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Les diagrammes suivants illustrent la mAthode. efi'ata ito t • pelure, on i D 32X 1 2 3 1 2 3 4 5 6 9- DEtn A MBIl or ii4ki or Arvoi or wtA ;•)»•■ i' :.-;-n/:- i P taittmtmmi HS LECftjiE oir DELIVJJRED SISFC^E THE MEfCHANICS* INSTTTUTE OFIhAMILTON, 0|f THE 6th APHIL, 1848, V 4 BY ' '" •'.■' ' ■ • ■ '' y .■ ■"" ' ' , ' ■ HUGH 0. BAEIE, Esa., ] ':' ' ;■•■: .; ' ' ' > • ■ ■,*'■■ •■--' -'■••.' ' ]■■•'' ^ ''''''■'"' , , WITH • ■ „ A SHSiT iCCOUNT or THE J;; -'-r^' 0ANAM LIf £ ASSURiNt^E COMPANY, > ' ' '■j ■ ■ , .■ ' ' ' • ■■■■ Established on the ai^t,Aug^t, 1847, POR THE THBEErdlilS! PtnOPOSE Of ll4kX)ra TQB KMOWtCDOB AMD VI140TI0JB Or UIV ABStl^m]KI||» df ITS . VAlUOlV BBAMOItiS, oeifRlUt AM(E>Ha8T ▲&!> CI.AMM ?'f<> a:.! |» MUTttH MOBTtt AMMtOOA \ or AftoiUMita TO au rpiidents Tmnsni th« ovvoRToitrtT or ayaiuim / •rajnuiurat or thbbb imk»tant- Bemrrra at thb xoirtBr ooxr ooMPATiiiui wi«k ■ArKTv, amo or BBTAimno wnnnii'TBni pbovikoii tbb Aoo0itin.ATioiM ram II4M» ..TO TBI k^AL BamrtT or oom dooxmiT, ajw tub amobkv. HAMILTON: ; 1848. i$l iM.k~ n iii i » ii|iy I H ill n iiii a <» > il« l ,i j^ l|< , # ««? !%'■ .4«&i ii&*'e".-. '4-- ■S*"»*k^ "«ti4i .^t >v«&is»w :.%tf^*r^# L DELIV] o: A MEM] CANA OF iSKKim or ArroRD TI 5? RETAIN TO • •^.^-^^ LECTURE ON LIFE ASSURANCE, DELIVERED BEFORE THE MECHANICS' INSTITUTE OF HAMILTON, ON THE 5th APRIL, 1848, BY HUGH C. BAKER, Esq., A MEMBER OF THE COMMITTEE OF THE INSTITUTE; WITH A SHORT ACCOUNT OF THE CANADA LIFE ASSURANCE COMPANY, Established on the 21st August, 1847, FOR THE THREEFOLD PURPOSE OF MAKING THE KNOVVLEIiaE AND PRACTICE OF LIFE A880RANCE, IN ITS VARIOUS BRANCHES, OENERAt. AMONGST ALL CLASSES IN BRITISH NORTH AMERICA ; . OF AFFORDING TO ALL RESIDENTH THEREIN THE OPPORTUNITY OF AVAILING THEMSELVES OF THESE IMPORTANT BENEFITS AT THE LOWEST COST COMPATIBLE WITH SAFETY, AND C? RE'JAININO WITHIN THIS PROVINCE THE ACCDMDLATI0N8 THUS MADE, TO THE EQUAL BENEFIT OF OUR COUNTRY, ANr THE ASSURED. HAMILTON: 1848. LI Ladi] that I a a subjec fear ver In de express uccupat ■and bod subject. The whethei branche present ment, tl and otl that the against, nate ind number other vvi made in that mr himself, perform by asso( that we portant the reac All Ii LECTURE ON LIFE ASSURANCE, DELIVERED 5th APRIL, 1848. Ladies and Gentlemen, — It is with no slight diffidence that I appear before you to read a Lecture upon so important a subject as Life Assurance, and one, at the same time, i fear very difficult to render interesting. In deprecation of any censure you may feel inclined to express, I pray you to call to mind that unceasing daily occupation in no trifling official duty deprives both mind and body of the strength to do the proper justice to such a fjubject. The system of Insurance, m whatever way applied, whether confined to the better known and more important branches of Marine, Fire and Life Insurance, or as in the present day extended to the loss of health or of employ- ment, the fidelity of persons employed in situations of trust, and other minor purposes, — originated in the reflection that the losses occasioned by the occurrences thus insured against, although frequently most ruinous to the unfortu- nate individual owner, would, if divided amongst a large number of persons, be comparatively harmless ; or, in other words, it is a result of a most important step we have made in civilization, a proof of the prevalence of the belief that man was not intended by his Maker to live only for himself, but that each one of us baa his allotted duty to perform to the state, and to his neighbours ; and that it is by associated action and combination amongst ourselves! that we alone gain strength to carry out those more im- portant social and political reforms which are far beyond the reach cf individual effort. All Insurance is baaed upon the law of average— the 5 • % ' beautiful science of Probabilities. Experience, for in stance, tells us, that of the number of vessels navigating a i particular course in the ocean, a certain proportion have| been totally lost, or materially damaged ; that some vessels ; are better prepared to combat the raging of the storm than ; others ; that in any year the number of houses destroyed | by fire bears a tolerably steady proportion to the whole « number occupied ; while some kinds of material are more liable to take fire than others, and some descriptions oi g goods, or even trades or occupations, are " hazardous," oi " extra hazardous." These facts, and indeed almost every occurrence which we commonly attribute to chance oi accident f are found to obey certain general laws ; and, byf means of this now much studied science, we are enabled to calculate the probability, and arrive at a sum which wih sufficiently represent the risk of the occurrence of any one of these so called chances, to any given ship, or house, oi ' human being, whatever may be the peculiar or extremcji circumstances of the case. f The deep importance to the Commercial world of bot};| Marine and Fire Insurance, it is not to-night my province to illu&'rate, beyond stating that the risks arc universally viewed j-« imperatively demanding the protection of the Policy of the underwriter, or the Insurance Company Public opinion loudly proclaims the folly and dishonesty ot him who neglects to insure his property (whether houses goods or ships), if at the same time he occupies such iv position as will render him, in case of loss, unable to clear himself of his existing obligations to others. The proper caution, which, before the invention of Marine Insurance unhesitatingly refused all credit to the owner of a vessel at sea, is yet daily exhibited amongst us in the exactitude with which Fire or Marine Insurance is forced upon those who may ask for, or require, credit. Life Assurance is of yet greater social importance, anij though hitherto far less generally practised, is destined within no distant period to be the rule instead of the ex-< ceptioE. To explain to you its principles will be my ende my £ tain pecu It com{ l>ayn solve large Th trace (>har See if to hi Socit refen year withi At from aged Th lishn lirst ated then so ir care rates ofth( of th the 8 At profe payn mode socie fall irience, for in- )ls navigating a i proportion have*, lat some vessel's : the storm than ,« ouses destroyed j n to the wholes aterial are more descriptions oi ^ 'hazardous," oi ed almost ever> ite to chance oi 1 laws ; and, by| we are enableu sum which will rence of any one^ ip, or house, or iliar or extreme i il world of both} ght my province! 3 arc universally protection of the :ance Company, ind dishonesty of whether houses, occupies such i. 3, unable to cleai jrs. The proper larine Insurance ner of a vessel a: n the exactitude orced upon thosu importance, ami ised, is destined istead of the ex- pies will be my endeavour this evening ; and most truly do I regret that my ability to do so falls far short of the conviction I enter- tain of its comprehensive importance generally, and its peculiar application to my fellow-countrymen. It may generally be stated to be a contract, by which :i company of individuals, in consideration of^a small annual ])aymenl, technically termed a premium, obligate them- selves to pay at the death of the assured a fixed and tar larger sum. The earliest enactment respecting it, or indeed the lirst Trace of any useful action upon the principles, is the (.'barter granted by Queen Anne in 1706 to the Amicable Society ; yet this can hardly be allowed at the present day to have been] more than a contributionship, or Benefit Society. It charged a uniform yearly sum of £5, without reference to age, and divided the whole receipts of each year amongst the representatives of the members who died within the same period. At this time the life of a *' healthful " man, at any age from 20 to 40, was valued at 7 years' purchase ; while an aged, or sickly person, was taken at from 5 to 6 years. The same erroneous system was in use until the estab- lishment of the Equitable Society in 1762, when, for the lirst time, tables of mortality were employed, and gradu- ated scales prepared for each age j but such was the doubt then existing, such the disinclination to depend much in so important an undertaking upon calculations however carefully deduced from the experience of the past, that the rates demanded by this Pioneer Society were double those of the present day ; and yet, strange to tell, the law officers of the Crown refused the application for a Charter, upon the ground of insufficiency of premiums ! About this period there also existed numerous societies professing to guarantee handsome benefits, whether by a payment at death, or by an annuity to survivors, for but moderate charges. The gross errors upon which these societies were based, the utter ruin they were too sure to fall into, happily led a celebrated Mathematician, Dr. a1 6 i'rice, to examine carefully the then but little investigated The ihoory oi Annuities. He exposed the rapid approach ot|isuran these companies towards ruin, and by his abte and con-mnce; vincuig publications paved the way for a material im-may be provement in the system. The * Equitable ' Societyof our e invited hi.' aid, and in 1786 a final adjustment of theii At di scale of c.iiitribpfion was made ; from that date this tiulvttken tc magnideciit Institution has enjoyeil an unexampled careeiitnidst ol prusperity, until, at the present day, its accumuiate(ifl|t)serva Capilai IS ustimated at over £10,000,000, Sterling. Stillfcenca Lile A. .sui nee was but in its infancy ; for at the end of thtjfiitali(ji I8th century but eight companies had been established ihllving Kn.:iu,ud. through la 131.'.'. however, aided by llie calculation by Mr. Milut tile set ol the Sun Ollice of a new and more correct set of table.^Basona from the tables of moitulity prepared with great care a.jpars. Ca;lisl'j by D'. Ileysham, the practice of Life AssurancuBpless i grcatf} mcieased, and the number of ollices mullipiiejA the c un'al it ) beheved that no less than 150 now exist iiAse ou Gfeal Ibitain. '■ May III Scotuiiid it may be said to date from 1815, in whici.Ae scie year vvavS commenced the ">)C0lli3h Widows Fund,*' aSoci-llie of ety which has progressed with steady success, and liaAe las altuiued a fund of fully £2,000,000. About 15 other olfrce Jiay be now exist within tlio limits of this portion of the Empire a500 } and, ibongL tardy in the establishment of a native oliicc.l Thes bootland iia.s far outstripped all other countries in theiBOS w general appreciation of the benefits of Life Assurance ;iearly It being aso-riained that upwards of £1,000,000 Slerlini,'jext tw IS annually paid into the coffers of her Life Assuranccftcreas Companies ; a noble contribution for such a laudablewe do purpose from a population of 2,629,000. ifthis The year 1818 witnessed the introduction of the systenifce of into the United States, but with slight and 'anguishindinongi success until within the last four years ; during vvhiclslibseq period, however, a veiy rapid advance has been made.)l)4. 9 ov 10 Companies have been formed, and the practice is| Noxi becomiag very general. iiserte i, tlo investigateii The law of average, which applies equally lo all )iJ approach ot^surance, pjculiar in its connection with Life Assu- abfe and con-nince; being applied to ascertain the time at which death a material im-may be expected, not to the chance, as in other Insurance, itable ' Societyof our escaping it aUogether. islment of theii At different times, and in various places, care lias been Lt date tliis trulyl^ken to observe tlie ages of all those who have died, from xaniplcd careeiilnidst a previously reckoned p()j)ulation ; from these its accumulate(i<||)servations, tables, called " tables of mortality,'' have Sterling. Stilllfeen calculated, and, hence is ilerivcd by arillmietical com- it the end of thtjkuation the average number of years which all iIkjso a established iLnving at any specified age may be expected lo live through : as for instance, takii;ir the Carlisle tabhis, (beinir on by Mr. MihiiAe set most frequently used,) 100 persons aged 21) may cut set of table>Basonably expect one with another to live through 3,500 tli great care a;jpars. Tliis we learn from the experience of the past, and f Life AssuranceBiless we have cause to suspect a tendency to a decrease ices muIliplieJA the duration of life, upon this estiuiate we may safely 50 now exist ii;l|ise our calculations fur the future. S' ^ May we nut without pre.