IMAGE EVALUATrON TEST TARGET (MT-3) 1.0 I.I IM 12.5 1^ ■^ 1^ 11112.2 H^ li£ mil 2.0 u 1.8 1.25 1 1.4 1.6 — 1 ^ — ^1 6" ► ^» <^ /a 7 <^ %.»' o -«^ iU_i Uj. Sciences Corporation 23 WfST MAIN STREET WEBSTER, N.Y. MS80 (716) 872-4503 ,\ iV ^ ge :atiori lues The copy filmed here has been reproduced thanks to the generosity of: National Library of Canada Thfe images appearing here are the best quality possible considering the condition and legibility of tha original copy and in keeping with the filming contract specifications. Original copies in printed paper covers are filmed beginning with the front cover and ending on the last page with a printed or illustrated impres- sion, or the back cover when appropriate. All other original copies are filmed beginning on the first page with a printed or illustrated impres- sion, and ending on the last page with a printed or illustrated impression. 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Tous les autres exemplaires ongmaux sont film6s en commengant par la premidre page qui comporte une empreinte d'impression ou d'illustration et en terminant par la dernidre page qui comporte une telle empreinte. Un des symboles suivants apparaitra sur la dernidre image de cheque microfiche, selon le cas: le symbole — ► signifie "A SUIVRE" le symbole V signifie "FIN". Les cartes, planches, tableaux, etc., peuvent dtre film6s d des taux de r6duction diffdrents. Lorsque le document est trop grand pour Stre reproduit en un seul clich6, il est film6 d partir de l'ang»e supdrieur gauche, de gauche d droite. et de haut en bas, en prenant le nombra d'images n6cessairo. Les diagrammes suivants illustrent la mdthode. 1 32 X n i 873 soy I i=z^ CAPITAL, . . $2,500,000. The Paid-up Capital exceeds . . . $1,250,000 The Premium Received on Shares is 170,000 Total .... $1,420,000 ^ POSITIVE GOVERNMENT SECURITY LIFE ASSURANCE \ IS UNLIKE ANY OTHER PLAN KNOWN, A XIJ PROVIDES REMKJ>IKS \i,U TUK DEFECTS J\ OKDINAUY EIFK ASSURANCE WITJIOL T DfSTURlilNd THE SOUND i'i{iXLii'LE.s UN' wiiicjr 't'ln-: sfienoe kests. IT AFFORDS; . GuvcTMimut S.rmiti..s lor Assinvi. in.M.Md ul ih.. ...is, .Ha.a„us s.-itiitv ..t onlinaiy Lvm[,iniu's. Tins t;rrai a.lvantaKr is i.n.vi-lcd for l.v (ho nivc'stmcnt m Doiniiiion or t'ann/liru C.vci iiiMtnt Scniitivs Ui'UurI Inistcfs Nuiurs, of ai(l: e:tii(!r on loai« at niudrrate intt rest, or h\ surrender. If you only pay .me I'reiMiuiii, air! yu.i i.ey.'r pay another. vouarestiU assure.!, us long as you live, ...v tli.' value of your lir.st Pivmiiun. AVhatcver your oeeujuitioii may l,e. whether SoMi. r Sailor Traveller or anything else, \ou nuu travel an.l resi.le wherev, r Nou'like with- out tines, extra Pr.>niiiun, or iiofie,., and voin l"(iS|TJVE Life Assurance remains in force. All Po.sitlv.' Policies an.l J'ositivc Not-s are al.solutelv in.Iispntable and all alik.' pai ticit.ate in ei-hty [ler .out of proiits. ' ' pniEF Office : on BEDFOlxM) .SQUAKE. LONDON, liNCfLAND. CANADIAN BRANCH: 353 NOTRE DAME STREET. . . . MONTREAL. THE POSITIVE GOVERNWENT SECURITY LIFE ASSURANCE COMPANY, LIMITED, hrorporKtrd piirsiinnt to Arfs „/ Pdrliamrnt. Chief Offices : ',3 BEDFORD SQITAKK, LONDON. CAPITAL $2,500,000 FA11>-1'1> CAPITAL 1,250,000 I'ke.mihms 1{;..'eiveii on Shares X70 000 '^«'^'^' $1,420,000 , Crntr.ll TrnstreiV The R.GI.T Hox. Lono SANDHURST, v'J.tJ.R., U.C.S.I., Comm.uul.r.in-Cl.ief ofthe FoireH m Iirl.md, 18 GrOKVonor (iardtiis, Bulgravia, hikI Rovnl Hospital, Dublin. , . > « > m"u^.^.?.?I//^J?''^*^' ^''^■' *^-^' M r » ^ 01.1 Squiuv, Lincoln's Inn. Al. H. CHAV lOR, E.sq., Clmiminn of tli- National Discount Company. of t.'.aUn'T^ """" """ ''■'■'y-''"^ Tho„s.-»,.,.^ J. CLEVELAND GREEN, Enq., Cl^V.iand Villa, L.aniinKton *'-* Uiv. ROBERT HALL BAYNES, Vicar of St. Micl.acPs, Coventry. '-/; Colonel JAMES BOURNE, M.P., Wavcrtreo, Liverpool "^ "- ^ .^"^^i^T^^^'i^^^^' ^''l- C^- * ^ V/ilson), Ingram Street, Glasgow.' . ^''i.'v^^^^r^?^^^ WILLiaM RIPLEY 'Sharow Cottage'. Ripon. IIExNRY WM. EATON, Esq, M.P,^t6, Princes Gate, W; Carlton Club; and Porter's Park, Shenley, Hert..' FREDERICK T. MOTT, Esq., Leicester. Dn. PALEY, St. Agnes Gate, Ripon. HENRY CECIL RAIKES, Esq., M.P., 05 Onslow Squa.e, S W. HORATIO LLOYD, Esq., Recorder of Chester. ' V'^^iT^'J*^^^^"^^' "^•^'■' (^^^*'**''S- ''^"■'in, Coatcs & Co.), Middlesl .rough. IV M. SCHMirZ, Esq. (Messrs. Gillan A Sclimitz), Middlesbrough and (Jlasgow. * iSJonbou -.tub ^robinri.U Hirrctors. Chairman. J. D.BELL Esq, 3 Plowden Buildings, Temple ; and Mulnatli, Dulwich Wood Park, Upper Norwood, S.E. WILLIAM ARTHUR, Esq , Woodlea, Bothwell, (llasgow. FRANCIS BARROW, Esq, 19 Parliament Street, Westminst.T and Lyons- down Barnet, Herts. ' E. G. BRADLEY, Esq., 6 Bloonisbury Square. JOHN A. BREMNER, I-:sq, J.P, Albert St. ; and Prestwidi, Manchester. ?6 r. u V Uall Hvlbv and Springttold Mount, Leeds. JOHN BUCK L1:Y Lk.1 , /^ , <' k."\r' 34 Moorftelds, Livirpool. Al 'rUUll i; AR]>INKIl, hs.i , N .1 ., - ^^'\'^.^"t,,, Ht,-,ct, Livcrpo..!. ^SWKN^ 1^... M.D^i;, * :£;: Kottle . Co), Glasgow. A. H. MACLEAN, Lsq (^ .'^f ,';., i,i,„.,, B.'lfast. ROBERT WOODWARD, Jr., l>'t. f ^ ^ ROBERT €ft0SS, Eag , M.D. „ • jj^. INDIAN -BBANCHES. CAi/OTJTTA. ^ mn rOURT HOUSE STREET. OFFICES-.— C OLD COlJRi I.'. J. KERGIISSON ll^lViv X, Merchant, Calcutta. "S^rttstcc. C J. WILKINSON, E«i., Official Trustee of Bengal. jW.uv.igcr. T ('.ROOM CORLKY, Es(i. ♦.V.iuhcvs. Agra Bank. Solicitor, A. ST. JOHN CARRUTHERS, Esq. ^Icbic.il (P.v.imincr. W K. WALLER, Esq., M.R.C.S., No, 15 Kyd Street, Calctitta. MADRAS. o,,,,oES.-.MK..m..mN,-.s,u.LmEB..:ACH. court, Madras, cniainuau. ^^^^^^,^ Postmaster-Ceneral of Majoh The Hon. EDWAUIJ JOH? sS^ Esq., Solmtm, Mad^ ^,^^^^^^^, M,,,„,tne Bank, SUETON DANIEL (.HANI, r.Mj., 6 Madras. Truotfr. JOHN JIILLEK, E.(j., Ulti-.ial 1 niwtiM.' of MndiiiH. , ^l-'^iiow. Messrs. BOVDELL & POA\'ELL, Cluster J HPT?Virv 1,- r •' .'' ^^l'"3 •■< Hall Coventrv ^I? STUBB?F«' ^^^.'N'^-'^^'k^'t Street, Bradford. 'riJn»/Aa ,r,*'' ^^1-' Middlesbrough. THOMAS WATEKH0U8E, Esq.,Svolverhampton. .nd BiL.t,.,., CANADIAN BRANCH o FFICES, . . • • 3S3 MONTREAL: NOTRE DAME ST. TiiK llos. .)AM1 Tnink llnilwHy Tub Hon. THOS. RY -Jvu.lcco Of IKc %xU =f «ub for QlnnnV.i. vsl.EUlllKn.Sonut....M.L.C.,C!.aum.iuCUuud ,'AN. Senator, Director UauU oi Moutrcal. « » pivcrtovs. Xavi.r street. . • ^^ ^,^^ .JOHN TOUUANCE, V.^n-. (M^--'. I^'^^" Mcrdiauts HNchaiigc Couw. ^ ^Yiim.igcv. v. C. lUELANl), 1>'1- jsjanhcvd. THE iJANK 01- MONTREAL. Qlouuscl. ^TllACUAN BETllUNE, Enq, Q.C MEllEDlTll i;. r.KTllUNE,E«q.,M.A.,l$.t.l-. \ McrcliautB Exchaugf. U. r. lIOWAli mcliiciil €x.tmiucrs. , V ^MD L R C P.E , rrofessor of Mcakiuc McGill il) Esq., M.IJ., Li.iv.*. .1 -^ I UmvorHity,0 Reaver Hall Hill W. H. HINUSTON, Esq M D. L.R.C.S.E., D.C.S., 37 Union Avenue. E ST. u Oiuiiil t. Jo.) its Exihttiig*-'. Union Avemio. l^ro^^pedtu^. On iMinMlucin,; TiiK IN.srnvK (J.)vk«nj,knt Skcuritv Life Assm,M..A.NV, LnuTK... ('l,i..rofficcH. 5.'{ Bedford Square, r..ndou. to tl.o ,M,iicv of tlu. public. i„ (^umda, tl.c Directors cm- brace, the opportunity uV offering u few observations rcspectinj? the llus tory and po,.,t,on of the Institution, as well as the new and val- uable plans of Life Assurance Business it present, for the first will bo lound, that wlule T..K P.s.tivk does not disturb the seicu- tide pr.nc.ples on which J.ifc As.u.rance so securely .ests, it intro- duces anew syste.n of practical ^dnunist.ation, the features and value o wh.cb every business Vn.. ean readily comp,-ehend ; and affords such a basis of seeuriu- to Assu.ers as w<,uld be given by he Br,t.sh nnern,ncnt if it .^nst^tuted a general system of State Insurances for the IJn.ted Kingd^-a and each of its Colonics and r'osscss.ous. • . ORIGIN OF THE COMPANY. The organization of The IVsitive in England was called for as a pubhc want. It was felfor. all sides that ordina.-y life Assur ance administration is full of t'efects • tUf U A. f 7 ! A 1 ., "«" oi i.eiLCts, that It does not supply the Assu.,d w.th proved .sccu..it, ,hat it cmb.-aces the inefuitab yste... of pol.cy forfc.tu..e: f a, it leaves offices with the ightof «puungpay.uent of claims; that it .-estriets the movc...c'l he assured respecting T.avclling. Foreign Kesidence, etc.; and ..fine, .s so .ncu.nbered with conditions as to render in ordinary policy a precarious, though costly security to the Assured,-which « not available as a security, and entails the payment of a hea y foHe.t.ng the pol.cy itself and all premiums paid on it in the event of .rregulanty in paying the annual premium. of Jvl ^ff'' 1 ^"'' '^""'■'^'^'^° ^''' ^°"^' been complained in England, but the culminating point arrived when Tf.e Albert and 7he huropcan Companies failed. These Institutions weru based on the o.dinary Life Assurance system; they were wh ^ 6 „ff„c, hiWa-o.inv- their «.rod b,...«n 7'"" ^ ^.^i!" , s„uu. .ho, haa pia •".;';;;;:;;";,;,:; „;r .lu tho uiirortuiiate victims iolt. that t.uiiii.u) i-i" ; : ',,.1, .n,»u... , .h,u . ,.» «n.. -v.;i »>;»';"-7„«;: ; : : t„:.h„.; or .h. eo„.uio„,, ,<.,■,,.., ,.,,.. "»-;;;;;"-;;: ordinary .y»tun. Uuiurluu.ul) it r>.-.|..,r,..l ti.c (crnl.ic .l,».»l r, „ „ Itt'r .„a t:«,:,, ... l.ri..S *.. public „nnd ... au m< ■ Z i,rl'uaUy a. ,.r,.u,iu vi.i, cv^y .""»-',»":;; ° •,'::' : fcritv ■ an.1 y>'t b« in a s.aU3 ol' .ootual H«..l.r..|,k.y ! I h,- lac. Cu..L.i.J by .binkin. .no,,, a„.l .be .i...c. ba, arrived . ,0,, Z. Office, .uu». 'ivc »o,„c „,«.. s„b..an.ial P>'*;' J l^' .bcir S..lvcnb<>«-, »'»' «'"" '"""" ' > Offlo cLcCo ™„M„a,Kl roblic conlidcucc, .bey .uu» teli ". S :,ba'. .heir Policy I,i;.b-ii.ic» arc, and .be --n. « .1. c.li,,cd. »,orcd.,„. A.c* .bey >"'-;■•" "'■■•77: ';tt'u U.y ari.. and unlc. .bey '■»V^f * ^j^;:,^: ,:,' ^iLc. nctprcuiinui) of every prcm.un, |.a^d on Whole 111 . :.pcciai rnnd .0 r^''^^^j-^'^::'"-z 1.^'^^^ claims, tlicy cannot prove tlicu sjUcnty. l -^■^rtrZ wf "t'tfe A.„ra„cc, «bicb ba« hecn ,.r„ccd'by 1„;. cperlence . be .be ^^-^^^^-.X^^Z nndovtakcn bv composite Insurance Ofliccs— that i. > "J ^' It .H. l'i.e! Marine, and "'her banrdou, descrrpnon. Tn,nrancc-.be Lile Inuds beins liable lor all lo^se.. Ibw aX^d defee. in A.nrance adnuni..r..ion, because >. dcroys the action of Life Assurance. FOUNDATION OF THE POSITIVE. It was for the express purpose of presenting a sound saio and elrWo svstem of Life Assurance, free from the defects ull cd, and available to all classes, that Tl. PosUu-r .as lid The obicct .as to ,ive to Life Assurance a new and •uiiuj;,c on thosi' two L- Minimis siiiw, aii'l lice cuiild iH waiitftl, also clear ties ol' the • disasters an aiipre- (|uire(l tlio lading; lor A' I'ounds »w of prim- riiis I'aet is lived when d prool" ol" names. H' y must tell ouut ol' the t claims as er cent (the jit'c Policies they become )le rule will eh has been is oftentimes r Institutions scriptions of es. This is sc it destroys E. . sound, safe, II the defects rositirr was Lice a new aud ah.abl e .uractcr by providin,, the hlKhent order of security in ' ^ "•"' ^••'•'""'•alm..,H which Mnround ordinary Life Assurance. - put an end to policy ...citure. and provi.K, the Assure "la' m^>Mabio p,..,.,.ty lor every p,.emiun. p„i.l,-wiH.out inte^ ^ with he sc,.,,t,he pr.nelpies on which Life Assurance rest. ' 1'^' Ihrn-tors bci,,,. convinced ,n this vital pou.t, felt that -y woul.l hcst consult the interests of the Cou.pany, „; ,„' .ts porn.anent m.ccc., ,,y p,,in, le.s attention to stkin-^ a ! ;;;:;• ::^" '''^'"^ "-''•''>•''-'-'-. w'"--uo erect; r .. b -.nd .n.t.tMt,on wo,,hy the principles inherent in Tmk "'n K sy>,cn,. and the magnitude which J.ife Assurance is destined to alfain in this country.- _ The plan of TuK PosrnvK was very carefully prepared and ..^ HO ent.rely different fron. that of any previousl/ex ^ C to ,_u. cffcrt to ,t. i|„H having' been done, the Company waH .ncorporated, pursuant to Act. of Parliament, early in TeM lH-0(a yearo L.fe Assurance panic in Englaud/ its busi!,es 1-n, restncted t. Life Assurance e.clu.sively,"all other br nZ "t insurance l.usiness bein- forbidden. «ranclitH ITS ORGANIZATION. cIm *'- --;';--"t- .'f influential parties in London. Ln Commenciuo. the provincial arrauo-emcnts at Manchc,st..r (where a powerful branch has been formed, and a lar.e paid-up eapit a ^-M ra.sed), and suececdin, there in an cn.ineut de, ee T.k f.'s.T.VK systen. received the impress of public appro^l from » -1-chpumer^n^ on fnne rate] folded •nay «c.cn. of littk oSu nX^^^^^^^^ mtro.luccd by Tm Pos.t.v, Assurance is capabi,. /,'''• • '' S*-'"*''a"y known that Life financial o,u.-atirs tlu if thf^m w I'^f [.'"1 "7 '''^'' '''""^■l' "f Kingdom, 'there wo'uia no t Tss thm ' 3 ooo^ ''^nr "'^'^ f"/''^' ^'"^^'J Assuran,.e, yielding 100 millions ann, 1 I i,!. ".""'0"1 «*"ling under U'tle more km onJenlh ..,,/•/ /i? !.//;• I^|'^-"""">«. *»' '/ which only strips Li/e Assuran ? t^ obKetfc,!V 71^^''' "" ^''""^' ^'"^ P'*" ''^^'^^ application, will hcr,,m.. ^parent *''"^ '""■^' l"'^'V'nted its extensive 8 Keepinfi steadily in view that the first coiiKiJevation was to provide undoubtep known security for the whole of the Com- pany's engagementH, the Directors decided on not effecting a single Assurance until a siubscrihcd capital of not Icph than Fifty Thousand Pounds Steulinci or Two Hundred and Fifty Thousand Dollars had been secured, and until then they would provide funds to pay expenses. On the 31st of October, 1871, it was reported that over £56,000 sttM'ling or two hundred and eighty thousand Dollars of capital had been subscribed, tlie shares were allotted, and a notifica- tion was issued announcing the commencement of business, that is of effecting Life Assurances. Since that time, the same system of organizing has been main- tained with increasing success ; this is evidenced by the fact that the AMOUNT OF PAID-UP CAPITAL RECEIVED UP TO THE IsT SEPTEMBER, 1873, Exceeds Two Hundred and Fifty Thousand Pounds Stg. or $1,250,000 OUT OP WHICH FIFTY-ONE THOUSAND POUNDS CONSOLS epl to $255,000 U^VB BKEN PURCHASED, AND NOW STAND TN THE BOOKS OF THE BANK OF ENGLAND IN THE NAMES OP THE CENTRAL TRUSTEES, Th« Right Hon. LORD SANDHURST, G.C.B., G.C.S.I., THOMAS HUGHES, Esq., Q.C, M.P., and M. H. CHAYTOR, Esg , BEINO A SPECIAL GUARANTEE FUND, PERMANENTLY INVESTED AS SECUltlTY FOB ALL THE ASSUBEU, UNDER POSITIVE POLICIES, WHEREVER ISSUED, INDEPENDENTLY OP THE WHOLE OF THE NET PREMIUMS, WHICH ARE ALSO INVESTED IN TRUSTEES' NAMES; ADDED TO WHICH, All the other Paid-up Capital and PROPERTY of the Company ARE LIABLE FOR A SIMILAR PURPOSE. on was to the Com- j» a single L'housand DlIOUSAND vide funds that over Dollars of a uotifica- , that is of jeen main- fact that ,250,000 $255,000 :and u., TOR, Esq, UND, RED, ED, lUMS. lETYof ^ LIFE FUNDS. I'"- i«v«l;::;;;;r:,,;;:.: ::" '"i'" t"""-^ •^™«» "•"■»'■ I"'lia l«-ii,^.I„vc..,„i i„ r,„li,„r, '"'"^^-tl..* received i„ an,l ii"...l,,,,_,i,,,,,,,,„,. J* ^ ;■■•*- ■.<"■ ««'-'■ Madras, "ftl,eirTr„,fl.'„,,j,. j;|'^r.f;,"'"«7;™os.ti w • • ; '""■« "/ 'SV.../^. oonstitutin. a fi^. „eh/ tr "r' f "' ^"''"•' l'<^wer, to ..uarantoe the Conipanv's ^'^''^ "^ ""*^""bt'^d in- of- ^unipan^ .. A,vsuranco en-a.^enients, consist- ^^'•^^ The other Capital and IVoperty of the Con,>an,. w..et.t;:Se;;;;;i::t^ or tho^;r«...U^^istenoe ; "^'•/ " ^"'""'"^'^ "^" i-'-^tn.ent confidence. ''" ^""''""^^^ ^^ ""d- i« ontiUed to public HOW THE SYSTEM HAS BEEN RECEIVED to the amount of h^O^^Zf^l!:^^ 'Tr^'' "^ ^-^P'^"' -c.ved on .shares i,s £34,000. or ^ifo oTo J '" '""'"" •t'ceived in respect of capital • „ , T •""''""^' '^ ^*«^ «»'» dented s«„, of £284.000, or ^ 42(. OOo' ^"■'""""" "^ ''''' ""P"''^^^'- VV hen it is borne in n,i„d that the Posnw v. • ffice, and cannnot undertake any other eh "^ r '' ^""t '" ^'''' J'c larjre amount of its paid-up c-.nif ?' """•^"'''^''^-^ business. "--"^ "- •»=-:«i:;;^:i::::;!:t: 10 entrant of Paid-up Capital in Life Offices. „,„,. „r „„. ....smv .^ - ; ; ;;;;;;:^;. ■; u.,,„u.a o,„. «.■ ,1 -ok ,.. ac,,i-oc-i«.o . .0 ^:'«' 3"-;^ „ ,„„,,.l„, n, l»i, ''■"':;:,!;:;:::r:::..,o.,,.,i,,,n. ^..n»M-"„o , recoiveabytho..ffie.s,uunoa:- (iO.O(K) 50.0(10 7r),(t(>t> -io.oon 75,000 100,000 10,000 9,623 100,000 45,000 10,000 4H,000 50.000 '.'.'. 250,000 Armis British K(iuit;vlilu liriUni Citv oV ^tliisuow ••• ••• (noV.cal. :NU'.VK'al. unA l' liuii' yovir Mtiiiii' till- ciato niir il tlmt we rticcs wlio OS in I'iiii' lupunitivt' ;7,0HT r)t>.(M>t» 7r»,o(it) 4(>.()(tn .")0,oo(» 7r),0(Kt 100,000 10,000 9,623 100,000 45,000 10,000 4K,000 50,000 50,000 lies luiiut'tl liiis protits. Tlio y jmid. !»ik1. us \y received by i,io cMtiitiiiurtlly lias loiilizcil a The ailvaiita-i's u, |»,,Ii,.v hnU..,.. ,r i <•"" nm^-nUM seeuritv N 'I '"•"" '^'^'•'-P''n,mal are: -.-otin. elainis i e ^V ^^ '"f^/""' tl.rou,I.o,u. provided for - '"• '-.. ^v.:;:;;;;: . . r .^■■';;;- o„t or pro«. ;'7;'I-.y are provi.ied by Sl.areho :' J^^^ ''' «7'-- ^' •'■/"'^^'"^•''■"»-'ll purposes.,,.,,., '■•"■ """'i' Miuii i',.|)av (he eosf. .,it v ■ purposes. i„„.s ;'«^i-»-.,..^^:i;;,xr;w;;::;:n"''r™' ' 12 EXPLANATION OF THE POSITIVE PLAN. The word ■■ Vos.t.vo ,s .mvL'JjHl .^.^^ ^^^^^ ^^^^^^,.,a a the object -w--'''VUsl>o ->an>^>^-^^^.^^^^, ^^^., ,,^ tin. u positive" no,..tiable pvove.^ 1 -^ J ^^^^^^^ ^_^^^^ .^ ^,,^„.,,a us . the British (iovernn..ut ...e .n iuct the national LU-o A^'suraneo. ^.von.iiua pud on a W^. According to ^^-"-' ^^^^^ \,; J,t eases it is non-vctuvn- Poliey is a •• Fy-"^ ^ J'' ^^^^^f^ .^^ j ti.e poUey is in io-o. «hlc, exeep. the Assuve^ s^nh^ 0. . ^^^^^^^ ^^ ^^^^ ,^ ,. This defect n, L.le A-man .^ ^ .. j u ten, undev .hieh 40 pev ^-^^L .ay as a deposit in a ba,^. belonging to the Assnred, n ^^^^,^ ^j^^,,,, ,, ,.,^o- ,Uhdva.ableattheopt.noi h 1^ ^^^^ ^.^^^^^^,,,„,^ t.thn, rented by a Positive ^^^^^ J^ ^^ ,,,,,, or to withdraw the .the beaver- to the sun. asM^^e^^^ ,vran,ement deposit three days alter V^-^^^^^^^^ ,-,1, the offiee. beeanse eXely ehan.es the pos.Uon^ ^^ ■ ^^^ ^^^^^^^^ ,,^ ,,,,, ,. ,nus^ he never bses eontrol ove h,> " ^;^> ,^ ^.^ ,„. cnly withdraw .eeeive in Home way or ^^-J^t^X^ ^ m value ibr the other 40percentonnsprenumupa>nitnt. 60 per eent by being -^±^,^.,,^ 40 per eent of all premimns Placing the power "^^^^^^^^'^^^ ^^^i.^heu, to test the solvency paid in the hands of ^^^^Z^ manner that depositors .n of the Company at any t"-«' " ^^^^^^^^ ^y taking out then- cash , a doubtful bank usually resu^^-^ (J^^npanies, the Assured po^ whereas, in ordu.ary 'f^^^^^^^J... with Lif^ Assurance senses no such power ; ^^^^^ V^ • . and the skw progre^tnake^^v^ v_ 13 :< on till' r expresses Assviveil a „d rcstin-:' iiiwod as W I Hysteiu oi' a m a Lii*' iiou-vetiivu- n i'oveo. l>ositivo sys- .^ -deposit"" t in a bank, losit is vei)re- ,ns. cntitlinii' withdraw tlio •irraniicnient >ffice, because hichbe must „ily withdraw c for the other ■ uU premiums >.t the solvency xi depositors in out their cash ; 10 AsMircd pos- Life Assurance Under the Positive systeni, this power of rodeen)ini; its assur- ance enL^a^ements is always ))()ssii'sst'(l, resuhing from investinji the wliolc of tlu! net premiums lu'sidcs a nominal tifth of the paid-up (!a])ital, in special trust, for the solo pnr])(iso of providinu' fur them, and for no otiier purpose. The Trust is regulated by deeds, under power eontained in the ('ompany"s Meniora' luni and Articles of Assueiation. and the trust funds cannot he made liable, except for assurance enizaii-enients, under any circumstances whatever. The Articles ol" As.siciation. which form the Charter or ("onsti- tution of the Company, direct that ■■ the primary object "" of tiie *. Under all contini:encies, the Assured in Thk Positivk exer- cises independent control over the office; he can at any time retire from it without loss ; his )io,sitioii is defined at the time he pays liis first ]}remium. and nothinj:' can occur to dcjirive him of any benefit he purchases. The usual restrictions respectinu' travelling', foreimi residence, payinj: i>robate or legacy duty, and all other conditions are abolished : eonswiuently Life Assurance is .stripjxid of all those uncertainties and conditions which have hitherto been connected with it. EXAMPLE OF THE POSITIVE SYSTEM. A iHirson aued 30, by payinu' ten ))remiums of $14(5.87 each.^= could purchase a •' Positive " Lil'e Assurance I'or S^.oOO, and partici- pate in profits. On payinu the first i>rcmium, he wouM receive a I'ositive J'olicy for $2,250, of which tlie following is a FORM OF POSITIVE POLICY. MoN'THEAL. 19th Oitohn: 1873. Sum Asuured, $2,500, to be paid for ,'>// ten annual prcmhnns nf $140.87 mc/t. NmnlxrofPoHcij^l. Age 'M. J/nnes Money, nf Montnal, hnrliinftcr rulhd f/ic Assured. having npph'td to thr. above-named Conijxniij. lureinajfrr ea/led the Company, to assure his own life, and having del ir end a statement * See Table of Preniiuiiis. {i.agc.i 2<' (n 2S, 14 after M and ,Jo./>.f >l'r ,ha,k of thr. As..,ml Wm/.s/ ^ m ;/.■... innrthr/,nfh tl,r ,lrs, lUllhr n„tr for two l.un.l.v. „h„ ,dl'hon>'xrs a,rn,!n.j In flir As.snr'n,> 7'A. /)/vmMU. ,;/• ( )!..■ lunuln-a ..ul H.rty-s.x Dollars .::;d!n rarh of the .n,l.l s.rmdh.y ,nn-s. th.. or .n,l,n, llnr/ii doijA fhcmi/hr. '•J On nnymct of rarh ,>r.mnnn a Pos.hcc note o, Twolmmlroaan.l titty Dollars. - poirdd, to hearer three 'U;.s o/ter .Ujht o],d the death of the .U..nrd. ,edl he [ Sueh I'osllire nofr, shall he Issued to the leged holder nr last haam legal holder of this pohe,/. 5. Ever,, sneh I'osltire mte nw/, he presented at the l,rad rifiiee of, he Con,p"»!/ at any time, and "-f^g^-^r^; three dam after presentation % 7'".'/'"'^."' '?/ I'lttJ-cJ. lilarss/veutv-tivo cents, and the redemptamor poume,^ "J "^^ttZJn-onr of, or to hearer^ ^^'''['^I^Ttr^i^^rt • * ,.;/ ^^..i-fii'M tnal from at elannn m xspn.i nam/ ((s against nil paita.s, una ./'" " ■ af the anwunt of mek Positive note.]- , „ •,• ■ (; The pa,,ment and redemption of ereri, sneh Positu-e „„, .nil h/made,not,ellhs,andlng tins pedu-y determines „/• Is, or heeomes rold. , , , i ««'*.■ 7 The s,nn of Two tlumsa.xl two hunjlrod and tit .n DoUa ;, mentioned ahoe. as pa„ahle nndertlns P"'>Jh '>"- nXihr>nh''Jrst Posltire note.rdihe ''ol^^ ! innonnt j/ all Posltlre notrs lo he hereafter issned '!„ Ila , ZZXoL Ilia, or not, as per tahle endorsed hnron R The aqeof the Assnred lanlng heen admitted hi, the rnmpaiillithls pollen Is ahsoliifeli, Indispulahle. ( llerefolloir DIreelors Slgnaf^s^d^i-ri^^^^ * Soo pas. 13 ami 20. ^^ ^^^^^.^^ ^^^^^^ t This is the statrmunt m the Policy, 'ut ,.,.„„„nin„ tlie Insuranee. ..an horrow at intores. the same f \\""°\Y;, '^ „. t of he Positive Note, No further seeurity is '•<^*1"';-"^'V \\'f " ^^ r enav the artvanee, with connh-rt wfth an engagement of the holcle. to lepa) interest, as agreed on. See i.aKts ta and IH. 15 'hrti/KJ:r I'oxith-r 'nht ihiK )IK of tlir y dollars, liundrcil and c Dollars ijicr iiiKff. II' fifhlii noli' Joi' >•■' fhi-ir 7. irUI !»■ 1 hohh'v r< rd ^- 2 ^ 3 y r 5 "c' "s .ti s .It II '"^ t-^'.S P5 S 5 V •»>. 17 (,ti; whieli :.250 1— ~ 3 CO o • 5 |'# 5. ='"5 ♦-. •- >*, si 5 ■■ -S. ^h - '. i 5 .fc ^^ S • = :^^ ^ - ^ "~" •* 5 s ■« ? ^ ^ 5-. s; .~ t^ e s 1^ ^^ *^ '^ "* £ 5 i < S I ^ £ -2 s p S> •* o'.s IS ^ o ■S 111 onkr to .Low the i.in;.,v>s o|' As^uraiieo of {;2,5(»U on Mr. Money's lif;.. attention is invited to the following ILLUSTEATIVE TABLE. N II II I be r of Annual Premiuiiis paid. Touil illllOlllU nf I'remiiinis paid. Amount of " I'ositive" Notes as each I'rcniium is paid. Amount of " Positive " Policy eacli year as cacli Prciniiiiii is paid. 1 14G.87 250 2 293.74 500 S 440. li J 750 4 587.48 1.000 5 734.35 1,250 (1 881.22 1.500 7 1,028.0!! 1.750 8 1.174.'l({ 2.000 « 1,321.83 2,250 10 1.468.70 2.500 2,250 2.000 1.750 1.500 1,250 1 .000 750 500 250 ■Pntal AiiHMiiu tht Life Is Assured for l'.ilIi year. 2,500 2.500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 As the As.surance i)ro-rcssos. by the payment of the aiuiual prcinuim each year, the mms sl.own Ly columns 3 and 4 increase and dccrca.se in relative jiroportions. AVIieu all the ten prcmium.s have been paid, the Positivk policy is extinguished, and the ?2.500 assured is represented by ten i'osiTiVB notes ol'ji!250 each. Attention is invited to the followinu con.siderations in connection with the foreffoina' table : — 1. The Assurance for ??2,500 is paid lor by ten annual i.rem- uuiis. «ce column 1 . 2. For the premium ^140.87 a •• Po.sitive' note i.s at once banded to the As.sured lor ^250 as well as a Positive policy for $2,250, makinji' up the full $2,500 a.ssured. 3. A,s the number of tenths of the A.s.surauce is paid li.r the number of - Positivr notes "' increase, whilst the amount assured by the Positivk policy decreases in proportion. 4. THE 8UM ASSUUKT) TrmoUGJIOUT THE TllANSACTION IS «2,500. THIS IS SUBJECT TO INCIIEASE BY BONUSES ■ Larger or smaller bums may be assuretl m this system at uuy ago. C 18 5. When all U. teu anuu.l y---;^^:;X!l'^taJ^''^^ UMWncU)au HO, without eutiuui., i ac8crivti«)i'. ^ ., , ..„,^ ,1 eusli value aiiiountiu^' to 40 ,«r cent. ,.f the ,,r;m,mu ,a . ■^ ^^|^,„^,. „, ,,,„ Sun, a„uta,l «t ...J tnuu. «■■*"'';;■- „^ „,, ,,,„.,. ,„, ™v.>™l"- 'rfr *;:::«r - -:;lm. in o,i. cv.. ..• -i.^- ot'thcVoUcy; thunonuiHr or pecuniary vvesHurc i„nM,vtant ailvai.taiie^. all ' public before. THE TEUSTS OF THE LIFE FUNDS. ^ .,.„.. avc ,n.d. .V "f .1- :7;r riw;^.'; »w^!' '-''^ .roprtion »»fci"!! f «""" ""■ ' :'; Vud«tli«T.usUc«tabK.l.. immc«advanUBO,tmtAeland » 1 selves, who are subject to then r i„ve»tuieut, ami the monies ueeded to mee thei da u ^^ .^ ^^^^.^ t« En,laud or elsewhere bey^oua ^^^^ -;; ^^^ ,, their own .„acr their own eyes and^.^^^^^^^^^^^ ^ ,^ ,,r other Courts of Justice, ^vithout l)an ^^^^^^ .^^^ ^^^^^, ,,.,. elaiiuB of the Company, -^^^ f.rev<^y l-liey or VosrnvK noU. satisfied, by payiu. or P^-^^'^"^.J',;;^ii the Trust is established issued within the eountij or ^-V^ ^ [^ ^ same as if the business o lu effect the security ot these ^ ^^ ™ .. ^uh the superadded tlif Af- ubHolwtc in-r m*' y i>r udv ting to 40 . Offifi- ill i\\v Sum suriTiitlfi' Liita;j:<.'?*. '*" tell to tlic B. ly, of citrhty •hicli irt thf e vema'minj: stri cstabllsli- !)!• the benefit accorded the go to provide lowu to theui- aud control; vestnieut, and )ein? remitted ■pt as it were r oi' their own )ilty ibr other arate trust arc PosrnvK note t is established, the business ot the superadded ,ck upon, at the 88 arisinjz. *"'"'' Layu.cnt oi the '- 1 ^'\^^^^^ »; ^^.....ntb part oi" the Sun. to a I'.-itivc note tor «'*'"'\.'';' " ^f, ,,,,0 tbo two sun.8 making up tbo ?? 10,000 assured. J ^'^^^''^ ! j^f; ^ ,^, distributin;^ bin a»s«r iLtive system, the AsHurcddetc.uun^^^^^ ^^^^^ ^^^^^. ^,, ^^,,, ttnccs into five e. ma parts. I;^ "'^ ""' ^^^^ one Positive note child. 'I'o carry tins u|to f ^^t' insteaU oi m . ^^^^^^ . ^^^j L ^1,000, ^^^^f^^:^t£^:^ aceonn.lished; the bv disnos ny ;\!' Jl^ ^.^^occu in? before having naid all the that in the event ot his f«f '^^''''"^^'"fjed, by tbe Positive policy, ten annual Pre"^'«™^- *^*'. "^f,,Se ii^ti. He, bowever, lived should be distributed l^^^^^^^etei annual premiums of f 02 50 for many years, and p;;^^ al the ^en a ^^^^P^ ^^. ^,00 eaoh,^vluc; each, he receiving each year °^« ' " . , ^^^^^ his^rife and four he distributed in the ^^^J^JX^ ^ ptyaS at hisdoath or con- children Positive notes for W^^^ ^23,,, TUe As^, vcrtible into ^^^IVf/^J^^ f un further payment on acovna ol surcd's income ^"^^"S "^ei^^^^ • ' •' '>• Life Assurance, constituted «^ J^^^^^^J^'^.^^eL to theoilice ior pay- At his death the Positive no^s^e^^^^^^^^^ ^^^^.^^., ^^ j ,nent by the holdeij J°^^/-"|,Sts for probate or. other duty :TwXu^"t namro^f the receivers being required by the * ' "--WHOMPEOSPECTUSESMAYBEHAD. trict Managers. — — . Thi's ifi 4.) l-r ..nt. of the ,)renih..n. il TABLES OF PREMIUMS KMl'LOVKK IIV TH E POS ITI VE. Thk Fosit.vk has n.lopt.Ml ,1,.. Vati.mal Kn.li.sl, lif. ,ahlo as n>o bu«,H of .t. p,v,nin,„ oal.nlutions. I.oaus.. i, i. h,.,i..v...I ,.. . , prosH the valu. of Inunan life „.„ro corroctly tluu. any ot he k -n.tr„o,.I. This Tabh. is pro.!......! hy L 110,1^^...^^:^ to o.,lloct...g stae.st„.s ,vsp.K.ti..,u th.. bi.,h. a...l .Ka.hs a,..o....t the populafonof K..,l 1 a,.,! VValos. a...l th...W;.ro p„ssesi:"b u so«roeH of ,nf„n,.ation than can be obtained els.wh '.v. The tabl •s e,„ploye.tnbility of the [nstitution. It shoubl be borne i., .„i„d „.at the uhin.at.. saCetv of » /. fe Office, and .ts power to disc-ha..,^e its n,ua..n..;nts n..un ly depend upon en.ployi„, a table of pre.aiu.ns that is ' u ' c.c,.t to cover the risks incurred, Shov.Id the p.-cn ulbe .n.suffie.ent to provide for ass.,ra..ee.s efreot..d.-tha i o Iv -I>F)H.n, the business to be conducted at unre.n„ne..ative rat:^' bad deb -the .-.M.It. eventually, bein-^ bankruptcy. Capital -.1 no „..t.,at. but only a,,..avate, such a stat/ of afiii. X^^y'^^'^^l^'^^^'P^^-^^^^^^^^^n^Aoy., by old Life Offices." u Kn,land as well as the (;olo..ies, have been higher than they need have been; they were constructed Ion, a.,^o, when ve.y {...perfect knowled^re prevailed with ..,^et to the value of bnn.a.f life 1 e an. ary .mproven.ents had scarcely been attempted, a.,d (as ..eoa..ds the Iad.aa tables) when the risks to life ft-on. cli„.ate and other causes was out of all proportio,. to those now prevailin- T^ raiHtake was. so far as the offices were concerned, on the ri,d.t side- the //..., l.ves were ehar.n.l /.r no., for their assurances than oo u p I i I I ..y shouia have bee. w.iU t.e ..^ - eV^av^^^^-^ as the ,reat n.aiority of person. -^^^ ^ ^^^^^^^^^ {J,,A them to rapidly accuvnulat.^ lar^ ^ T^'^ ^l.." but which, in aeclare what were tevmcc •' Proht J Premium^." To reality, should bo -^^^i;^^^:::l^,., the injustice of this source of i^^^^^'^^'^'^V^'Y"''? J,,,e„ Life Assurance. The Policy-lapsing, which certainly ^^^^^ ^^ jr^^^ ,,fevred to. 'this Equitable S^ietyisan illustration of ^^^^^^^^, Table, .reat Institution, by employing '»• ' , extent of its (which is defective on the points ^f ^^^^^ ^^ distributed some Lsactions,aniassodnnlliouso^-^^^^^^ sixteen millions sterling ^^^^^ul^r^^^i those who were able to ,H.. W.o/.of ts --^-^';7;"^yjXrs lost all-their policies, maintain their poUc.es in f^'^«;"*'^' ""' _ . ^His latter injustice and all sums paid on them, 'y^^^:^^ ^he E.uit.ble has been carried out is proved ^y^^^^J^^^le that ..nM/oi the Society, who recorded " tha he did "«J ^;^ ^^^^^ fi,^ years /.. Assurances which were made during *^ fi^^^^^^^^^^, ii„«, or the .holeof /(/-.have been ^^"^-"^.'l " ^'.^^athis forfeiture even surrendered for a valuable consideatio, ^^\ .,^, of policies, from "neglect or ignorance, ^ he^ ;^^ ^^^^ been no inconsiderable source of l^f^J^^ ,;;;;,, ,„ i^pse their case; those unfoitunate Assurers who we e^o>^^^^^ P ^.^,^ policies and all - V:;t ■ ^^rcTuen^dlhe Society lias, in funds to distribute -' Profits ^^^ ^^^^^^^ j^^„,, consequence, enjoyed '^^ 7:^^f 7^ ^^^. J-^ " Rnt let us emiuire .Bonuses" than any other kindred In tiu^^-n. ^^ .^^ whether a system of Life Assuranc -hich ^n^^^^ . ^^ Assured !n n porHol manner, one tha i™ a ^ ^^^.^ members, in favour of those who -e jeaUhy, and wealth •> Profits,' comprised mainly ^^^^Ir^ can be fairly members, and forfeited in <^^!^^^''^^^^:^^ Equitable'" tennod '^ equitable- P Y.tli. is pr^^ ^_ J^^^„^ ,, Society has done, and t - ^ ^. ^^ ^^^^^^ ^^ ^^^^^,,,, „a i,s career in J'^^ do.n t. the ^^^ ^^ ^^^^^^^ ^,^^.^ accounts rendered of the sum .^^^^ .„.ngstai^ib.una.— ^^ The E(|uitablc Society, as one of the earliest juonccrs ol' Life Assurance, has ucvertlieless rendered valuable .service to the world «nd must always be referred to with respect If in its action there was an absence of equity, it arose from a want of that information respecting the value of human life, which in these days we happily iwssoss. We are now enabled to arran-e Life Assurance transac- tions on a really equitable and sound basis— that is, to charge a fair and graduated rate of premium for each year of age ; and by alto- gether ignoring the harsh system of policy-lapsing, as •• The Positive " plan does, and substituting for it the principle of giving every assurer u definite proportion of the sum assured for each premium paid as an unconditional property, we realize a thoroudy Equitable " Positive •' system of Life A.ssurance. under which 'every assurer derives full value for all sums paid as premiums, the effect of which on the public generally, when the system is understood, will be to render Life Assurance infinitely more acceptable, and conse(juentlv more extensively adopted than it has liithcrto been, and correspond- ingly profitable to the Company. In order to simplify tlie working of the Positive system, the Tables of Rates have been calculated on the principle of charging « definite number of annual, half yearly, or quarterly premiums, to suit the convenience of the assured. To this end the following Tables and Examples are submitted, namely :— Table A. This Table is for Annual Premiums. It shows the cost of a Positive Life Assurance for «1000, to be paid for by 30, 25, 15. 10 or 5 Premiums, together with the amount of Positive Noti; given for each Premium paid. Taule B. This Table i.s for llalf-rearly Premiums. It shows the cost of a Positive Life Assurance for §1,000. to be pi: id for bv 60 50 40. yO, 20, or 10 Premiums. ^ > > Table C. ^ This Table is for Quarterly Premiums. It shows the ccst of a Positive Life Assurance for 31.000, to be paid for bv 120 100 (J (in Ali )l\ IJ : *^ ' ' ■ 80, ()0, 40, or 20 Premiums. I > 24 T, T.blc. huvc bccu framed with a view to mcctiu;^ the eonvcnucnco ot a W • ^^^^ ,^, ,,^, Ibr the assurca. auccis paid lor. lUKtcr lit „ ,.«vi.u-nt« coase. For mstancc, Wc«.» It i. .uadc *..!....■ ... 1 W " ,r SI .000, and elect to ,„,,po»e a .uau at t).c age ol 30 b, a « c . , ^^^^^ «'"r:w:^'.Nr:ts:rK:,aw-„/.^ '::;«;:":::- c,.n,c;,„au ,M,-tr, --„ t.. advauta^e. EXAMPLES. T VBI E A.-A F.-U USOJ ^« ""J »^»'"'= *" ?7'' *':t! iABi't i\. ■•■ I ,, . ^1' COS 4.'> oaeh rwenty-iivc •a«, Tl/ntv Premiums ot |?-o.'*'' tai-u. * '^" j bypaym, -f; /";^>^.^^;;?;,,„ty premiums of $35.46 each. Fifteen P.-emmms o* ^^^^^8 caeh ^^ ^^^^^ ^,^^ - *^- ,^^-^'"""" : 1 re;I ve T Positive' Note for a Thirtieth ,aium, the assured would reccnc ^^^^_^^.. ^ (S33.33); aTwenty-fiith (^l«-y»'' .^ a Fifth ($200.00) Fifteenth ($60.66); a ^ fT/ui.n^rl<^^' o^^^^^^^ Renewal Premiums were paid, less tne T VBI K B -A person aged 30 may assure the sum of $1,000 \l .. Six V Prcm ums of $14.02 each, Fifty Premiums by payin^^ cither Sixt> 1 icmium. o „ Thirty Prc- «• «Ui 'TJ each, Forty Premiums ut $18. OJ tacii, n .y ^^ ^^^-7 J:r6'5 each Twenty Premiums of $30.88 each, or Ten ,,u„is ol ^--^;^;^^f ;^^, [„ „ent of each Premium, the ^rll ^^ ^^ositive II .r a Sixaetii ($16 .6) a Positive iSote>, ttic .is&uitu ^>uuim 25 balance of the mm assuroJ, as lo,.g as the Iloucwal I'rcmium.s were Table C.-A person aged 'M may assure the mm of $' 000 by pay.ng either One Hundred and Twenty Prenuums of V 67 cael^ One Hundred Preunums of $8.33 each, Eighty Prenuun.s of S9_54 eaeh Sixty Prennunis of $11.58 eaeh, Port/ Premiunis SI0.80 e..ch, or twenty l^remiums of $28.71 eaeh On pa^en On: Hunr;"". ^^' '"^f ^^^'' --^ ^ P-^i- Note' One Hundred and Twentieth ($8.33) an One Hundreth ($10.00) • nl..ghtieth $12 50);aSixtieth($16.6G);^ or a Twentieth ,$50.00) part of the 81,000 a.ured, re ukted W the number of Premiums paid. Besides the Positive nI!;/ a^sured would hold a Positive 'Poliey fbr the bll : r^n^'.^ assured, as long as the Kenewai.-^^i-emiums were paid. Official Communications. 26 TABLE A. Showing tlic cost of a Positivk Goveinmont Security Life Assunmce of $1000, i-aid for by 30, 25, 20, 15, 10. < r 5 Annual PremiumK; and also the relative amounts of Positivo Notes j)urcimsc(l hv such Premiums in each case. With participation in Profits. fe- M a < 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 36 36 37 38 89 40 41 42 43 44 45 46 47 48 49 60 61 52 63 64 65 66 57 88 69 60 30 Freminmi 25 I 20 15 Preminms Piemitimrf PxemiumB Anic.um (f J'li.siti^C Net: for e.T :h Premium paid, beiiit;' One Thirtieth P'Trt lit CHcll$I00O Assiirfd. I ♦ <-. i 88.33 I vVmoimt of Positive Note for e^ich Premium paitl. being Vnc Twciity-fiftli part r.f each $1 coo Assuretl. * e. 40.00 Amount of Tositive Nule for cacli Pren;:uiii paiil. luMiij; Otift Twentieth pnrtof Assured. 60.00 Anirnirt of I'o'ijtive .\-tc fcr Citcil Premium paid, Leini; Olio riitecntli pnrf of eacli$inoo .^ssuird. » 6(5.00 10 Premiums. .Vv.i-.vM of Pfisitive Note for each Premium paid, being One Tenth part of er.cli ♦icoo Assured. 100.00 Freminmi. Amount o Positive Note f rciich Preniiuni paid, bciiiff 1-iflli part of eacli $io^:hj Assured. 200.00 ANNUAL PREMIUMS FOU-SACH $1000 ASSURED. $23.54 23.96 34.38 24.83 35.29 36.75 26.25 26. 7» 27.39 37.83 38.42 39.00 39.63 30.29 30.96 31.63 32.38 33.17 33.96 34.83 35.71 3C.67 a7.C7 38.71 r.9.88 ■11.04 !:'.33 40.07 43.13 40. G7 48.3;i 50.l;j 52.04 54. 1 3 50.. 'JS 6;-\7» 61.-1 -J 61.29 6t.2;i $25.96 20.42 36.88 27.33 27.83 28.33 28.83 29.38 29.96 30.64 31.13 31.75 32.38 33.04 33.71 34.42 35.17 35.92 30.75 3 7.53 38.40 .'!!>. 38 r».38 41.38 42.46 43.03 44.83 40 . 1 3 4 7.40 4S.yu 50.50 52.21 i .'.4.00 5:.. 00 I 5y.fi8 00.42 . G'J.92 ; 05.07 ' C8.54 ' $29.79 30.25 30.79 31.29 31.83 32.42 33.00 33.58 34.17 34.79 35.40 30. i;! 30.79 37.54 38.29 39.04 39.83 40.03 41.40 42.33 43.25 44.21 45.17 40.21 47.29 48.42 49.63 50.88 52.21 53.63 55.13 50.71 58.40 0O.2U 62.29 64.50 60.80 00.10 ' 72.17 . $30.38 .3(j.96 38.21 ^8.83 i ^0.17 1 4'0.^8 41.58 4S;08 43.83 44.63 4; ; 46 40.33 4r.K. 48,08 49.00 49.96 50.96 51.06 53.04 54.13 55.21 50,38 ! 57.58 58.83 60.33 01.50 02.92 04. -10 00.04 07.75 09.03 71.58 73.71 70.04 78 54 » $49.92 50,71 61.50 52.33 53.17 54.04 54.96 55,88 56.83 57.79 58.75 59.79 60.83 01.92 63.00 64.13 65.29 66.50 67.71 69.00 70,25 71.68 72.96 74.33 75.79 77,25 78,79 80,33 81,92 83,58 83,33 87.13 89,04 91, 93, 04 17 95,40 97,90 100,03 i.ia i io;!..3:! 70.50 j 71. .W 75.04 ! 8.!. 83 | 106,08 73.83 I 74.79 , 78.04 , 80.65 IC'8.86 I $91.08 I 92.54 I 93,96 i 95.46 90.96 I 98,50 j 100,08 I 101,71 1 103,38 105.08 106.79 108,68 110.42 112,29 114,21 110,17 118,17 120.21 122,29 124,46 126.63 128.88 131,17 133,50 135,86 138,33 140.83 143.38 146.00 148.07 151.42 154,21 157,08 100,00 103.08 106.20 109.75 173.00 I 77.08 180.71 184.42 I ■a 20 21 22 23 24 26 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 62 53 64 65 66 67 53 59 60 VI TABLE B. Showing the cost of a Positivr (rov« rnmcnt. Si'ttiirhy Lift' Assurftnce of $1000, paid for by (30, 50, ^0, -to, 2r., or 10 irall-yt-dily Preraiwiiis; and also the relative amoiinis of Positive Xottts iiiirehased liy kvkIi I'li-- miiims in each case. Witli partiripation in rroiits. 60 50 40 ! 30 20 10 — « 1 Premkmt Preminms | FremiamH | Preminms Preniunu. Preminma. Amount of Positive Amount of PositUc Amount of r..M.i.e Aiionnt of Positive .\nioimt of Positive Amount of Positive ■ i Note Note Nolo Note Note Note ■^ for each for e.tcli for each tor eacll for each for each t^ s Premium rremium Premium Premimii l*remiuiu l*reniium 'J* -** beCw tiie paid, bemif th:; paid, liemfftht.' paid, 1'eingthe paid, lieini; tlie paid. t>einff the z. s .sixSeth I'iltieth I'ortieth Thirtieth Twentieth Tenth H fl part of part of part of part ot j'art of part of i each 1 [000 eacli|i:o5 earh$iooo eacll $1000 eacli tinfio each liooo »„ « