 a little thought to life assurance and collateral 
 questions, and to take care that something like 
 fair play is exerpised towards institutions organized 
 with a view to meet colonial wants and circum- 
 stances. For example, if colonial companies are 
 required to lay before parliament regular state- 
 ments of their transactions and position, why 
 exempt from the procedure British companies 
 occupying identical ground througjh their respec- 
 tive agencies ? The demand for information is 
 just, and may with advantage be so amended and 
 extended as to bring officially before the country 
 all the facts that can be needed to establish a life 
 company's solvency ; but certainly the demand, 
 when made as compreliensive as it can be, ought 
 to apply to every British agency in operation 
 amongst us. There are English companies tran- 
 
46 
 
 LIFE ASSURANCE. 
 
 ►siiutiiiii' lilii assuraiu'o business in the province 
 that have uiiifonnly relVised to iiive to the public 
 inlbnnation by which thoir judgment might be 
 guided; of tliese companies two arc known in Eng- 
 hmd to be in an unsafe condition; and the Canadian 
 peoph^ have a right to expect that their legislature, 
 if it nieijdle at all, shall so meddle as to secure 
 the means of determining the relative prosperity 
 of institutions which are offered as worthy of Ca- 
 nadian support.'"'' 
 
 The remark leads us not unnaturally to consider 
 more specifically points that properly enter into 
 individual action in deal in!* with life assurance. 
 The head of a family, satistied that his duty is to 
 assure his life, should weigh candidly the pecu- 
 liarities and pretension^ of offices which are 
 brouirht under hiis notico. As a diacrcct man, he 
 
 '■'■ Anoilicr point Nvlilcii new i>'ii^ioiiiil)l.v bo borne in fcmomhriim'c 
 irt tho equity of cxi'Miptiiiu- troiii taxation that iiart of a inuu'.s iu- 
 conic wliicli is oxpcinhNl in tlu' paynuMit ofu lilcuf^rniruncc! preiniuni., 
 Tlic oxi'inpfion w.is cunrt'iU'd by >ir. I'll!, in ITlt"^. bdii;jc in liivor, he 
 said, '^(tniuxc Avhobave n'oouisi' to thai t iisy, cri-tain. anil ailvan- 
 ta,::;(M)Lis mode t»l' pruviflin.u; for their liunili<H by in.surin^' their lives." 
 'J'he in.'oinc tax Jiow in operation in Ih'itain makes tlio same exemp- 
 tion. Why siionld (Canadian h-^islators, less liberal than Mr I*itt. 
 less just tlian Mr. CHadstonc, ))orsis| in taxinji* an expenditure direct- 
 ly tending' to the enhaneementofnational i>rosperity '/ The existing 
 assessment law allows o!" some exemptions, !tul none of them rests 
 upon a elaim stron<;or than that Avidcli may be ])resented in bcdialf of 
 tin; jjrovident expenditure of liie assuranee. Under the present 
 anomal(»Tis ojteration of tiie law. the chariie is sometimes of slight 
 j)ractical inntoi'taiict;; but it I'l-sts upoti an unsonnd and a vieious 
 j>rinei|)le. 
 
THEORY AND PRACTICE. 
 
 4^ 
 
 province 
 e public 
 ii'mht be 
 1 in Eng- 
 ]tanadian 
 ^islature, 
 to secure 
 rosperity 
 ly of Ca- 
 
 consider 
 ntev into 
 ssurance. 
 luty is to 
 lie pecu- 
 hieh are 
 
 man, he 
 
 •im'nihriim'c 
 
 a nuiu'js iu- 
 
 ii;i^ pieniiuni. . 
 
 in favoi-, he 
 
 . aiid advan- 
 
 tlieir lives." 
 
 ainc oxoni]!- 
 
 lau Mr Pitt. 
 
 Utiiredirt'i t- 
 
 TluM'xistirig 
 
 them re-^ts 
 
 I in l)(>halt' ot 
 
 the pi'osi'iit 
 
 cs of slij^ht 
 
 1(1 n vicious 
 
 will not be misled by the appearance in a pros- 
 pectus of pompous names as patrons or directors. 
 These may help to keep a riclcetty concern upon 
 its legs for a few years, but, as criteria of good 
 management, they are infinitely below the names 
 of reputable mei' of business. Besides, if the 
 office be established, no difficulty need be expe- 
 rienced in ascertaining how it has acted towards 
 its members. Has it invariably kept them in the 
 dark in reference to its affairs 'I Docs it hold its 
 meetings with closed doors, that it may effectually 
 conceal the condition of its business i Has it 
 dealt honorably with embarrassed members, and 
 been governed in its settlement of claims by the 
 spirit rather than the letter of the assurance con- 
 tract ? If the answers to these interrogatories be 
 not satisfactory, have nothing t(» do with it; avoid 
 it as you would an Indiana bank note. If satis- 
 factory, then look a little further. 8can closely 
 its published accounts. Mark what proportion 
 its realized capital bears to its age and its income. 
 Should you discover, as perchance you will, that 
 an office boasts of its position, as the result of 
 years of business, without being able to show in- 
 vested means equal to a single year s income, set 
 that office down as tottering, and therefore un- 
 desirable as the ague. If subscribed capital, 
 
48 
 
 LIFE ASSURANCE. 
 
 f 
 
 premiums, and all, have been expcndod in pro- 
 viding gilt gingerbread incident to a start, 
 direct your steps to more economical ((uarters. 
 Begin next to look for genteel j)rofessional tricks. 
 Remember that an English railway king descended 
 to the kitchen to cook accounts, and that life assu- 
 rance luminaries may be tempted to imitate his ex- 
 ample. A gridiron is not a vulgar thing when han- 
 dled with kid gloves. Look out, then, for cooking. 
 It may be that five years' mortality is made to 
 look like that of six, for the purpose of establish- 
 ing credit for care and good fortune in selection. 
 It maybe that the present value of the "charge, '* 
 or loading, has been capitalized, as well as the 
 present value of the net premium, without also 
 capitalizing the present value of future expenses. 
 Mistrust all mystery, all wise winks and sagacious 
 shakes, and rest not satisfied until you have dis- 
 covered an ofiice whose balance-sheet and mode 
 of dealing accord with your ideas as a common 
 sense business man. 
 
 Having found what satisfies the requirements 
 of your judgment, complete promptly the duty 
 that has been sensibly commenced. In this more 
 speedily than in most matters,action should follow 
 thought. Numerous are the instances in which per- 
 sons assured have died within a brief period after 
 
TFIKOIIY ANIi PRACTK'K. 
 
 49 
 
 in pro- 
 start, 
 uartcrs. 
 
 I tricks, 
 sccnded 
 ifc assu- 
 Q his ex- 
 len han- 
 cooking. 
 Qiade to 
 stablish- 
 election. 
 charge," 
 
 II as the 
 out also 
 xpenses. 
 ,agacious 
 lave dis- 
 d mode 
 common 
 
 irenienis 
 the duty 
 his more 
 dd follow 
 hich per- 
 iod after 
 
 payment of the tirst prcnuum ; and others there 
 are seareeiy less plentifnl in which parties ul' di- 
 Intory h;d)it have been prevented IVom I'.eeoni- 
 plishinu' an iidmitted (hilv hy the .suthk'ii 
 occurrence uf nihiuMits, slii^ht in their ])'j^innings 
 hut prejudiciiil in their eon;«e<jueiices. Procrtis- 
 tinutinii, proverbially perilous, is ])eculiin'ly so 
 here. 
 
 AnntJKU" considoraliun to be borne in reujeni- 
 bnince is th(^ nec(!ssity on the part (»t'the applicant 
 ul' beini;' scru[)ulously honest in the transaction. 
 Tin; hint is by no means superfUn)US. ('orporations 
 are by comnion consc^ntallegevi to be (iev(;id of con - 
 scien((> ; jinil men in detilin^- witli them notuniVe- 
 (juently descend to subterfuges ami mameuvres 
 from which thev would shriidv in intercourse witli 
 their lellows. To establish tlu! imputation we need 
 not rcF(;r to diabolical deeds perpetratetl to defraud 
 through the medium of life assurance, such as 
 thost! which occurred lonu a^o in London and 
 more rc^eently at IJristul ; nor is it necessary to 
 crite circum>taiitial]y t.lu^ conspii'acy successfully 
 foiu'octed in Ireland to plunder London institu- 
 tions by introducing: lives kiiown to be ineligible 
 These are circumstances happily so rare in 
 their oci-urrence that they liave no direct bear- 
 ing on the point innnediately under notice. They 
 
50 
 
 LIFE ASSURANCE. 
 
 belong to the romance of life assurance, not to 
 its routine history. Not so rare, however, are 
 the cases in whicli a sinjrle falsehood, expressed 
 or implied, serves the ends of fraud. Mean men 
 understate their age to save a fraction in the 
 shape of premium. Others, holding their heads 
 high above the multitude, Fence about interroga- 
 tories, and fefjuivf>cate, and now and then try one 
 of Archdencon l-^aley's white lies, to swell an 
 item in their last will and testament, or to oblige 
 an ancient friend who has suddenly become 
 anxious to be assured. Here and there, parties 
 tainted with consumption, oj- addicted to the 
 bottle, manage to mislead medicnl referees ; and 
 there are riot wanting on the record cases oF 
 hernia that have been designedly forgotten by 
 gentlemen who would resort to putting and pis- 
 tols to avenge an im])utalion on their lionor. The 
 wickedness of these cases is only e(jualled by their' 
 folly. The iact that a fraud of this nature jc- 
 leases an assurance socie^ty from its obligation, 
 and so defeats the object of the assured, ought 
 to be sufficient U> induce individuals to act hon- 
 estly and candidly in tlieir references and 
 
 avow 
 
 uh 
 
 (»' 
 
 These are topics, however, wliich c.i.ti be o'dy 
 lanced at now. A host of other (juestions aris- 
 
THEORY AND PRACTICE. 
 
 51 
 
 lot to 
 r, are 
 iressed 
 n men 
 in the 
 hencls 
 
 31T0<Za- 
 
 A'y one 
 fcW an 
 oblige 
 joconjc 
 parties 
 to the 
 ^ ; and 
 avses oi* 
 ;ten bv 
 id pis- 
 . Tlie 
 )y their' 
 uie w- 
 i>ation, 
 ought 
 -t bon- 
 is and 
 
 »e o'dy 
 ns aris- 
 
 ing out of the practice of assurance must be 
 wholly pas'^ed over. The various applications of 
 the system, adapting it to the enjoyment of the 
 assured during life, and providing for the wants 
 and wishes of different classes, are all of interest 
 and importance; but every agent is presumed to be 
 capable of giving the explanation of which each is 
 susceptible. The agent not capable of rendering 
 it occupies the place of a better man. and should 
 either retire or improve. It is not enough that 
 he. wait to receive the business v.dueh accident 
 casts into his hands, or that he confine his ac- 
 (juaintance with the subject to the terins oF the 
 prospectus issucid by the otfice he represents, lie 
 ought to be able to explain the peculiar operation 
 and value of the respective modes oi' assurance, 
 and the fitness of one oj* jjiiother for the Vv^ants of 
 parties addressed ; and when thus coinpetent to 
 discharge his duty, moderate enthusiasm will 
 open to his view profitable lields for exei'tion. 
 Notwithstanding all competition, the work of life 
 assurance is still in its infancy 
 
 The facility with which the system can be 
 adapted to the multiform nece,-^sities an<l ever- 
 uhanurini.'" tastes of sMciety, constitutes the bestevi 
 dence of its excellence and tha best guarantee nl' 
 its success. As a bare business arrangement, 
 
52 
 
 LIFE ASSURANCE. 
 
 tcmpontry and trite — as a mode of initigatiiip; the 
 sovrows of widows and orphans, and so of satisfy- 
 ing social scntiniont — or as an instrumentality 
 which may be applied, directly or remotely, to 
 great (|uestions of national policy — life assurance 
 alike challenges admiration and confidence. By 
 processes more marvellous than alchemy, it 
 evolves certainty out of chance ; with simple 
 figures it realizes the dreams of poesy ; and by 
 demonstrable rules creates juatcrial for a fabric 
 already beautiful in. outline, and destined ulti- 
 mately to exhibit in harmonious combination tbe 
 claims oi justice and the promptings of philan- 
 thropy. 
 
 1 ;ui; ATI. M. 
 
 r.i.^'cS. lino ii'.— for ■• ciirfato'" loa'l • rniinilcro." 
 
 X01'!;. 
 
 The ■■• curtate meaa (Juiatioji" of lilV ;ii- to '^Ciiriir^lc taiile of mnv 
 tality) is 27 years, one moiiili, Tlie " '■omr)lo':c tiv.iM ihiration' r.^ 
 Uie nurne age 18 27 years, 7 montlis. '!'he fornuT j.^ tJio averag()e^- 
 l^cctation pe^.«e.'ii^od hy lli< '\li,)]o I)o<ly of survivors at f lie iv^e' iit 
 question, excluf^ive oi' that, ynvt (jt'tlicyear in najdi liui live;* j^ovoj • 
 ally fail ; which, l»y the •• (.'oiiii)]('('^*' hypotht-sis, isfi<Miil \o yi'wn \r< 
 each Hit ''qualify f)l' oxjMf tutioii. 
 
 j'ln.NTKr* AT THR ">roTr'tN(; dannek ' oi'i-rrt;. 
 
2;atiiip; the 
 of satisfy- 
 iiiicntality 
 niotely, to 
 
 assi;rancc 
 nco. By 
 clieiiiy, it 
 ith yimplc 
 
 ; and by 
 ['ov a fabric 
 jitiiiod ulti- 
 i nation tbe 
 ; of pbilan- 
 
 Icto.' 
 
 tal'le of Dior- 
 VI iluralioir' r.* 
 
 ;tt tlio i\\j.(^ in 
 
 M^'il to "iivo t'-' 
 
 .'K, 
 
 1 
 
 1 
 
 omparison. 
 
 
 .172 per cent. 
 
 i 
 
 Premiums 6 per cent. 
 
 
 laiorest 8 per cent. 
 
 
 JOf 
 
 Excess of 
 
 i 
 
 
 . 
 
 ms 
 
 Premiums 
 
 
 
 Stock 
 
 
 i.y- 
 
 and Inter- 
 
 S 
 
 3 
 
 (0 
 
 at end 
 
 
 >n 
 
 est over 
 
 1 .Z 
 
 i s 
 
 i fe 
 
 s 
 
 of 
 
 i 
 
 iS. 
 
 paymeniK] 
 
 
 year. 
 
 
 
 on deaths 
 
 i 
 
 a 
 M 
 
 
 
 i 
 
 £ 
 
 1 £ 
 
 £ 
 
 & 
 
 840 1 
 
 j 2.20>- 
 
 176 
 
 884 
 
 
 J 
 
 1,707 
 
 i 4,39y 
 
 422 
 
 2,699 
 
 
 r 
 
 2.604 
 
 j 6,557 
 
 740 
 
 5,498 
 
 1 
 
 ii 
 
 3,529 
 
 ! 8,09{- 
 
 1.135 
 
 9.331 
 
 
 ? 
 
 4.4>:9 
 
 ; io,si9 
 
 l.«>12 
 
 14,262 
 
 
 » 
 
 5,4S2 
 
 12.917 
 
 2,174 
 
 20,354 
 
 
 
 (5,509 
 
 i 14,991 
 
 2.827 
 
 27,072 
 
 
 ? 
 
 
 17,04i 
 
 3.577 
 
 36,295 
 
 
 ) 
 
 8.084 
 
 19,07( 
 
 4,429 
 
 46,301 
 
 
 1 
 
 
 2l,08i 
 
 6,390 
 
 57,776 
 
 
 
 30,212 
 
 1 
 
 i 
 
 1 
 
 ! 
 i 
 
 i 
 
 
 
 30,054 
 
 1 
 
 1 ! 
 
 
 25.2.J 
 
 1 
 
 1 
 
 ; ; 
 
 
 24,229 
 
 i 
 
 i 
 
 ! 1 
 
 ! 
 j 
 
 I 
 
 1 
 
 4^97 
 
 ! 
 
 ( 
 1 
 
 I 
 
 1 
 
 1 
 
 ! 
 
 } 
 
 
 y, each 30 years of age, and assured 
 
 )n livort that fail are all i aid at 
 
 lin,^ ill its transactions upon tbe 
 
 irtiiilly, of anoth(?r, with premiums 
 
 nployed in each instance ; and for 
 
 fit are kept out of view. (See Lee- 
 1 
 
 1 
 
An AsaurancD Society in Oparation— II 
 
 
 u 
 
 
 », "^ ' 
 
 
 
 
 .—- 
 
 
 
 tl 
 
 to 
 
 
 j 3 per cent. Not Promium £1.951 per cent. 1 
 
 1 
 per c 
 
 
 
 3) 
 
 ^1. 
 
 Ig. ! 
 
 1 
 
 
 
 , 
 
 1 
 
 
 
 1 iJJXCt'SfJ of 
 
 i 
 
 1 
 
 
 B- 
 
 (iS 
 
 « !: 
 
 T.- ^ ' 
 
 i 
 
 
 
 I sum a ro- 
 
 ExCO-33 of; 
 
 [ 
 
 • 
 
 '3 .5 
 
 ^4 
 4-> 
 
 
 , 7i 
 
 1 w 
 
 • #-4 
 
 a 
 
 1 
 
 StcK-k at 
 
 end of 
 
 year. 
 
 'ceived for 
 i'roiniuriis 
 over pHy- 
 
 Premiums; 
 and Inter- 
 eat over j 
 
 • 
 
 at 
 
 s 
 
 i y 
 
 \ a 
 
 ; 9 
 
 c3 
 
 3>^ 
 
 » 
 
 i 
 
 a 
 
 ! i. 
 
 
 
 inoiits on 
 
 payments, 
 
 ^ 
 
 ft.^ 
 
 Q 
 
 •H 
 
 <i 1 
 
 1 c^ 
 
 rH 
 
 
 policies. 
 £ 
 
 on deaths.: 
 £ 
 
 ! Cm 
 
 
 £ £ 
 
 £ 
 
 f 
 
 £ 
 
 1 
 
 30( 
 
 3 
 
 1,000 14S.500 
 
 ; 2,92^1 87 
 
 1.514 
 
 1.420 
 
 1,514 ! 
 
 ' 2.208 
 
 2 
 
 r.o: 
 
 t, 
 
 3,0^)0 
 
 2J5.500i 
 
 1 5.823, 2-.?'" 
 
 4.55.^ 
 
 2,823 
 
 3.043 ■ 
 
 4,39o 
 
 a 
 
 S9] 
 
 I) 
 
 4.-500 
 
 lU.OOOi 
 
 : S,r.03! 3m; 
 
 9,U; 
 
 4.191 
 
 4.589 ! 
 
 0.55< 
 
 4 
 
 1,18- 
 
 12 
 
 0.000 
 
 585,000: 
 
 ■ 11.52UI OJi. 
 
 15.29( 
 
 5.5JJ 
 
 O.l-lO 
 
 8.09S 
 
 6 
 
 1.471 
 
 F' 
 
 7.500 727.50'.'i' 
 
 ' U.3,3; 1 Ssu 
 
 •.i.>..>24 
 
 G.8;]9 
 
 7.728 i 
 
 10,819 
 
 
 
 1 'v" 
 
 1.^ 
 
 9,000 S08,500; 
 
 ' 17.U'- 
 
 1.201 
 
 32.34; 
 
 8.ns 
 
 9.322 1 
 
 ■ 12 91^ 
 
 
 2.037 
 
 21 
 
 10.500 1,008,000: 
 
 i 19.87<' 
 
 1.0G6 
 
 43,28; 
 
 9.370 
 
 10,930 : 
 
 '14,991 
 
 « 
 
 2,3 K 
 
 21! 
 
 12.000 1. 1 Kooo: 
 
 ; 22,591 
 
 i.97r 
 
 55, •'^Oi. 
 
 10.591 
 
 12.507 ; 
 
 17.040 
 
 
 
 2.59: 
 
 27 
 
 13.0001,282.500; 
 
 25.283 
 
 2.431 
 
 70,00; 
 
 11.783 
 
 14.217 i 
 
 19,07( 
 
 10 
 
 1 
 
 2..SC{ 
 
 30 
 
 15,000 1,417.500 
 
 l)"T Ml- 
 
 2 Oil) 
 
 85,90J 
 
 12,947 
 
 15,887 i 
 
 1 21,0Sc 
 
 20 
 
 5,42^ 
 
 C7i 
 
 33,500.2.080,500; 
 
 02,950 
 
 10.:.>(.)2 
 
 ■ 
 
 318.8;i-i 
 
 19,450 
 
 29,712 '• 
 
 ; 39,940 : 
 
 30 
 
 7,C37 
 
 llOj 
 
 05,000 3,703.o00' 
 
 74,49!>' 
 
 21.517 
 
 C84 78( 
 
 19,4D8 
 
 41.045 ' 
 
 j 50,20! •. 
 
 ai 
 
 7,833 
 
 117| 
 
 5S,5003,S5.'^,000, 
 
 7€,4li 
 
 J2.S;j.. 
 
 725,5:'.( 
 
 17,91'.. 
 
 40,745 ! 
 
 ,57,051 ; 
 
 40 
 
 9,2S2 
 
 180 
 
 90.000 4 551,000! 
 
 90.51;: 
 
 33.»j3. 
 
 l,0G4,Sr; 
 
 645 
 
 34,181 
 
 108.314 
 
 41 
 
 9,i'Jb 
 
 187 1 
 j 
 
 93.500 4,010,500 
 
 92,477 
 
 34.72) 
 
 1,098,50. 
 
 
 33,097 ; 
 
 1 
 
 69,24: 
 
 60 
 
 1019S 
 
 267 
 
 128,50O'4.970,500. 
 
 90,470 
 
 ll.fi7f 
 
 l-.302,38( 
 
 
 12,655 1 
 
 75,05( { 
 
 62 
 
 10,230 
 
 269 
 
 131,500 5,010,500 
 
 100,.378 
 
 i2,39S 
 
 1,321,191 
 
 
 8,270 1 
 
 75,734 I 
 
 66 
 
 10,40i; 
 
 290 
 
 145,000 5,057,500 
 
 t 
 
 101,500! 
 
 i 
 
 13,026 
 
 1,332,251 
 
 
 i 
 
 
 The assumption in each of the above statements is, that 300 memlnn's aro aJdod ai 
 for £500; that tlie i»romium.:J are paid at tlie coinjiKMicemynt of every yo.ir ; aal thai 
 tho cIojO of the year. J^ubjeot to tho^^> c;>n.liii )n^, thii tab!'.- .-^ih )\v> tho tiiruicial t.rn^it- 
 threa per cent, basi.s ; of tluhunie (* iciely uith pn'mhinrs aii;l iaviMtnieot^ (computed at s 
 cUcuhitedat si.v per cent., but realizing- ei.dit p'r c<!Ut. on its invtHtin.'nt.s. The Carlisle 
 typographical couv«nieuco decimalri are omitted, i'or isimplkity. too, ul! funJis accruing; : 
 turojp.p. 24, 25.) 
 
)p ar at ion. —Illustrative Comparison . 
 
 .951 per oont. I por cont. Net Premium, £1.172 percent. 
 
 Premiums G per cent. 
 Interest 8 per cout. 
 
 >,s of 
 
 ro- 
 
 1 for 
 
 3 on 
 
 ie'^. 
 
 91 
 
 '2d 
 •AO 
 IS 
 TO 
 
 >ai 
 
 S3 
 
 1.17 
 
 oO 
 
 I'.J 
 
 45 
 
 Excels of 1 
 I'reuiiums 
 and Jnt'.^r-| 
 est over \ 
 payments, 
 on deuihs. 
 
 SI 
 
 1,51-4 ! 
 
 3,0-43 
 
 4.089 ! 
 
 0.149 i 
 
 7.728 ; 
 
 9.322 i 
 
 l(t,9a() 
 
 12.507 ; 
 
 14.217 i 
 
 15,SS7 i 
 
 1 '^ 
 ! y 
 
 : a 
 
 £ 
 
 2.208 
 
 4,39;:. 
 
 0.507 
 S.09S 
 10,819 
 12911 
 14,99! 
 17.04; 
 19,07( 
 21,0Sc 
 
 29,712 i 09,94f 
 
 I ■ 
 
 41.04.5 
 40,745 
 
 34,1 SI 
 
 33,097 
 
 (50,20; 
 
 i 
 
 1 68.314 
 ! 69,2 L 
 
 12,656 L75,05( 
 8.270 ! 75,734 
 
 o 
 
 stock 
 at end 
 
 of 
 year. 
 
 132 
 
 314 
 
 54(' 
 
 831 
 
 1,170 
 
 1.5('5 
 
 2,018 
 
 3.108 
 3,750 
 
 84(: 
 
 2.54^ 
 
 5.151 
 
 8,(8 i 
 
 13,171 
 
 18,051/ 
 
 25.101 
 
 32.739 
 
 41.42i 
 
 51,2'.;(. 
 
 13.20(' 193,70; 
 
 29,004 
 30,.9D4 
 
 40,91? 
 
 ■48,487 
 
 57,841 
 
 58,26^: 
 
 457,42] 
 487 ,47 i 
 
 738,88( 
 703111 
 
 893,3e( 
 
 894,911 
 
 Excess of 
 Premiums! 
 
 over pay- : 
 
 raents on ! 
 
 deathji. ! 
 
 £ 
 
 2,057 
 2.09.*< 
 3,319 
 3.917 
 4.491 
 5,04.* 
 
 6,08S 
 
 0,440 
 
 1,20> 
 
 1 
 Excess of 
 
 i 
 
 Premiums 
 
 1 t! 
 
 and Inter-: 
 
 ^.4 
 
 9 
 
 est over i 
 
 ' •= 
 
 paymenu/ 
 
 ■ § 1 
 
 on deaths; 
 
 > 
 
 £ i 
 
 ' £ 
 
 S40 ; 
 
 1 2.20^ 
 
 1,707 
 
 ; 4.39;^; 
 
 2.004 ! 
 
 i 0,.^>57 
 
 3,529 ; 
 
 ! 8,09}- 
 
 4.4>:9 1 
 
 i 10,S19 
 
 5,482 : 
 
 12.917 
 
 0,509 i 
 
 ; 14,991 
 
 
 17,04i 
 
 8.084 
 
 19,07< 
 
 9,>^35 i 
 
 21,08: 
 
 19.049 i 
 
 ; 
 
 30,212 r 
 30,054 i 
 
 I 
 
 25.232 j 
 
 24,229 I 
 
 i 
 
 4,397 1 
 
 
 I Stock 
 
 |ut end 
 I of 
 i year. 
 
 £ 
 
 170 
 422 
 740 
 1.135 
 1.012 
 2,174 
 2.^27 
 3.577 
 4,429 
 5,390 
 
 £ 
 
 8841 
 2,099 1 
 5,498 i 
 9.331 i 
 14,202 i 
 20,354 
 27,072 
 36,295 
 40,ol>l 1 
 57.776: 
 
 )0 memT)0r3 aro added annually to the eocioty, each 30 year.-* of age, and a.s8ured 
 )t' every yo.ir; an I that the numsj assured on liveri that fail aro all palii at 
 tWj tiio tiiiuicial i.nt^ifs.s of ;i soi.-iety prooeedin;^^ in its transactions upon the 
 vejtnieiit^ computed at ,si.v i)er cent..; and, piuti.illy, of another, with premium.% 
 iMtm jnt:i. Tlie Oadi^le rate of inurtality is employed in each instance ; ^and for 
 too. uU funds accruing- from surplus and profit are kept o\it of view. (See Lec- 
 
 aili 
 
Duriiig 1 
 Oddfellovfi 
 formed a tl 
 nufiicturinj 
 debated its 
 necessities 
 and their si 
 millions of 
 actuaries, w 
 singular pi 
 oi'der of Od 
 revelations 
 was at first 
 inatismof8< 
 that the fin 
 — Oddfellov 
 unsound, ai 
 insolyency 
 from DAemlx 
 ('esired and 
 sorrow aud 
 have been < 
 England. '. 
 tion to the ] 
 Oddfellows, 
 exist in Can 
 ed to provic 
 availing hii 
 end iu the i 
 
 AH of the 
 they undert 
 and financi 
 plish objeoi 
 md judgme 
 Bimplify th< 
 from year tc 
 of a perpetu 
 the task of 
 Iplanof"! 
 !d for the pi 
 plan offers a 
 iven age, a 
 peath ; and 
 {tnd others s 
 
 I continuou 
 luted for r 
 [omplote pu 
 l««re to forfei 
 
FRIENDLY SOCIETIES. 
 
 *» • 
 
 Durthg the last few years, the condition of Friendly Societies, 
 Oddfellows' Societies, and institutions of a similar character, had 
 formed a theme of fertile controversy in the metropolis and the ma- 
 nufacturing districts 9f England. The Imperial parliament has 
 debated ita merits and legislated to meet some ofitefaost 9hyiou8 
 necessities ; nnd actuaries of eminence have applied their researches 
 and their skill to solve a problem involving largely the wellare of 
 millions of the industrial classes. The hypothetical arguments of 
 actuaries, with their collateral calculations, have been sustained \^Uh 
 singular precision by the published statements of the Manchester 
 order of Oddfellows, and by the less voluminous but not less reliabie 
 revelations of other benevolent firaternities and associations. What 
 was at first iderided by *' practical men" as the. presumptuous dog-~ 
 matism of science, is now conceded as an alarming &ct. It is coneed^ 
 that the financial basis of the minority of th««ecret provident societies 
 —Oddfellows, Foresters, Keohabites, and the like — is radically 
 unsound, and that in the absence of prompt curative processes, their 
 insolvency is a question simply of time. The contributions exacted 
 from members are now admitted tobe^iEproportU>ned to the benefits 
 ('.esired and promised; and the ultimate result must therefore be 
 sorrow and suffering to the classes for^^'hom these organizations 
 have been designed. The ominqus circume'tance is not limited to 
 England. It operates with slightl' iminished force in its applica- 
 tion to the provident institutions of the Sons of Temperance, the 
 Oddfellows, and we know not what beside, as they at this moment 
 exist in Canada. Here, as in England, the thirifty mechupic is invit- 
 ed to provide for the wants of sickness and the infirmities of age by 
 availing himself of societies which, as now managed, are destined to 
 eud in the cruel disappointment of their long-lived members. 
 
 AH of these societies attempt too much. With limited knowledge, 
 they undertake a business which above all others requires technical 
 and financial skill ; with primitive machinery, they try to accom- 
 plish objects which call for the exercise of foresight, nicety, 
 and judgment. Thcf best — because the most f^asible-^remedy is to 
 Bimplify their transactions by undertaking only sickness benefits 
 from year to year — in other words, by adopting a temporary instead 
 of a perpetucdrcharacter ; leaving to regular life assurance tnstitutionB 
 the task of providing for the exigencies of decrepitude anci death. 
 A. plan of " life assurance and annuit jr coml^ined " has been construct- 
 ed for the purposeof meetingthe new want. As its title implieis, the 
 iplan offers an annuity, payable to «n individual after attaining to a 
 iven age, aa well as a sum payable to bis representatives at his 
 leath ; and it is rendered more particularly applicable to artisans 
 nd others similarly situated by the removal of the common liability 
 continuous payments of premium. Single premiums are substi- 
 iuted for renewal one^,— each premium effecting a distinct and 
 omplote purchase of an assurance and an annuity, without expo- 
 ire to forfeiture or diminution. 
 
 ■*■ 
 

 Caiiada Itife Assuraooe CkMamny, 
 
 jIAMILTON, C. W. 
 
 ' i^^ir<(len(.'~II0^3 aBAKsa^ Kiq.V F.I.A. 
 
 /Knc(or«->Miiif O'itoilly, UtA;^ B. P. Street, Esq., Mr. Sheriff 
 Th<Haw, John Yoii»g, lfiM|., ^r<3||telcl Kerr, IStq., James Ogbornct, 
 Btqn H. Joaon, Jfiiq., J. B. Pringfle, Ktq., 0. 8. Tilfiuiy, Usq.. O. W. 
 BarloD, £«q., H. a Buker, ISc^., W. P. Madaren, ISsq., D. 0. Gann, 
 Xmi^ IbuQlltau ; N. BI«frri«t, mq^St Gathsrinei: Hon. A.ytrgon(Mi, 
 Wqadbil) ; Jiunef Hamilton, Biq^ If. I>.i Hon. It. Spenoe, M. P. P.i 
 Jiaiil«B BlellStyre, IBiiq., Dundai: Hon. J. H. Cameron, M. P. P., John 
 Amold, Baq., Toronto. 
 
 M^deaU AdWirg,--Omrgia Sbeppard. 
 
 Ckiund Affrntt^-^vr. P. Piokering, Canada West,- J. C StikeuMu, 
 Oanadalfiast. 
 
 Branch Cfjfiou <U MotOnal and St. JdAn, N. B. ; ioUh MtencUi 
 through^ GAncOot and atSt.Jah»\ Ntvffoundland. 
 
 Tha nroKifew oT tini ^o^pimy linee the date of ite esUbltshment— 
 1847-~haa been oneDf unci mwn prosperity. Starting amidst many 
 drfii^lHi^ and eaeonnt^iiif many obilaetoi^, It has worked' ita way 
 ttf-a foifihm whUb canweiTendure searching sorntiny. In addition 
 to tHe original stHMwribed caoital, \i now possesses an ample 
 reaUied and infested fnlid, and a large and rapidly increasing 
 inconie* 
 
 TheC»tan» reoommeadlng the Company to pnblio IhYor are, the 
 eoD^aiatiTe lownesa el ita rates, which nelrertheleee:> afford a wider 
 maiijhi i>r ccrnltogendef tlm»tiiose of any other company doing 
 Im^aess on theoontiJMnt>*-thainirBatoent of Its funds in Canada at 
 high rates of intereat— econeviy in management— and a degree of 
 attention fo ecdisnial wanta and pecaliamies which none but a 
 tCrictSy Goloniid Omapaay can be expected to display. 
 
 ijBKmgst the branches of bnsittess nndertidcenby the Company are-— 
 
 1. Sams pi^ralUe al^:death, with or without profit. 
 
 2. Endowment Ai|io»nce8, payable on the party attaining a given 
 
 age, or at dek^4f*it happi«a earlier. 
 , 3. Asmrancee on ^mai ^ fves anaflunriyorehip. 
 ■ 4. ' Annnities, immediau; and deferred, 
 
 5. Aemyrancti Annn^ticwi securing sums payable at death if before a 
 \ , given i^,'"dr annuities thereaitor. 
 >« Half credit aMRirance^ one half <tf the premium ft>r Uie first 
 
 seven years remaining its a debt. 
 7. Industrial assiirances, providing sums at death in small amounts^ ' 
 
 and also annuities wHbout liability to continuous payments. 
 S. Money veeeived it interest or tat accumulation, at higher rates 
 than are allowed iby banks or saviags' banks. Five or six per 
 cent, ia paid hy the Ckidipauy on money temporarily or per- 
 mMzantlydeposU^-— the rate varying with the duration of the 
 deposit and the notice given prior lb withdrawal. ^ 
 Pervons assured in any of the first five scales, finding |hiBiselvei| 
 onable to condnue payment of their preukiiuaas, may exohas^ their 
 ^^iciesfor others of wnaller amouni^^ unencumbered with nirther 
 
 Policies of five years* standing jpurchased at a Vialuation. 
 Basdlton, June, im. TB08. M. 8IltON8^ iSfecivtaiy^ 
 
 mn i tr i - ' Hy ii 
 
iy> 
 
 (heriff 
 K>rne, 
 
 a. w. 
 
 >ann* 
 
 P.P., 
 John 
 
 . 1 
 
 1 
 
 :eiiMu, 
 
 tncUs 
 
 Dent— 
 tnukn^ 
 tsway 
 Idition 
 ample 
 ■easing 
 
 \xe, tbe 
 i wider 
 r doing 
 ladant 
 greeof 
 but a 
 
 yare — 
 
 a given 
 
 Bfore a 
 le finii 
 
 ibuntf , ' 
 lentfi. 
 \r ratee 
 
 six per 
 lor per- 
 Vnoxthe 
 
 their 
 ther