-umption go further, — and, taking 1815, in vvliici.me science of prubabililies for our guide, allow that each vs Fund,*' aSoci-me of this 100 has an e(]ual chance of being the first, or uccess, and liaAe last, to be called away ; thai consequently each one t 15 other office-pay be said to have an expectation of the lOOlh. part of I of the EmpireASOO years, or 35 years. f a native oflicej These tables teach us, that of 10,000 infants born, but countries in thei698 will reach the age of '29, that of this number 56, or Life Assurance ;learly 1 in the 100, may be expycled to die within the 000,000 Slerlini^riext twelve months, and the proportion of deaths steadily Life Assurancdicreases until the last survivor attains the age of 104. uch a laudablef/^e do not pretend to point out the year in which any one this number will die, but we allow simply, that each on of the systenAe of the 5698 now alive has an equal chance to be and 'anguishingftnongst the number who will die in the first, or any } ; during whiclAt sequent year, or to be the one wlio will survive until has been made.J)4. id the practice iiJ Note. — For better illustration the following tables are serted. ! I / 8 TABLES OF MORTATJTY: PREPARED BY MR. MILNE FROM THE REGISTI AT CARLISLE. • «a fcX-/'\^V^ Nilrrther who at- Number who die Number who at- t'n eacii Number who die Number wIjo at- fn each Nuu~ whu _- E Age. tain each in tlie Age. year of in the Age. year of in :- ! .>' Jjiirr» III year of succeed every succeed o every SUCr ^ ........ every 10,- 000 Born. ing year. 10,000 Born. ing year. 10,000 Born. U At „ rth 3, Born. 10,000 1539 m 1 8461 682 36 5307 56 71 2277 13; t 4 2 77/9 505 37 5251 57 72 2143 14'^ 2 4' 3 7274 276 38 5194 58 73 1997 15^ 3 4{ 4 6998 201 39 5136 61 74 1841 16t. 4 5( 5 6797 121 40 5075 66 75 1675 161 5 5] 6 6676 82 41 5009 69 76 1515 15t 6 5] 7 6594 58 4940 71 77 1359 14« 7 5( 8 6536 43 43 4869 71 78 1213 13 8 5t 9 6493 33 44 4798 71 79 1081 12:j 9 4'. 10 6460 29 45 4727 70 80 953 llt^ 4h 11 .6431 31 46 4657 69 81 837 ii; 1 4i 12 6400 32 47 4588 67 82 725 10:. 2 4' 13 6368 33 48 4521 63 83 623 9 3 4( 14 6335 35 49 4458 61 84 529 8,' 4 4i 15 6300 39 50 4397 59 85 445 7f5 41 16 6261 42 51 4338 62 86 367 TM J 17 6219 43 52 4276 65 87 296 617 4 18 6176 43 53 4211 68 88 232 5i|8 i; 19 6133 43 54 4143 70 89 181 319 4 20 6090 43 55 4073 73 90 142 sfo 4 21 6047 42 56 4000 76 91 105 3i#=' — 22 6005 42 57 3924 82 92 75 sjlt is 23 5963 42 58 3842 93 93 54 Jfto a ( 24 5921 42 59 3749 106 94 40 25 5879 43 60 3643 122 95 30 Mil ar 26 5836 43 61 3521 126 96 23 iioo 27 5793 45 62 3395 127 97 18 ^^fck TTn* 28 5748 50 63 3268 125 98 14 29 5698 56 04 3143 125 99 11 ■B pa 30 5642 57 65 3018 124 100 9 Icrea: 31 5585 57 66 2894 123 101 7 32 5528 56 67 2771 123 102 5 33 5472 55 68 2648 123 103 3 9 ^^ 34 5417 55 69 2525 124 104 1 Vpos — msQ 35 5362 55 70 2401 124 k<* 9 A.L1TY: THE REGISTI EXPECTATION OF LIFE, ACCORDING TO THE CARLISLE MORTALITY. TABLES OP Age. Number who at- "n each year of every 10,000 Born. 2277 2143 1997 1841 1675 1515 1359 1213 1081 953 837 725 623 529 445 367 296 232 181 142 105 75 54 40 30 9 Expec- expec- Expec- Expec- tation tation tation tation m years Age. in years Age. in year;- .Ace. in vear.-- Aire. and a 1x1 an i and lOOtlis. 21 lOOths. 42 1' ' tiis. 03 ICUtllt!. 84 38.72 40.75 20.34 12.81 41.08 22 40.04 43 25.71 04 12.30 85 47.rj5 23 39.31 1 44 25.09 05 11.79 86 ■VJ 8:> 21 38.59 i 45 24.4.) 06 11.27 87 50.76 2.^ 37.86 ! 40 23.82 07 10.75 88 51.25 26 37.14 47 2.3.17 08 10.23 89 51.17 27 :]().4i 1 48 2:2..") 1 09 9.70 90 50.80 28 35.09 1 49 21.81 70 9.18 91 50.24 29 35.00 1 50 21.11 71 8.05 92 49.57 30 34.34 i 51 20.39 72 8.10 93 48.82 31 3.'i.(!S ! 52 19.08 ! 73 7.72 ' 94 48.01 32 33,03 i 53 1^.97 74 7.33 i 95 47.27 33 3:2.36 1 54 18.28 75 7.01 i!6 40.51 34 31. OS ! 55 1T..^8 70 6.09 97 45.7.'> 35 31.00 1 50 10.89 77 6.40 98 45.0/ I 36 :u).:i2 57 10.21 78 6.12 99 44.2 ' 37 29.61 58 15.55 79 5.80 100 4;j.' 38 28.90 59 14.!»2 80 5.51 101 42.o7 39 28.28 00 u.:u 81 5.21 102 42.17 40 27.01 01 13.82 82 4.93 103 41.40 41 20.97 02 13.31 83 4.05 104 Expec- tation iH years and lOOtliy. 4.30 4.12 3.90 3,71 3.59 3.47 3.28 3.26 3.37 3.48 3.53 3.53 3.46 3.28 3.07 2.77 2.28 1.79 1.30 0.83 0.50 1:J further evident, that if each one of the 5698 pays to a common fund jCI at the beginninji; of a year, it 111 amount to a sum which will admit of the payment of 100 to the heirs of each of the 56 who may die during year ; and thi,8 can be continued year after year, though payment must increase, in proportion to the annually jreased chance of death. Life Assurance Company, may be said to proffer its as a Bank of Deposit, to receive these sums, and as the ^positors die, to pay the full share to their heirs ; but as jse Institutions generally profess to admit only healthy *- . 1! 10 lives, the yearly system just explained would entail ail annual examination, and all who became of impaired health would be refused re-admission, and thus lose al the prospective benefits of the practice. This difficultjj has been overcome by the calculation of a sum, or premi um, which, paid yearly throughout life and withouJi alteration, is of equal value to the previously mentioned 29, 1 steadily increasing rate. Taking the same age for examJiincre pie, the average sum demanded by British Offices as aV Coi even payment is £rl 9 6, instead of a premium of £1 ^nt n increasing yearly. Thus for the advantage of the certaintslpensi of continued Assurance, without re-examination, a perso«f the : aged 29 pays a rate annually, which would not be equalleflps* C by his yearly payment, (were the Assurance from year lif^ts, > year) until he reached the age of 50, but the former pre Jn th( mium remains unincreased throughout life. The ComS i^he pany thus receives an excess in the first portion of thjjphly ( period, and retains it as a reserve fund to be employed lifp the them in adding to the yearly payment, when the timOtilnct arrives tl\at the risk of death in the year is more tha.* tha>°"S^ premium of £2 9 6 would cover. aH moj The accumulation of this reserve in the coffers of tlapject Company leads me to point out the other important featurjeed \ in the calculations of Life Assurance Companies. — Thil'ife ^ increase of money at compound interest. ^ fro^ It will be evident, that during the first half of the expecP^^ cj tation of evei^ Assurer, the Company will be in receiji of much more than it will require as his contribntio towards the amount of claims maturing, — the sums it wil be called upon to pay, by reason of its peculiar principll of equalization to the heirs of those who die, — and, that thl steady surplus of income continues for many years. No\t| supposing no interest made, it would require a yearlj payment of £2 17 2 at the age of 29 to enable the Coi pany to pay £100 upon an average duration of life of % years, and this without any allowance for expenses management ; but. admitting an accumulation at 3^ pel cent compound interest, (the rale most generally oblamelfch 1C0( trs 11 would entail aili^ British Companies,) the yearly payment would be redu- nae of impairel|d to £1 10. ,nd thus lose al 1 1 may explain, that, of the difference of 19s. 6d. between This difficuhjdiis sum and the £2 9 6 average charge, 6s. is occasioned a sum or premiair the tables being more correctly based upon calculations, ife and withoijlt of the average expectation of life allotted to the man iously mentione||29, but of his chance of attaining each subsequent year ne af^e for examwfincreased age, and of the relatively diminished cost to ish Offices as aA Company of the sum assured, for e/ery year the pay- remium of £1 w^it may be postponed ; and 13s. 6d. is added to cover ye of the certaint^enses of management, and contingencies growing out lination a persotf the nature of the contract ; though with a promise in lid not be equalleWPs* Companies, of its partial return in the shape of •anco from year i#fits, or Bonus, if not required for such contingencies. n the conduct of a business involving the future support the most helpless of our fellow beings prudence is hly commendable. No honest individual could sanc- the use of tables of rates of barely sufficient amount : fluctuations must be provided for, both in the mortality r'is more tha.* thJOJongst the assured, and the rate of investment. This most justly be attained by an addition to the rates, the coffers of th#J6Ct to any system of periodical return that may be ir important featurjeed upon. Companies. Thl-i^*^ Assurance Companies are also subject to material ^^^ sk from another branch of their theoretical dependence t half of the expecP^^ chance. The tables of mortality only say, that 1000 aged 29 now alive, ten wiL die in the first r, and as many in each of the four or five succeeding rs; and were Life Assurance Companies to issue peculiar principlBcies for one invariable sura, they might safely depend jje and that thP" this calculation ; but one man requires to assure for |000, just as much as another for £50, and yet, it would be proper for the Company to make any difference in per centage of charge. Still, of the 1000 death ;ht call away a far larger proportion of the more ily assured, and leave the £50 or £100 assurers to y a long life, to the serious injury of the Company ut the former prel life. The Coraf rst portion of tlij to be employed bf t, when the timl will be in recei IS his contributi ,^the sums it wi nany years. Nov require a year to enable the Co iration of life of e for expenses imulation at 3^ pi generally oblainePch has looked for an average decrement, not only of I t .' , 1 I ill i ; . I 1 1 (till r/ 12 the number, but of the amount assured. This evideifle die extra risk is most frequently guarded against, in the earllAe ai stage of an Assurance Company, by a prudent limit of \\t$d w fium at stake upon any one life, which may be graduallif wou enlarged, as the business of the Company increasedis bo Thus, an original limit of £500, or £1,000, may enlarged to £10,000, the highest amount, I believe, an existing office will accept upon one life. The Compan is also obliged to provide a margin for the working of tl law of average, which, though perfectly accurate in tli mass, cannot with certainty be expected to be as correc^t of when applied to the few lives that even the most extei;|ls a 1( sive Company must assure, at some particular ages. or he v Let us consider the reasons which should lead us all l^his i examine into the merits of Life Assurance, and its peculi application to ourselves. We are happily frequently reminded of the uncertain of life ; we know that to-morrow may find some of thoi now present stretched upon a dying couch, and that t year can hardly be expected to pass into its grave, witho#ile, i having previously seen at least one of us followed to tlp^ wil silent tomb. That one may have a dear wife and infi children, who may perhaps be left in straitened circu stances, if not positive want. Let it be supposed that was granted to me to point him out, and say to him, thi for £2 4s., or £22, he can without delay secure t payment to his heirs, whenever he may die, of £100, £1,000 — would he hesitate ? And which of us can fei secure ? for our doom is certain, though it is not given us to know the hour, or the day. Should we not feel t need of securing future support for our families, with much care and exertion as we provide for their dai wants ? Few men set out in life with a deliberately form intention to spend the whole of their income year by yeai we certainly almost always look forward to save.somethi annually for a favorite object. Whatever that object Life AsBurauce will enable us to attain it, even shouBuall rage ^ney ong cier ding 13 1. This evideije die "within an hour. It says to the man of 29, name nst, in the earhie amount you hope to save yearly, pay it to us, ident limit of tljpd we will guarantee you, from to-day, the full sum lay be graduallit would increase to, were you to live 35 years. And ipany increase^is hoon is offered without heavy loss to any one; ali jei,000, may t, I believe, ai The Compa le working of t accurate in t 1 to be as correcl ly in, in the season of prosperity, a trifle which is dly missed ; these sums are faithfully accumulated, the Company refunds to each one, when his own. uliar exigency may arrive, not the accumulations alone the trilles he may have deposited, but the proportional t of the past and future accumulated payments of all. n the most exter'lis a lottery, in which there may be said to be no blanks: ticular a(»es. o|he who dies early draws a valuable prize for the benefit uld lead us all ^^is nearest and dearest, and he who survives the rage term of years, is doubly compensated for the iney loss it may have been to him, by the possession ong life, enabling him to earn for those dear ones a cient support, and the constant protection of the policy ding to the removal of all fear for their future wants : lie, if he has chosen a good office, each year he may will materially increase the sum payable to his heirs eath. he limits of one lecture will not allow me to enumei- the classes or individuals with whom Life Assurance n imperative duly. In Canada, careful investigation show that but very few are exempt. The rich man contents himself with a life of ease, consuming alone interest of his accrued property, appears to me to be sole exception. 8 especial application is to all those whose present future support is derived from the reward of personal irtion, whether it be professional, mercantile, agricultural, echanical ; and most clearly does this include the great ortion of our population. To all these, and to the few possess independent life incomes, it is, I say with dence, an absolute dutv, and should be hailed as a benevolent adaptation of the laws of average and ual aid. B :e, and its peculi< of the uncertain! ind some of thoi uch, and that t its grave, witho! us followed to tli ar wife and infi straitened circu )e supposed that d say to him, thi delay secure t y die, of £100, hich of us can fel 1 it is not given aid we not feel t! r families, with ide for their daii deliberately form(| icome year by yea^ rd to save.somethiil ever that object ain it, even shou^ ■ ( 11 I I ■ { I 14 To others who are equally industrious, but who hav«- r i already accumulated some reserve which may be availabM^ .i for their heirs, it still offers material advanlaithe same arguments ; we* believe that a little reflection 1 satisfy the poorest amongst us, that at his death £50 100, or an annuity of £10 or £20 for his widow, would be aply purchased by setting aside a proportional part of wages, or other income ; less than Is. a week will ure a Policy for £100. b those who plead in answer to a friendly attempt to vincc them of the necessity of Assurance, that it is hard ^ ay year after year for a prospective advantage, which otherwise ruinij4|^ Q^jy mature for the benefit of their heirs ; that it is in Y other object v|j^ .^ p^^j. speculation to enter into, where a man must liet content, ^<^^'i'» to make money by it, we would point out the suitable- the future, whic^^ ^f {j^g system of *' Endowment Assurance," or '* De- ins in most ot mked Annuities ;" by the former they can secure a fixed :ickness, or on iJ|(junt payable to themselves on their attaining a cer- age, or to their representatives should they die earlier ; [the latter they can in the days of health and strength by to purchase the guarantee of a Life Annuity, to com- nce upon their attaining any specified age, and to form a port when age and infirmity render laborious exertion cult and uncertain. hile of one who may feel tempted to reply, that can provide for his family much better by laying e, and investing year after year the full amount of his ings, I would enquire how he can thus presume upon continuance of his existence ? — thus virtually say that act of justice ajB}^jjs a, perfect assurance of length of days ? But let him. no-est claims upiji^ijnbcr that even granting the certainty of a long life, re his payments made into a Life Assurance Company, ofonewhohasneKy ^yould be accumulated to better advantage than by idden descent froBnself ; and, from the nature of the engagement on his , would certainly be made with greater regularity than mere intention to lay by would secure. An Assurer is y said to have ^' acquired a species of property which he ust naturally feel ari interest to preserve, and thus his ig 13 now gen era olonging the life three or fc-ur yea cacy when a se:, nind is doubly sr do but allude he se, Of its negleci ufficient vividnel len the past is usj Drightness, and he has failed, ai 3 enjoyment of tj ;1 of absolute waf rig in uncongeii^ must be almost tf li f 1 i 1 I 1 1 1 's '^ best energies become aroused, and a seme of independence' •'* a better tone of feeling — habitsof prudence and economvA •* and all the incentives to general moral improvement arS.- Cre ^men ted a: ••^ established" The Earl of Roseberry has correctly observed, *' that iL '* practice has the peculiar advantage of enabling the mor, *• artiuent to accomplish a great and important saving k\ *'' their families through the medium of a positive expendituv *' The ultimate object in view might be partially accoir. ' plished by laying the amount of such savings aside, an' ** allowing them to accumulate ; but the great advantage '^ an Institution of this kind is, that while it accomplishes thlJfP^'^^J " same object much more effectually and immediately, "^ withdraws no portion of capital from circulation, and co '* pletely obviates all those baneful evils into which a hah ** of saving is apt to degenerate ; for such a habit, althoug *' originating in proper and legitimate motives, not unfrel " quently ends in debasing the mind to a disposition *' avaricious hoarding." There are many other circumstances in which L Assurance becomes equally useful. By ** Survivorship Annuities," we can secure a life pr vision for a wife, or any other person, who may hy death be deprived of support ; or by <* Survivorshii Assurance" a eum of money can be secured to another a similar event, the cost being much reduced by the chan oi the prior death of the nominee. A party who is to come into possession of property at ti death of another, provided he outlives him, can secure t! value of the sum to his family, should he die first, by assurance of his own life against the other. Trustees under a marriage settlement can thus safe ;iUow the husband the use in his business of two-thirds of h wife's money, provided they retain the remaining third interest, to pay the premium for a life policy, to cover i!»ur sum loaned. W^^^l Parents can by small yearly payments secure " Endo^e tl ments" for their children, payable on attaining any noiilp re "Imei btor, ount he 1 nth( opi has tho, uran th ai uran num t olTe nii edee sim ur n el eria I i!ll I of independence' ce and economyi ;mproveiiient an erved, "ihatlL nabling the morj )ortant saving k\ )sitlve expendituT' partially accoir.^ avings aside, an] ijreat advantage i accomplishes ill id immediately, culation,andcor into which a hahl a habit, althouj lotives, not unfr( to a disposition 33 in which Lij a secure a life pr j who may by cJ by ♦* Siirvivorshi cured to another uced by the chanc 11 of property at tiij 71, can secure tl he die first, by aj ler. nt can thus safe| of two-thirds of remaining third i policy, to cover li^ :s secure ** Endo^ ttaining any noml 17 ted age ; to aid in starting them in life, or in marriage tions for daughters. Creditor who has reason to suppose that his ultimate ^ment mainly depends upon the continued life of his Ibtor, can by a '* temporary Assurance," secure the full [ount of the debt, should the death occur. 'he borrower, whether upon real estate by mortgage, ^n the usual course of business, should avail himself of opportunity of providing the ready cash to free his ^perty at death from all pecuniary Lability. While, if has borrowed upon mortgage, with an agreement to the sum by yearly instalments, he can by ** Decreasing jurance," secure the completion of his payments aftet ith at an almost nominal cost. In this respect. Life surance offers great advantages to the borrowers from numerous Building Societies. [t offers to capitalists a moans of securing any principal may feel disposed to lay out in the purchase of Redeemable Annuities," secured upon real estate ; thus simple, and quite legal manner, defeating the intention )ur Usury Laws. in elderly person, without family, can by " Annuity " terially increase his income for the remainder of his • ^ustees can secure themselves for advances made to lors. foung men commencing business, and requiring credit others to enable them to succeed, will find that credit ited with increased readiness, if they take out and je with the creditor as collateral security, a Policy of irance, to provide against the chances of death in the ler years. fur wealthiest merchants would only act with com- ulable prudence, were they to Assure their lives, and jie the Policy in trust for the benefit of their families ; removing those dear ones from the double risk of a [mercial crisis, and a premature death. b2 18 A pare It, who has reason to bslieve that each year he may live will render the future wants of his family of les? .mount, can by ''Decreasing Assurance" secure a sum _;raf]!ial!y reducing for each succeeding year. A father, about to entrust a beloved daugh'er to a liusband's care, is surely called upon to see that some such provision for the future is guaranteed and settled upon iier, and, especially so, if the intended son-in-law has only jiis own exertions to depend upon. There are also other examples of its most materia' benclit in our mother country. The present possessor ot ;». splendid, but entailed estate, can best provide for hi? "^ ounger children by Assurance. A memorable case lias been reported in Scotland : — A nobleman, with clever, rhildrcn, who assured his life for £100,000, and died vvithir. SIX months : thus leaving £10,000 for each of his younge. children. Again, very many proparties are held upon Jeases for lives, which a-e renewable upon payment of a line. Tills line being payable at the death of the nomi- jiated person, or persons, may be required at a most inconvenient lime, and pr;]dence teaches the tenant tn .issure the life, an(^ thus change a heavy payment of uncertain date, into its equivalent yearly value. This great variety of application can be further extended to two or more lives. It in fact includes every imaginable rase in which a pecuniary transaction is affected by the rontmgency of the death of ehher one, or any number o; persons ; and remembering that an equal variety exists in the different modes of paying the premium (generally iptionai with the Assurer), you will not doubt me, when I tell you that formula for computation have been prepared ior 400 cases. Let us review for a moment the objections which have i)8en, or may be, brought against the practice. First and most important, is the assertion that we are guilty of pre- sumption, and by its means elect to depend upon mere liuman invention for the support of the widow and the fatherless, rather than upon Him who has promised " to <> I'- a pan thei c< ii an( as " hisi "poi Tli vote WidJ "sui *']oc <'it *'se| "th 'ear he of less a sum er to a at some led upon hasonh' materia' ses'or 0'. e for lii> case ha5 h clever, ed withir. 5 younge. leld npor. ment of a the nomi- at a most tenant tn lyraent of r extended imaginable ted by the number oi y exists iii (generally Tie, when I n prepared ,vhich have First and lilty of pre- upon mere ow and the •omised " to 19 relieve the fatherless and widow." Most unwilling should I be to advocate anv scheme, however secmin5:lv perfectj which could be so viewed. As more to the point than anything I could say, I will read you the opinions of divines of the Church of Scotland, delivered at the general meetings of Scottish Life Assurance Companies. The Rev. James Robertson, of Portsburgh, in moving a vote of thanks to the Directors of the Scotti^ih Provident Institution, said : — ** I regard this Institution as in unison •' with the arrangements, nay, as a following out of the *' dictates of an all-wise, over-ruling Providence. Many, *' I doubt not, have already been taught to regard it as such. '•' who, on the death of a parent, instead of being reduced *' to desthution, or obliged io appeal to the benevolence of *' the public, have found thenciselres in circumstances to '* obtain, as a right, what they must otherwise have received '' as a charity. Such persons, if rightly disposed, would '• ihank God that such an Institution as this existed, and ^' would esteem it a kind Providence that led their deceased '' parent to connect himself with it, and thus secure for " them an interest in its provisions." « * * • ♦ " 1 feel it pleasant to be asso^iatbd with men who are •* naturally led to take an interest, so far, in one another's ^^ welfare. For my part, I cannot pass a member of the ^•' Scottish Provident on the streets, without almost involun- •' tarily wishing him ' a sound mind in a sound body,' ** and that he may live happily and usefully, and, if not " as long as Methuselah, yet aye and until the amount of " his contributions has greatly exceeded the sum in his " policy." The Rev. J. G. Lorimer, of Glasgow, in seconding a vote of thanks to the Office Bearers of the " Scottish Widows Fund," said: — "The lime was when Life In- " surance was thought a thing of doubtful propriety. It " looked like speculating upon life and death ; moreover, *' it was considered not entirely consistent with an unre- " served reliance upon the providence of God. He rejoiced " that that prejudice had, to a great extent, disappeared. f 20 **At the same time, he had litlle doubt that this, and " similar Associations, lost the benefit to be derived from *'the insurance of some good lives — the lives of excellent *' men — from lingering remains of this misapprehension. " For himself, had he thought that there were any grounds ** for such opinions, he of course could never have been a " member of this or any similar Institution. So far from ''entertaining this idea, however, he thought; upon re- *" flection, it would appear that there was not only no '• inconsistency between Life Assurance and the principles *•' of enlightened religion, but that there was a beautiful ** harmony between the principles of true Christianity and '' those which united them together as a Society. For '•example, true Christianity required its disciples to be '' self-denied, and Life Insurance taught the same lesson. •'True Christianity taught them to be frugal, and by a " happy necessity, Life Insurance taught many to be ^^ frugal too. True Christianity taught them to have a '' warm regard to the welfare of those who had special '•'claims upon them — the claims of natural relationship; " and Lifo Insurance also taught them this duty. They " had high authority for the statement, that if a man pro- '•' vided not for his own, and for those of his own household, • he had denied the faith, and was worse than an Infidel ; and Life Insurance, it humbly appeared to him, was in " full consistency with, and even supported, that Scriptural " statement. Moreover, they knew that true Christianity '' required that they should not only weep with those v;ho " wept, but should rejoice with those who rejoiced ; and he '• was persuaded that any one who listened to the state- " ments of the Report, and heard of the immense sums of " money which had been expended since the institution of "this society upon the surviving families and relatives of '' those who had been insured, could not doubt that a vast " amount of good must have been, under God, accomplished in this way, — good, the remembrance of which might • well fill them whh sympathizing gratitude and joy. While Life Insurance was in harmony with important a i; (( (( *• mor '' whi. •' sciei " good '' some " but i '' smal •■* habit " Henc '^ again *• the s( "The ** during " and g Agaii in movi vident '^someti " the w( " a wai] '* appeal '^ and, w " gory M •'scrupu "the fa '" sideret " Heave '* indeed " light *' and en " wheth( "them; "thatar "way fJ " familyl " though "' in the j "a verj 21 ;, and 1 from lellent nsion. rounds )een a r from »on re- nly no nciples jautiful ity and {. For s to be lesson, id by a ^ to be have a special onship : . They lan pro- asehold, Infidel ; J was in criptural •istianity 3se v;ho ; and he le state- 1 sums of itution of atives of at a vast nplished ;h might ind joy. mportant '• moral and Christian virtues, it was lilted to check evils *' which were likely to arise even anionjj the most con- •' scientious in its absence. In defect of Life Insurance, a '^ good man who feels bound and who desires to make •■' some suitable provision for his family, has no resource " but to accumulate during his life-time. But there is no '* small danger of this passing into a selfish and hoarding "'• habit, which may come to affect his general character. " Hence, one advantage of Life Insurance. It is a defence ^'against unamiable and unchristian dispositions. Nay, **the source of danger is converted into a means of good. " The contributing to an object essentially benevolent *' during the life-time is fitted to cultivate the more amiable " and generous disposhions." Again, the Rev. Mr. Robertson, of the New GreyfriarF, in moving the adoption of the Report of the Scottish Pro- vident Institution, said: — "The objections which have '' sometimes been urged against such a provident care for "' the welfare of those who depend upon us, as if it implied •' a want of confidence in the providential care of Heaven, '* appear to me so exquisitely silly as to require no answer ; '* and, without hesitation, I place them in the same cate- " gory with the objections of that respectable but over- •* scrupulous old lady, Mause Headrigg, against the use ol " the fanners or winnowing machine, which she con- "' sidered argued a profane contempt of the free wind of " Heaven which blew over the shieling hill. I conceive, " indeed, that such insthutions are to be regarded in the " light of great public blessings, and deserve the support *' and encouragement of all well-wishers of the community? *' whether lay or clerical. The benefits resulting from "them appear to me so clear, that I cannot help thinking " that any man who has it in his power to provide in this " way for the future comfort and independence of his " family, after the hand that laboured, and the head that " thought for them, and the heart that loved them, are cold " in the grave, must have either a very indifferent heart or "a very indifferent head. It appears to me that such 22 " institutions are the practical development of some of the " finest and fairest afTections of human nature : and I a a iC maintain that, in becoming a member of thLs society *' myself, and in recommending it to others, as I most cordially do, I am acting according to the precepts and the spirit of that Gospel which enjoins, as a great moral '' and religious obligation, the duty of providing * for our '* own, and especially for those of our own house.' " Another very frequent objection is an alleged want of means ; here I again prefer to give you apposite quotations • '* We believe there can be no obstacle which is apt to *"' appear more real than this, where an income is at all ^' liiTljited ; and yet it is easy to show that no obstacle could '^" be more ideal. It will readily be acknowledged by '•'everybody who has an income at all, that there must be "•some who have smaller incomes. Say, for instance, '* that any man has £400 per annum ; he cannot doubt that "there are some who have only jC350. Now, if these '' persons live on X350, why may he not do so too, sparing **the odd £50 as a deposit for Life Assurance. In like *' manner he who has £200 may live as men do who have '" only £175, and devote the remahiing £25 to have a sum '• assured upon his life. It may require an etlort to accom- "'plish this ; but is not the object worthy of an effort ? And " can any man be held as honest, or any way good, who " will not make such an effort rather than be always liable *' to the risk of leaving in beggary the beings whom he " most cherishes on eaith, and for whose support he alone '' is responsible ?"* And again, '' when it is considered, indeed, by what '' small increments of savini^: the means of insurance mav *' be obtained, it is surprising that any instance should " exist in which it is not efl'ected — a few tavern visits less, " an occasional mislaying of the key of the wine cellar, '^ a tight stopper in the spirit bottle, a water-side visit put ** off till next year, a party omitted to be given, a slight * Cliambers' Edinburgh Journal, No. 373. e of the ; and I society i I most jpts and at moral ' for our want of stations • 3 apt to is at all !le could Iged by must be nstance, )ubt that if these , sparing- Ill like •ho have •e a sum ) accom- rl? And lod, who ys liable •horn he he alone by what ice may e should sits less, e cellar, visit put a slight 28 " forgetfulness of the length of time a coat or a silk gown '' has been in wear, and a score other things of the kind, *' present an ample variety of sources for furnishing the '•' small annual sum requisite to place a family in security. " Many men, who have a strong perception of the impor- ^' tance of insuring their lives, unfortunately neglect to do ^' so, from the belief that in a little time they will be in '' a better position to do so — next year trade may be more " brisk, or an official salary may be increased, or an old " aunt may die — but next year brings with it its owa '' necessities : and even if it did not, what peril is encoun- *' tered in the delay? It should be borne in mind, that " people can only insure when they are in the most perfect " state of health — a whlt^^^d tongue, or a quickened pulse, " find no passport of admission to a Life Office ; and who " shall say he is secure for a single hour from some " derangement of system that shall bring these symptoms '* upon him ? What anxiety must he who is waiting for " the proper moment to insure sustain at every incipient ** approach of illness ? The spasm he feels may be the *' herald of cholera — the sudden ache in the temple may '' be the courier of death." * There are some again who call Life Assurance a specu- lation. I would ask them, who may be said lo speculate the most? He who cautiously provides, year after year, that trifling premium which ensures at his death as much tempered support for his bereaved ones, as he could hope to realize by the savings of a long and active life, or he, who stakes all this upon so great an uncertainty as his own life ? I will now endeavor to show how these principles apply to our own country. Although the value of life has been carefully ascertained in England, no approximation has as yet been made in Canada, other than the calculations of the comparative health of British troops quartered in the wide-spread * The Post Magazine Almanac. 24 Colonies of the Empire. This appears very favorable to our climate, but must be considered far too partial to base exact calculations upon. Several of the British offices have been induced, by even this slight information, to offer to assure lives in Canada, though some of them have made the want of better data a pretext for a special increase of their English rales. I believe that the establishment of Agencies in this Province, by British Companies, has only taken place within the past ten years ; and while we were without a local or native Institution, they were gladly welcomed by the few amongst us who had become aware of the impor- tance of the practice. The business these Agencies have attained, and the assurances efiected in Great Britain by parties now resident in Canada, may be estimated at £300,000, involving a drain of at least £10,000 yearly, from the limited means of this Colony. Many circumstances have combined to favi r, or induce, the establishment of a Provincial Company. You have had the great want of capital amongst us, which is peculiar to all new countries, forcibly illustrated by the honorable and learned gentleman who so ably introduced this course of lectures.* Is it not one strong argument, therefore, to aid in damming up one of the channels through which the scanty capital of Canadians is flowing in an increasing stream, to irrigate the already bountifully supplied fields of our mother land ? It has been farther argued, and with truth, that the existence in our midst of a Provincial Institution, wholly managed by residents of the Province, with its entire machinery exposed to watchful supervision and control by those who may become interested, is well calculated to lead ten times, or even one hundred times, the number of persons, to examine into the truly benevo- lent character of such Institutions, and to share in their advantages. Many other reasons have been, from time lo lime, urged in favor of such a project, to which I need *Thc Hon. R. B. Sullivan. « » [avorable to :tial to base itish offices armation, to ' them have jial increase cies in this taken place e without a elcomed by ' the impor- rencies have ,t Britain by jstimated at ,000 yearly, r, or induce, . You have jh is peculiar le honorable i this course therefore, to h which the n increasing pplied fields ed, and with Provincial le Province, supervision sted, is well [idred times, 'uly benevo- lare in their from time ^rhich I need 25 not now allude; but I will turn to the most important argument, at least in a pecuniary sense, and I believe I may say a chief argument of the projectors. It is well known that in a new country capital is ever greatly in demand, and that the general tendency of the inhabitants is to accumulate lixed propetry, trusting chiei^ly to money borrowed from older and comparatively weallhier countries, for the lloating capital employed i'l the domest.c exchanges, and other daily wants of the community. Ir: this stage, they are not only willing but able to pay an enhanced rate of interest suflicienlly high to induce tiie owners of capital to transfer it from their possession tc; another, and, perhaps, far distant country. Canada, wo all know, forms no exception to this general lule. Here money bears a value relatively far higher than in our mother land ; and our facility for its profitable employment: is such, that were it not for our anti{iuated and onerous usury laws, we should be able to offer for its use a rate which would tempt a much more generous supply frcrr: the eastward, of this necessary ingredient in agricultural and commercial advancement. In England, the Actuary of a Life Assurance Company, when preparing tables of premiums, cannot prudently make use of a higher rale of accumulation than 3\ per cent., compound interest ; in this Province, we can safely take 6 per cent.; for, though we are bound to remembei that the calculations of a Life Assurance Company must extend over more than half a century, still we may surely reckon, that taking one year with another 6 per cent, may be steadily realized, — for Companies of this description are well known to possess peculiar advantages in iht; investment of their money, always commanding the be.^t rate of interest the market affords. Admitting then, that 6 per cent, is not too high ai: estimate, let us examine what reduction of premium it wili justify. I will again take the ago of 29, with an expecta- tion of 35 years. I find that the yearly payment whicli will in 35 years' constant accumulation at 6 per cent., c 2e compound interest, reach the sumof jGIOO, is 17s. lid., or 40 per cent, less than the £1 10s. that I liave already stated as the yearly sum necessary to attain a similar end with only 3.^ per cent., compound interest. This being the base of the calculations of Life Assur- ance Companies, it follows, that whh a simliar rate of mortality, and a corresponding per centage for expenses of management, a Provincial oflice, investing its funds carefully at G per cent., can make a reduction in its tables of premiums of fully 40 per cent. — that it can in fact promise to the Canadian, for a yearly payment of £i'l, as large an assurance as a British office can guarantee for jC*20; or it can grant a policy for £1000, at the same cost to the assurer as a British Company can one of £600. But, as I hav6 already stated, prudence is in so irapor- tatit an undertaking truly praiseworthy ; and, therefore, until wo have better reason to feel sure that the value of life in Canada is equal to that of our mother land, it is safer not to make so great a reduction; this has been the system adopted with, I trust I may say, proper caution, by the lately established Canada Life Assurance Company. Its lowest tables will be found on comparison about 15 per cent, lower than the average rates of the more modern British offices. To those, however, who believe with mo that the high rate of investment in Canada will eventually admit of so great a reduction as 40 per cent., it offers another table of premiums, higher in immediate cost, but with the promise that all who assure according to that scale will yearly receive three-fourths of the actual profit! thereby lealizeJ, thus equitably returning to them all tho excess which prudence instructs the Company to charge atj the beginning. Professor Do Morgan, in his valuable ^' Treatise on Proba-| bilitiea," shows, not only the advantage that a Life Assur- ance Company has by its control of large sums of money, (thus being always ready to enter into the best investments! which may olfer) but that, in practice, no delay exists in the increase of its funds at compound interest j as it only! 17s. 11 J., Lve already similar end L,ife Assur- liar rate of expenses of r its funds in its tables can in fact t of JEl-i, as larantee for ) same cost £600. n so impor- I, therefore, he value of id, it is safer is been the r caution, by e Company, on about 15 lore modern ve with mo eventually it., it offers ite cost, but ing to that actual profit lem all the to charge at| se on Proba- Life Assur- 3 of money,. investments \y exists inj ; as it only| 27 requires care so to regulate the receipts and payments that the premiums received shall carry interest from the day of deposit. This gives a Company so much of the character of a Savings' Bank, tliat a very strong inducement is held out to all young men to take out Policies. Most of them hope to escape, ere long, from the solitary life of a bachelor ; and should they die before marriage, few of them will be found without a mother, or a sister, to be made more comfortal ie by the amount of the Policy. Under no circumstances need a young man heistate. His money will be carefully accnmulaled at a better rate than he could hope to secure for himself, — the yearly premium will be smaller the earlier he begins, and he rims no risk of impaired health interfering to prevent his Assurance* when the new ties of a wife and children proclaim its prudence ; while, if he has made a judicious selection of aCompany, he can retire at any time, with either the full value in cash, or an equitable equivalent for his past payments in a new Policy payable without f.rther call upon him. Life Assurance Companies are divided into three classes. In the ''Proprietary," there is generally a large sub- scribed Capital ; an absolute contract is made between the Company and the Assured, and all the profits are divided amongst the Shareholders. As the nature of the risk is now acknowledged to be one, which does not require the security of a large subscribed Capital, this system cannot be recommended to any intending Assurers, and for many years no new Companies have been established in accor- Idance with it. The '* Mutual" system, on the other hand, returns to [the Assured all the surplus of receipts ; after deducting the losses, a sufficient reserve for the increased value of risks [running, and the expenses of miinagement ; the advocates if this system base their arguments upon the acknow- edged fact, that with a suflici(Mit extent of business, and irudent management, no Capital is really needed to render !uch a Society successful ; consequently the absence of 23 l! i li .s-jch a Capital, with its just claims to remuneiationj leaves ;i large surplus to be divided amongst those, to whom it undoubtedly in equity appertains : yet the past has shown 'hat a material risk is run by such Societies at their estab- Jishment ; and that, to be prepared to meet peculiar exe- .q:encies, a moderate Caphai, or guarantee Fund, is in the earlier stage a great safeguard. This system (the Mutual) is the one so successfully adopted by the Pioneer Assu- lance Society, the truly Mammoth " Equitable," and is nt present gaining ground in England, Scotland, and the L'nited States. The third class is the *' Mixed," and combines the stability of the first with the equitable arrangements of the S'icond — a Capital is subscribed, and thus absolute secu- rity in every contingency is guaranteed to the assured ; while the Shareholders reserve for their remuneration only n. small portion of the accruing profits, accounting to the .'issured for the surplus in a similar manner to the Mutual Societies : in this class appear the great majority of the Companies now existing in Great Britain. An endeavour was made to obtain a Charter for a Pro- vincial ofiice upon the Mutual system, as best suited to the Circumstances of the people ; but it was defeated in the Legislative Council, j^artly from a want of acquaintance with the invariable measure of success which has hitherto attended all the Mutual Life Assurance Societies at home, .n,nd partly in the belief, that the system, though good in ion, leaves ) whom it has shown heir estab- juliar exe- d, is in the he Mutual) neer Assu- le," and is id, and the nbines the nents of the olute secu- he assured ; eration only itin^ to the the Mutual ority of the jr for a Pro- suited to the ;ated in the .cquainlance has hhherto ies at home, U2fh good in present cir- Ued to unite or 3rd class ; 3 should Ic remunerate been limited 3r imaginary arcd whhlhel 3S. cein all, anJj in proportion to our respective means ; and having further explained to you the peculiar advantages of a Provincial Company ; may I not fairly urge each one of you, to examine vvhetlier it is not applicnbleto himself. I sincerely believe that but very few of the iidiabitants of Canada can Bay that they will n')t derive a psculiar and most impor- tant benefit from Life Assurance; I do not confine this to any one class, but believe it is as applicable to the poorest mechanic, or laborer, as to the recipient of a handsome official salary, — may I not further impress upon you the social duty of pointing out its advantages to those whom you may see neglecling so important an aid, and of using such influence as you may be gifted with, in urging all to whom it will be a real b.essing to partake thereof without delay. Be sure, that the time will come when such friendly efforts will bj gratefully remembered. Is not the Provincial Press also called upon to aid in awakening the Canadian public to benefits so material, and yet so gener- ally unknown. amongst ns. Beware of procrastination, nothing can be more dangerous, many of us can piint out most melancholy instances of this fault. Our own Provincial Company in its young career has had one case quite to the point. A professional gentle- man, who after some consideraiion called at one of its agencies for the necessary papers to prepare an application, on the same day was seized with a disease which shortly proved fatal, and his family failed to reap the bene- fit he had at last too late determined to secure. Let no one keep back fiom the (ear of loss arising from a temporary inability to continue his payments : for a policy once commenced is available as a security for money; and in many offices very equitable rules are made to meet such difficulties. Let no one ever bring forward the pre- sent scarcity of money, as a sufficient reason for delay; let him examine the small present cost it will be to him to assure, either upon the half -credit system, or in quarterly pay- ments, — at the age of twenty-five, £500 can be secured by by the former, at a half-yearly outlay of £2 7s. lid. ; and cl 30 by the latter, at a cost every three months of £2 5s., or but Is. lOd. and 3s. 6d. a week. The fear that I have already exhausted your patience leads me merely to name a few of the points which I have omitted — such as the great national benefit arising from the accumulation of the smallest savings, to be instantly con- verted into productive Capital, a description of the dif- ferent methods in which the premiums can be paid, an expltmalion of the different systems of division of the profits, and their return to the Assured, or his representatives, a detail of the arguments, which show the great moral inlluence of Life Assurance individually, and, if generally adopted, upon society at large ; as also an explanation of its wide spread application, by means of examples which have been collected from the records of ditTerent Com- panies ; and last, though not least, the duty of the ladies of a family, to encourage that household economy which Life Assurance may render necessary, remembering that no selfish feeling has induced the husband, or father, secure to this protection. To conclude, I can personally bear testimony to the comfort of Life Assurance, a comfort I have enjoyed for upwards of two years, and which thrice the cost would not, during that period, have tempted me to resign ; and much shall I rejoice, if I shall have succeeded in imparting to you, in some degree, my own deep sense of the infinite | value of such truly admirable Societies. That ?hey will succeed in this my adopted land, I cannot for a moment doubt ; originating in the purest motives of humanity, based upon the surest calculations, and conducted upon the most impartial principles of equity, they must continue to run a triumphant course, lessening the sum of h'jnan misery, and exerting a healthy moral influence where ver| they have been successfully established. T THE CANADA LIFE ASSURANCE COMPANY. HUGH C. BAKER, of Hamilton, President. JOHN YOUNG, OF Hamilton, Vice President. 3i}oattJ of 5Duector»: BOULTON, THE Hon. G. S. DAVIDSON, JOHN KERR, ARCHIBALD KERR, SAMUEL OSBORNE, JAMES FERGUSSON, the Hon. ADAM HATT, JOHN O. MACI^ AB, DANIEL MERRITT, NEHEMIAH TIFFANY, GEO. B. \ BAKER, HUGH C. I DUGGAN, RICHARD O. \ GUNN, DANIEL C. McLAREN, WM. P. \ MACNAB, Sir A. N. O'REILLY, MILES WETENHALL, JOHN STREET, RICHARD P. YOUNG, JOHN THOMAS, E. C. 8rvustce.« : HUGH C. BAKER, JOHN YOUNG, ARCHIBALD KERR, E. C. THOMAS, GEO. S. TIFFANY. Bankers—the BANK OF MONTREAL. Secretary— THOMAS M. SIMONS. Physicians— G. O'REILLY and W. G. DICKINSON. Solicitors— BURTON & SADLEIR. OFFICES— 38 KING STREET, HAMILTON. I! Agents and IVIcdical Heferees already appointed. Jir ant ford, Cohourg, . Colhorne, . Comic all, JJundas, . Gall, . . . Guelph, . . Ingcrsoll, , KinnrslOM, Londov, . Montreal, Paris, . . . r 7 ifopc, Port Surnifi, . . , Pelerhorovgh, . . Qneber, W. Johns, jy. Brun SimcoP, Toronto, Wooihtoc'i, St. Catharines, Port Robinson, Niagara, Drummondville and Chippeica, Thorold, Genkrm, Aofnt— ceo. WRI. DAKHR, Jr. WM. MIJIRFM^.AD, . Dr. F. W. KEAST. ic: GKO. M. GOODCVE, . Dr. T. HOLYWELL. Roni'. M. r.Ol'CIlER, Dr. DICKENSON. Dr. JA:^. HAMILTON. Dr. THUS. SEAGRAM Dr. Dr. ANDERSON. C. SEW ELL. Dr. A. r.OS WORTH. Dr. W. H. EVATT. W:.L LATTICE, . . , T. II. .Mc!v::\ZlE, . . JOHN HATTERS, . . T. SANDll ANDS, . . THUS. Ilof/'ROFT, . G. A. .MAIELEUE, . . (;E0. SCOTT F. A. WIIJ-SON, . . DAVID 55 ecu AN, . . ril WCIS EVATT, . MAECVAI (MAFEIION, RO:VT MCHOLLS, . V.EI/JIl & DAVIES, Dr. J. MQRRIN. (^riAS. MERRITT, . . R. N!! HOLES, .... E. MRADIHJRNE, . . Dr. GEO. DERRICK. WM.LAPENOTJERE, Dr. S. J. STRATFORD fDr. WAL FERRIS. Dr. D. CAMP15ELL. Dr. IVY MELVILLE. * LACHLAN BELL,. .< Dr. F. C. MEWBURN. Dr. HENRY ROLLS. THE CANADA LIFE ASSURANCE COMPANY. 7 appointed. I, Jr. F. W. KEASr. r. HOLYWELL. DICKENSON. JA^. HAMILTON. THOS. SEAGRAM A. ANDERSON. S. C. SEW ELL. A. r.OS WORTH. W. II. EVATT. J. MORRIN. GEO. HERRICK. S. J. STRATFORD. WAL FERRIS. D. CAMP15ELL. II' Y MELVILLE. F. C. MEWBURN. HENRY ROLLS. FORMATION OF THE COMPANY. This Company was established at a meeting called by |}:)ublic notice, and held in the City of Hamiltonj on the iilst August, 1817; the Hon. Adam Fergusson, of Wood- lill, in the Chair. The arguments employed upon that occasion exhibited *he great moral and social benefits of Life Assurance, and he little use made of them in this Province, in some legree arising from an opinion that the rate of interest in Canada is sufficiently high to justify a dependence upon individual accumulation, but in a much greater degree from the general vrant of information upon the subject. From the relative proportion of Life Assurance Com- janies and population in England and Scotland, and the amount of business already attained in British North ^America by British Companies, it was considered thai, >rovided great economy v^'as practised, there was a field o^' sufficient extent and promise to warrant the establishiLent )f a Provincial Office ; that such an office once eslablisheJ ivould necessarily tend to the greater diffusion of the know- ledge of Life Assurance, its system and beneficial aim. md consequently encourage a large number of the in- labitants to avail themselves of its peculiar advantages, — lore especially so, when it became known that the pro- loters of the undertaking aimed at preserving fur Investment within the Province the premiums thus iccumulated, which have been hitherto annually with- Irawn hence, to swell the wealth of a country whose japital is already excessive ; and, that while thus benefil- [ing every Canadian interest, they had reasonable grounds )r expecting that they would be enabled, by the mere lifTerence in the rate of investment, to reduce the cost of Lssurance about 40 per cent. 34 Other strong arguments were adduced, and the meeting, which was both numeiously and respectably attended, cordially supported resolutions declaring the fwrmalion of the Canada Life Assurance Company, for the Assurance of lives, and all other business usually tran«:acted by Life Assurance and Annuity Companies; the Capital to consist of 500 shares, of JClOO each, and to bo conducted under a deed of co-partnery until a Charter should be obtained. A large and influential Provisional Committee was chosen to make all the necessary arrangements, and gene- rally to act until the regular election of a Board of Directors. After public notice very generally given throughout the Province, the books of subscription for the slock were opened upon the 4th October, 1847, subject to an individual limit of 10 shares until the first 400 were sub- scribed, and 5 shares for the remainder; the whole number were subscribed upon that day, and the deposit of £1 per share paid. Upon the 11th day of the same month the shareholders assembled, pursuant to public notice, and by ballot pro- ceeded to the election of a Board of 20 Directors, who have since had the whole managemeii. ..f the affairs of the Company. PROGRESS OF THE COMPANY. The Provisional Committee having issued a Preliminary Prospectus, and otherwise exerted themselves, the Board of Directors were enabled to issue the first Policy on the 29lh October, 1847, from which date a steady business ha? been obtained, creating in six months an issue of 117 Policies, which cover the large sum of X48,200, and give the Company an annual revenue from premiums ol £1,350 16s. 9d. This business, the result of individual exertion, has been confined to but few places in comparison to the noble field the Company proposes to fill. Policies have been issueu eastward as far as Qaebec; and westward to Port Sarnia but 5 ject. more reasc ■ whic ? eftbrt The) nnnn ^Comj |activ !ditur( the meeting, bly attended, formal ion of the Assurance "iacled by Life pital to consist ucted under a e obtained. )mmiilee was ats, and gone- f a Board of throughout the he slock were subject to an 400 were sub- J wiiole number Dosit of £] per tie shareholders I by ballot pro- ictors, who have 5 affairs of the 35 but so great is the defic!*_'ncy of information upon the sub- ; jecl, that the Directors can liurdly be said to have made I more than a partial comnicncernoiit, yet they have every 1 reason to be truly gratified with the extent of their success, •: which will well bear exact comparison whh the early ■ efforts of very many now nourishing British Companies. They have also had to contend against the exertions of numerous Agents of old and apparently wealthy British Companies, who have, in addition to their individual |activity and energy, been aided by a rather lavish experi- 'diture in advertisements, &c., and by the influence of many leading citizens, who have perhaps inadvert- ently been led to think disparagit.igly of a Provincial office. From these gentlemen, and others who may hold similar •pinions, the Directors request a careful perusal of the pre- leding Lecture, and a comparison of the progress made by ihis Company and that of any British Company at an Ipqually early stage. The following table of the gradual progress of the business pDf the Scottish Provident Institution may be fairly taken ^[br comparison, as the extent of business transacted by this lociety has been an annual cause of congratulation on the lart of its chief supporters, even amidst a population whero life Assurance is generally practised, and its principles ell understood. \NY. id a Preliminary Ives, the Board || rst Policy on the 4 idy business ha« I an issue of 117 % 18,200, and give i| 1 premiums oi xertion, has been! to the noble fieldi ave been issueJf I to Port Sarnia ;■ o SJ 0) ending for the six Months f 3 1 St December, - for the year ending 31st Dec o o a- £i, Amount of o , New As- 70 112 it (C a te tt (( iC (( (( \^ ijy the Canada Life Assukance Company, the Directors feeiji po, :hat it woultl have been yet more favourable had they nci^tes, so rigidly adhered to a very economical system of manage-ti| his ment, and also had the financial affairs of the Province ■ TIk been in a less straitened and embarrassed condition. ijje co The Company has so far been fortunate enough to mee Ipjn onl with no loss, and the Directors are able to add, that ihiifccte weekly average of business is decidedly improving. nteetir THE DEED OF SETTLEMENT, ^^^^^ Dated the 1st January, 1818, provides amongst othe Thai things— out an That the unpaid portion of the Capital Stock shall b«iicte paid to Trustees in such instalments as the Directors ma{ determine upon, provided two months notice shall be givci^ to each Shareholder by circular, or by advertisement in tl; Canada GazettCy and one newspaper published in the City i Hamilton. That in all general, or special meetings of the Corapan each share shall entitle the holder to a separate vote ; ih Shareholders may appoint other Shareholders to act in the, stead, but that no Shareholder, acting as a Proxy, shall ca; more than forty votes, and that no appointment, as proxi; shall be valid for more than one year. That no transfer of Stock can te made until all calls pn viously agreed upon in respect to it are paid ; that tllj registered holder at the time of making the call is liable 1 1 its payment ; and that no transfer of shares shall be com pleted, or new member admitted, until approved of a majority of the Directors. 3( ai 37 t December last, | That a General Meeting of the Shareholders shall be held obe £1,137,657: |n Hamillon, on the first Tuesday in August, in each year, i;31,344, and an |t which an election by ballot shall take place to fill all ihe d this, it should 'Vacancies which may then occur in the Board of Directors ; established upon |n J an annual statement of the alfairs of the Company shall unaided from the |e submitted. I That at all meetings of the Company all questions shall ! as it must be to"^ decided by a majority of the Proprietors present, either the Directors feei« person, or by proxy, but that in case of an equality of ,ble had they notij|)ttss, the Chairman shall have a casting vote in addition ystem of manage-t® his vote as a member. \ of the Province ?That the whole management of the Company, subject t(t 1 condition. tile control of the Proprietors at any general meeting, shall te enough to meebe entrusted to a Board of twenty Directors, who must be I to add, that thifl|ected from the Shareholdeis, and who shall at their first improvin lENT, 3S amongst g. nieoling each year choose from amongst themselves a P|c-ident and Vice-President. Five Directors shall form a Chorum. othe That the five Directors who stand first in the list shall go otti annually at the general meeting, and the Shareholders ;al Stock, shall lelpcted to replace them shall be placed at the bottom of the the Directors malslft, and that the retiring Directors shall be eligible for 3tice shall be give rw-election. Ivertisement in tl; .That the Directors shall, at an extraordinary Board to be lished in the City ^Cj^led for the purpose, appoint Interim Directors to fill any vicancy which may from time to time occur ; such appoint- nt to be valid only until the next general meeting, when vacancy shall be filled by the Stockholders for the ainder of the term of the retiring or deceased Director, hat the Board of Directors shall from time to time choose persons as Trustees ; that all contracts and securities shsM be entered into, or taken in their names, or the names de until all calls prof'Uny three of them ; and that all Policies, or other instru- are paid ; that limints, shall be executed by any three of them. -«• the c al lis liable i'^h at the Funds of the Company may be invested in hares shall bo coirWlvincial or Government Debentures, the stocks of Char- nlil approved of IMWBd Banks, or other Chartered Companies, Debentures of orporated Towns, Cities or Municipal DistrictiK, Mori- D o-s of the Compati)! separate vote •, ihl olders to act in the sa Proxy, shall ca.- 3ointment, as pro.xifi fl 38 gages upon Real Estate, with additional persanal securit) the purchases of Mortgages and Bonds, or in such othej manner as a majority of the Directors for the time beini^p shall thinli advisable ; with full power to sell, dispose of call in and re-invest, in the same manner fr©m time t time. That for the first two years no dividend of interest profit shall be made, but, after defraying expenses, th| same shall be retained to answer contingencies. Afteij wards the Directors may allot and divide among the Assii rers upon the participation scale, 75 per cent, of the proii:| realized from that Branch ; and may declare dividends fro: % the profits in proportion lo the shares held by the Member or may lay aside and accumulate such a portion of name as they may deem advisable. That the Deed of Settlement, and all rules and rerrul'l •^ ^ ',"4 tious relative to the management of the Company, shall [^ open at all seasonable times to the inspection of each men: ' ber, in the presence of a Director or superior otticer. I . n i f )er88nal secuhtyj ,, or in such othew tor the time beini^p to sell, dispose o! mer frera time \ ; end of interest ( I ing expenses, tl: | nsrencies. AfteiJ e among the Assi | t cent, of the profi: 1 )lare dividends fro: 4 Id by the Membei | eh a portion of ' I rules and regiil: 3 Company, shall ' lection of each raon |j iperior othcer. | 89 TABLE ANNUAL PREMIUMS TO ASSURE £100 UPON A SINGLE LIFE. e: Age JTEXT Birth OAY. For Life. On the Half Credit System. WiTHODT Profits. WITH PEOFITS. AOE. WHOLE PREMIUM FOR HALF PRE- MIUM FOR FIRST SEV'N LIFE. YEARd. € a. D. £ S. D. £ S. D. £ a. V. 13 10 5 1 13 1 10 1 7 1 1 13 11 1 17 17 9 1 14 8 Id 18 5 1 15 6 11) 19 2 1 16 5 •20 1 9 11 I 17 4 71 1 10 9 1 18 4 21 1 13 4 18 8 •2-2 1 11 7 1 19 4 22 1 14 4 17 2 23 1 12 6 2 5 23 1 15 4 17 8 at 1 13 6 2 1 7 24 1 16 ■i 18 2 *'» 1 14 7 2 2 9 25 1 17 6 18 9 '26 1 15 8 2 4 26 1 18 4 19 2 27 1 16 10 2 a 4 27 1 19 8 19 10 28 1 18 2 6 8 28 2 10 10 5 2!) 1 19 4 2 8 29 2 1 6 10 9 m 2 2 2 9 3 30 2 2 6 1 1 3 31 2 1 3 2 10 7 31 2 3 8 1 1 10 32 2 2 4 2 11 1 32 2 4 8 12 4 33 2 3 7 2 13 5 33 2 6 o 13 1 34 2 4 1 2 14 11 1 3^1 2 7 8 1 3 10 35 2 4 2 16 7 3.J 2 (> 2 14 7 3« 2 7 10 2 18 1 36 2 10 4 15 2 37 2 9 5 3 2 37 2 12 16 38 2 11 I 3 2 1 38 2 13 10 1 6 11 39 2 12 10 3 4 1 33 2 15 8 1 7 10 40 2 14 8 3 (. 2 40 2 ^7 6 1 8 41 2 10 5 3 8 3 41 2 19 4 1 i* 8 42 2 IS 2 3 10 4 42 3 I 2 1 10 7 43 3 3 12 5 43 3 3 1 11 6 n 3 1 11 3 14 8 44 3 5 2 1 12 7 45 3 4 3 17 1 45 3 7 4 1 13 8 40 3 6 3 3 19 9 46 3 9 1 14 tf 47 3 8 8 4 2 6 47 3 11 8 1 15 10 48 3 U 5 4 5 8 4H 3 14 6 1 17 3 4U 3 14 6 4 9 2 49 3 17 8 1 18 10 50 3 17 11 4 13 4 17 1 50 4 1 4 2 8 fil 4 1 9 4 51 4 4 8 2 2 4 52 4 5 10 5 2 52 4 8 10 2 4 5 53 4 10 3 5 6 10 1 53 4 13 4 2 i\ 8 54 4 14 11 5 12 54 4 18 2 2 9 1 25 4 19 11 5 17 8 55 5 3 4 2 11 8 5« 5 5 5 3 8 5(} 5 8 2 2 14 I 57 5 U 3 6 10 2 57 5 14 2 2 17 1 58 5 17 6 17 1 58 6 a 3 50 3 9 7 4 59 6 7 3 3 00 m:~ 6 11 -^ =s 7 10 10 1 30 6 13 2 3 6 7 li i^ '; I 40 In addition to the preceding Tables, the Company i.s prepared to transact all other business falling within the! 3Cope of Life Assurance and Annuities ; and although the other Tables are not prepared, the scale for their calculation | be 1 busi (o b rate* has been determined upon, and no delay will take place |^ ^ ' in cllecting Assurances, either upon Joint Lives, or .| ^ wSurvivorships, Endowments, Endowment Assurances, Oi ' ' the purchase of Deferred Annuities, and other deferreii ^lenefits. Tables have also been calculated upon the system o; i)ECRF,Asi\G Temporary Assurance, for the purpose o aidino: such members of well-manaii:ed Bnildini? Societies .13 may have become borrowers. It may be presumed ihat the greater number of them propose to continue thei monthly payments from their yearly income, and tlia should death intervene, their property might be sacrifice, to complete the payments. To protect the mortgage, properly, this Company offers a Policy guaranteeing the completion of all payments which may fall due afre , ihe death of the applicant; and thus absolutely freein, the property from subsequent liability to the Buildln. Society. SPECniEN OF THE RATES FOR EACH BORROWED SHARE, Jge. 35 45 55 Single Payment. ' £4 17 7 - G 11 2 - 8 9 3 - 13 5 8 Yearly Prcm. £0 i4 2 19 5 1 5 2 2 8 The same system can be appU. a, with great advania!:' J'l the protection of any property, in respect to which ;: annual, or other periodical payment, is piomised. DESCRIPTlOxX OF THE TABLES. 'I'he lirst column, or scale for Life withovt jparticipath iS jirepared for the use of those who desire to secwn' Policy payable at death, for any certain sum, and by tl !)aymGnt of a steady premium; and who may prefer 41 the Company is| lUing within the Find although the ■ their calculation will take place Joint Lives, or t Assurances, o; d other deferred Dn the system o; r the purpose o; iiilremiums, the Assured paying interest yearly upon the jBimount of the debt thus created, until he either pays up the amount, or relinquishes the Policy. It thus enables a #erson, for a few years, to Assure for double the sum he p)uld obtain by a similar payment upon any other system ; and should his purpose be served, the Policy can be relin- (juishetl without any sacrifice. It is, without exception, %e system best suited to all who desire a Temporary ilfe.surartc4 pa unpaid beyond thirty days after it becomes due ; while, vMsSx the Premium is not paid within the first ten days of sucl Jv.- default, a Fine of two shillings and six pence per cenijpi t upon the sum Assured, will be imposed. This Policj^ib may, however, be revived at any period within six months provided proof satisfactory to the Directors be furnishef i|)in that the party or parties assured continue in good health*pi o and that a fine of ten shillings per cent, on the sum assured be paid ; or within twelve months, upon simila proof, at a fine of twenty shillings per cent.; or tb privilege of receiving a Policy for Life, for the equitabl value of the Assured's past payment's, considered i reference to his present state of health, will be open to th Assured for the same period. This Policy will also become void under any of th following circumstances : — I. — If the party whose. Life has been Assured shall d: upon the seas, or subsequently from injuries received i: any voyage thereon, (except in passing in first class vessel from any one port of Europe to another, or from any on port of North America northward of the 38lh degree c North latitude, to any other port within the same limits) c unless the Party shall have paid the Premium upon thi sum assured for the sea risk, at the rate then in use in ih said Company. II. — Or, if the parly whose Life ha.s been Assured shal without the previous consent in writing of the Board c: Directors, enter into or engage in any Military or Nav: service whatever, or shall engage in navigating- the sea lakes, or rivers. 1 ti nti Id Po on rei lUh ssi sur un ull Ct( Ih mi • pr PP ms lor b i 13 )on the Poiicyj bt|ll. — Or if the parly whose Life has been Assured !?haii Dn, to the regulajfceed beyond the hmit of Europe or British North Ame- a participalionj iii|&, or that part of the United States of America situated t/jlhe northward of the 38th degree of North latitude, i^ss license shall have been iirst obtained in writing iANCE. Q^ the Board of Directors, provided that he is hereby '•^ wnitted to travel, though not to reside permanently, in Premium remainj|| part of the United States of America situated between nes due ; while, ijasth aad 35th degree of North latitude. ten days of sucl mr, — Or if the person having Assured his or her Life, x pence per ceni||l jie by the act of self-destruction, whether such act I be in law felonious or otherwise, and whether such n shall be of unseund mind or otherwise, at the time mmitting the same ; or shall die by the hands of justice, consequence of a duel ; in any of which cases, how , if there shall be no other circumstance which would invalidated the Policy, the legal personal repre- tives of the deceased will, on relinquishing the Policy, ntitled to receive a sum equal to the amount which Id have been paid by the Company for the purchase of Policy on the day before such decease. But if any on or persons, other than a Trustee or Trustees for the red, or for the Husband, Wife, or Fam'dy of the Assured, 1 have acquired a bmia fide interest in the Policy, by ssignment or under an equitable lien ; in that case, sum assured to the extent of, but not exceeding, the unt due under such assignment or equitable lien, will ully paid, when established to the satisfaction of the ctors; provided such assignment, or other transfer, II have been made and notified to the Directors, at least months previous to the dale of the decease of the y- . — The paid-up Capital and accumulated Premiums protits of the Company for the time being remaining pplied and undisposed of, and inapplibable to prior ms and demands, in pursuance of the trust, power, and loriiy of the Company's Deed of Settlement, shall alone it be answerable for the claims and demands of the sed. This Polic within six months* utors be furnisheij lue in good health^j cent, on the sunj nths, upon similaJ per cent.; or thtj , for the equitably I's, considered ii| will be open to th| under any of ih^ Assured shall d;» juries received i: n first class vessei or from any on le 38th degree c he same limits) c remium upon th then in use in ili^ leen Assured shall of the Board ctj Vlilitary or Nav:.( vigating* the sea: ' 1 I ii i* f i er lic\ be ini 11 t .^ n P 0\ 44 Assured and the Creditor.? : and the Trustees signing t Policies or Instruments, nre to bo personally liable to ty^^ person to whom the I'olicy shall be given for the appll(4|^^ rion of the said paid-up capital and accumulated Premi ;ind profits of the Company, in discharge of the moir •secured by the said Policies, and not further or otherwi and that neither in respect to the persons claiming unij the said Policies, or in respect to the Trustees who m^ have signed Policies, or any of their heirs, executors administrators, shall the Stockholders of the said Compa be answerable, indirectly or directly, further or otherwil beyond the amount of the unpaid part for the time being his or her share or shares in the Company's said Capital" Fifty Thousand Pounds ; it being the true intent and mea[®|"^^' ing of these Presents that no claim upon any Policy, upon any Instrument, shall be enforced against any one more of the Trustees, his or their heirs, executors, adm; istrators or assigns, to a greater extent than the funds property of the Company, at the time of the recovery u such Policy, shall be competent to reimburse him or the' anything in these Presents to the contrary thereof in ar®* wise notwithstanding. The Company will in all cases require proof of the of the person whose Life is Assured, before payment the Policy, unless that fact shall have been previou ascertained and admitted by endorsement on the same. [Note. — The holders of Policies are requested observe that no time should be lost in obtaining this adnii sion, it being of course much easier for the party himsl than for his executors to supply the neceosary informati^ If he cannot furnish a copy of his Parish Registry, should send forward the best testimony within his reacii Upon the death of the party Assured, the Claimant sha if required, make satisfactory proof thereof to the Direcj ors : and also of the time and manner of such deatl together with such other information respecting the diseal or other occasion of death &» may be required. All clain SIX iSSl fl ,00( |ow 11 ii 'V lure Irth in )ii t )'i )ei is i r Ills dl - 45 rustoes signing tl sonaily liable to tj^^ be paid within three calendar months from proof of i^en for the appli(«^^ claim to the satisfaction of the Directors. !urnulatedPremii;T>'^J^^"y difference arise with regard to a Policy, such iar^>e of the mon'M^^'''^^^^ shall, at the option of the Claimant upon such urther or olherwi^^^'^y? ^^ submhted to the arbitration of two persons, (one [)ns claimin"- uni'** •^'^ appointed by the Trustees, and the other by the 1 Trustees who nT-^'^ii'nant) wiiose award, or that of the Umpire named, heirs, executors sl»»ll ^^e conclusive. )f the said Compa ^' ^^^^^^ ^^^° ^^® lawful for the said Board of Directors, ^urther or otherwilfr" ''''^^^^^"'^^^'y evidence being furnished to tliem,that for the time beiu"^^ Party Assured has, after obtaining a Policy upon his or anv's said Capital^T "^^ '^ Llfa, abandoned hirnsolf or herself to the use ot rue intent and mea^^S"^'^"^'^'-^ liquors, to such a degree as snail render him cr [pon anv Policv ^^ ''^" habitual or confirmed drunl^ard. to recall the Policy d an-ainst any onellj^^^^^^ ^° ^^'"^ ^^ ^'^''^ P=^^yi"S ^^ ^^^^ legal holder of the executors adm'W^^ ^^''^ ^^'' value thereof: provided further, that ttiis than the funds a'lP"'''^ i^h.^^-1 be null as respects any Policy whicli may of the recovery up^'*^ been duly assigned for a valuable consideration, nburse him or the*^ ^^^^^ assignment notified to the Board for a perio.i rary thereof in ar.^ ^^^' calendar months. ire proof of the before payment ve been previou: mt on the same. are requested ibtaining this adnii or the party hims| leosary informatioi J*arish Registry, within his reacil , the Claimant sha reof to the Diretl er of such deatij speoting the disea| (quired. All claia PULES AND PECULATIONS. surancos will be orantec y,i. a single life, for anv from £50 to =£1,000, and npon two or more lives, to 000. The lives of females will be assured at one year ow the actual a2:e. The medical fee for examination 1 in all cases be paid by the Company, and no stamp V will be required, or entranci) fee, excep. from [urers upon the " half credit sj-steia," when 5s. or one- rth per cent, upon the sum assured, will be charged ; this will be returned with interest to any such Assurer, n the payment of his first whole premium. n the L5ih February, 184S, a resolution was passed, pending the charges for sea ri.sks, as respects all voy- s ill first-clafs Steam, or Sailing Ships, between any ports within the American or European residence its of the Company. 11 applications for Assurance shall, with the accompa- h on y ate OT ^nc o .ilu 46 nying papers, be submitted to an Examining Committe of Seven Directors, (three of whom form a quorum,) w}| meet weekly on Tuesdays at 9 A. M., and who hav| power to reject, postpone, or recommend them to tl^ JJoard for acceptance ; thus saving the necessity of placin: the examination papers before the Board of Directors. The Board meets weekly on Tuesdays, at 4 P. M., ft the acceptance of such applications as the ExaminirJ Committee may have recommended, and the transactir. of the general business of the Company. A week', report of the position of the Company is also prepare^, and submitted. Any party dissatisfied with the decision of the Exami:_^j.g ing Committee, may appeal to the Board of Directo- when the papers will be carefully examined and decid upon by them. All monies received are daily deposited in the Ban; and cannot be drawn thence without the signature of \\. President, (or in his absence the Vice President,) and oc other Director, countersigned by the Secretary. Until an Act of Incorporation is obtained, all the inves;; nients for the benefit of the Company are and must I made in the joint names of the 5 Trustees, but subject: the control of any three of them ; while all the Policies,! other instruments, will be signed by 3 of the Trustees, j that should the Directors ever feel themselves justifie in withholding payment of a Policy, the holder of th' same may, if he declines arbitration, commence proceciil ings against the three gentlemen individually, who ma'| have signed the Policy, when the points in dispute willfc settled in due course, and an adverse verdict will bind tli | Company. No connection with any other Company, or any busi ness save Life Assurance and its legitimate branches, wi be permitted. tii: is FC I ■6(1 nd ,nt iim rei ,tb h( he PAYMENT OF THE PREMIUMS. ca un e The Premiums for Life, vnthj or mihoat participation i; 4i!6U] m 47 amining Committefle profila, may be paid in quarterly or half-yearly instal- rm a quorum,) wljents, with the understanding, that should death occur in M., and who havy|y year before the payment of all the instalments, those aining unpaid shall be deducted from the Policy. he half-yearly payment of the premium upon the half- it system will be also permitted upon a similar con- on, provided the whole year's premium amounts to mend them to tl^^ necessity of placing rd of Directors. lys, at 4 P. M., f; as the Examinir and the transacti( pany. A week' y is also prepare ^ ^he Premium to Assure for Life without partir.ipation ly also be paid in a single payment ; or it may be cal- lated as a gradually increasing, or decreasing, premium ; sion of the Exami:^J.__ Board of Directo imined and decidi., Dsited in the Ban; fhe signature of \\ I President,) and o: ecretary. ned, all the invo« ' ^ are and must Ij istees, but subject: ! all the Policies, I of the Trustees, i^J hemselves justitipr the holder of th^ ommence proceccl vidnally, who raai ;8 in dispute will h erdict will bind th; pany, or any bus; nate branches, wii| MIUMS. iGut participatioD i OTpicnasingf or decreasmg, in stated periods of five or more The increasing system is well suited to those starling in life, are entitled to look forward to a dual increase of income, and who will naturally fmd [ascending scale of Premiums more convenient. SURRENDER OF POLICIES. ^0 obligation exists, upon the part of any Assurer, fo itinue the payment of his Premium, the contract being [his part an annual one ', but if his Policy has been taken FOR LIFE, and no credit claimed upon it, it is of value the first, and the Directors are pledged to purchase it, teciuired, after a duration of five years. They are alsti nidj should he desire to discontinue his payments, to bt him a Policy, payable at death (without any further lira for Premiums,) for a sum which will equitably present the value of his past payments, deferred until [xh. i'he sum that the Directors will give for a Policy offered ihem for sale, cannot be stated at present. It will not much, in the first half of the expectation of any one, a moiety of the amount of Premiums paid ; and will [calculated by deducting from the amount of the Pre- jums — the value of the risk incurred by the Company, expenses, and the share of profits returned to th« mred. i l! f I 48 DISTRIBUTION OF PROFITS. aeom The Diicclors have adoptLHl an annual investigation f '4nay the alliiirs of the Company, being more conducive to 3afel\ li)i aii especially as some doubt exists in respect to the value ('Ar, b life. This examination will be made to the 1st day of Ma( in each year, and the result will be incorporated in til annual report of the succeeding August, when it will li immediately communicated to every Shareholder, ar, paiticipaliiig Assurer. A separate account will be kept 'J include all the business transacted with Assurers upon tli participating scale, which will be credited, as inteiest upill iis accumulating funds, wllh the averaged rate realized U all the investments of the Company ; and charged whh. i equitable share of the expenses of management, and t: losses by death properly belonging to it. Of the pn^ii which may be then found to remain, one-fourth will t( carried to the credit of the Shareholders, as remuneiatici for the use of their capital, and guarantee, (which is alway responsible to the Assurers upon this system, over air above the sums realized from the accumulated Premiums,! and the other Ihree-foiiiihs will remain to be divided among;| the Assured, in proportion to the Premiums received. These profifs will be declared in cash ; but the Assure uiil have the option of signifying beforehand his preference to receive his profits, either in permanent equivalent reduii lion of all his future Premiums, or in the addhion of tli:| deferred value to his Policy, as a Bonus payable at deat!;' As AN Example : — Suppose two Policies taken out r IS-IS for £1000 each, by parties aged respectively 25 aii 40, and that the profits to be divided for the year amour., to but 20 per cent. The one aged 25 having paid '£21 7 ' will be entitled to receive in Cash 4 t, or be allowed a permanent future reduction on his Premium of 5 or a Bonus addilion, payable at death, of. ... 18 13 ^ 49 FITS. e one aged 40 having paid 33 1 8 jnay receive in Cusli 6 12 4 I an annual ifduction of Premium of 10 r, by Bonus, payable at death 20 11 5 n deciding upon th? system of allotlnient, tlio Directors u been induced to view the profits thus earned, as of omewhat different character to the profits of a British e. They believe that they would be safe in reducing scale of premiums very materially, but prefer for the ent to retain them at a rate which they feel sure will Assurers upon t!tij(|inately prove too high. In doing this, it is evident, that greater portion of ihe profits which will arise may be sidered in the light of a previous excess of charge, and t the most equitable appoitionment will be to allot them iuch parties as have already paid that excess, not as in greater number of Companies, retail. ing them for divi- at distant and stated periods among the survivors of a ain terra of years. lis justly argued by some Companies, the Scottish Pro- rt Institution, the IMutual Life Assurance Society of don, and others, that it seems unreasonable to return to heirs of a person who may die within a short period of i date of his Policy, a Bonus, or Sum under the name of ifit, while at the same time the Compau}' has by his ear^y th suffered a clear and heavy loss ; this error they have eavoured to correct by the introduction of a system ch divides all the profits realized amongst those only may have been a profit to the Company, i. e. : those may survive the period when their Premiums, accu- lated at the average rate of interest obtained by the pany, would of themselves reach to the amount secured he Policy. Much can be said in favour of the equity is plan, and it includes a two-fold advantage, for while ers less inducements than other systems for the intro- tion of self-acknowledged doubtful lives, it also offers greatest prospect of benefit to those who are confident of ir own perfect health. b be equitable, however, the scale of Premiums for al investigation ( onducive to 3afet\ :i to the value ( 1st day of Ma; ncorporated in tl , when it will l| Shareholder, ai uut will be kept c'd, as inteiest upd ed rate realized I id charged with i lagement, and tli it. Of the pro one-fourth will b !, as remuneiatic e, (which is alway system, over an lulated Premiums, be divided amon*': C ims received. I ; but the Assure hand his pre fere ncjj It equivalent redue :he addition of thii s payable at deat! licies taken out i espectively 25 aiii r the year amoui; ction on , of. . .'£21 . 4 7 5' 5 18 13 (i 11 1^ I ! \ f 50 such a system must be but slightly above the truth, for l!i the necessary data is yet wanting ; but as soon as suffice experience has been obtained, the Directors proposei frame a set of tables, and establish a distinct Branch of tl| business upon this footing, for the adoption of those \i may upon reflection agree in its approval. ler ^n: EXAMPLES. The following examples will more clearly show mb; great variety of application, and the practical advanta^^lr of Life Assurance : — jpp Life Assurance. — A person aged 24 (next birlhcli|^/^ can secure *o his heirs whenever he may die^ the sun^ ,£1,000, by the payment of £16 15 yearly, £8 11 8 \ yearly, or £4 7 6 quarterly. A person of the same age, can secure a similar payrr.j whenever he may die, by the payment of £20 15 10 yeat £10 12 6 half-yearly, or £5 8 4 quarterly ; with a slj in the profi's of the Company for eveiy year he may| vive, which, if chosen as a Bonus payable at i^eath, most materially increase the amount of Policy; or if ferred as a reduction of future premiums, will ultima'| do away with the payment altogether. At the same age, the sum of £1,000 can be secured uj the HALF CREDIT SYSTEM, by the payment of £9 yearly, or £4 13 4 half-yearly, for seven years, witlj annual increase of 10s. lid, for ihe interest upon credit granted upon the Policy ; and should the hesj remain good, the Policy can be relinquished, and a one taken out upon the same favorable system, at the mium of the increased age. Joint Lives. — Two persons aged 23 and 22 respective can secure the sum of £1,000 at the death of ci7Acr, by( annual payment of £27 3 4; and at the death of the) xivor, or the last of the two j by a yearly payment of £8 11 bove the truth, for t!- )ut as soon as suffici^ Directors propose! distinci Branch of tl^ adoption of those \i roval. ore clearly show 5 practical advanta§ d 24 (next birthdi e may die, the sui yearly, £8 11 8 hj 3ure a similar payrrj tofi:20 15 10 yeaj Jarterly ; with a slj v^ery year he may : payable at death, nt of Policy J or iff| liums, will ultima! Jr. 30 can be secured yj payment of £9 seven years, wittj he interest upon nd should the hesj nquished, and a nl ble system, at the ] i3 and 22 respective! ! death of cither, bv t the death of thej Jy payment of jes 13^ 51 fuRVivoRSHiPs. — For the yearly payment of £11 17 6, Isum of £500 can be secured, payable at the death of a Bon aged 40, provided another aged 30 survives him. IDOWMENT, — A Father can secure for a Child now ler one year old, the sum of £100, upon his attaining 21^ yearly payment of £2 11 4. Endowment Assurance. — A person aged 30 can, by an lal payment of £12 7 11, secure the sum of £500 to leirs at his death ; and should he attain the age of 65, rill be immediately payable to himself. [MEDIATE Annuities. — A gentleman aged 57 deposi- £500 with the Company^, will receive annually during [remainder of his life £51 3 4. )efek.ied Annuities. — A person aged 25 can secure Lnnuity of £50, to commence on his reaching 50, by ler a payment down of £128 15s. 2d., or by an annual fment of £9 10s. 8d. lEdeemable Annuity. — A person desirous of investing ley at good interest, and on real estate security, can jhas3 Annuities secured by mortgage. Thus, for £400 mnuity of £45 14s. 7d. on a life of 30 can be bought, the holder of the Annuity deed can absolutely secure principal by assuring the life for the full sum, at a irly cost of £8 Os. 8d., leaving him in receipt of the net of £37 13s. lid. a^' interest for his money; and )uld the grantor of the deed desire to redeem, the money bived back from him vail, together with the sum the icy will sell for, exceed the original sum advanced. arriage Settlements. — A merchant, aged 25, who married a lacly with a portion of £1000, is desirous of ploying the chief fjart of this money in his business, his wife's trustees are ready to consent, provided they secure the money ultimately to the children. They In accomplish this with ease by assuring the life of the sband for £750, and retaining £250 invested in good urity to provide an income sufficient to keep up the ular payment of the yearly premium of £12 19s. 5d. ; pey can advance the remaining £750 to the husband, as ■' I 62 at his death the JCIOOO would be made good by the amoii| of the Policy. Debt Security. — A gentleman who is in the receipt a good income, finds himself deeply involved, but he happily surrounded by friends who are ready to aid hil provided he can secure them from ultimate loss. Let li^ age be 40, and the debt £5000. An assignment of ilil 13s. 4d. out of his income will secure a Life Policy for ll | sum, and he will be free to pay off the debt with intere | as his income will permit, while his friends will be fuij protected from all risk. Secuiuty roR Mortgaged Property. — A gentlemd aged 30, who is under engagement to pay a mortgaj upon his property of £500, in ten yearly inslalmeats £50 each, can, by a payment of £28 18s. in hand, £3 17s. 9d. yearly for the ten years, obtain a Poli| guaranteeing the punctual payment of all the instalmei^ falling due from the date of his decease. Building Societies. — The holder of 5 Borrowed Shaij (£500), aged 40, can, for £40 9s. 7d. paid down, or .| yearly Premium, sect re the completion of all the paymc:| which mny fall due a'ter his death : while, if he has borrowed, the same security can be obtained for £20 ISs. !l| in one sum, or £3 2s. Id. yearly. Any fuither infoiiiiation, together with the forms application required to be filled up in all cases but An.v ties, can be obtained at the Office of the Company, or k any of the local Agents. e good by the amoiij 10 is in the receipt involved J but he are ready to aid liiij Itimate loss. Let 1| assignment of £11 a Life Policy for til tie debt with intere^i s friends will be fui^ i:RTY. — A gentlemj it to pay a mortgai yearly instalments £28 18s. in hand, sars, obtain a Polk| of all the instalmcL ase. of 5 Borrowed Shaii 7d. paid down, or ion of all the payme;| while, if he has btained for £20185.11 er with the forms n all cases but AnmI V. f the Company, or fri j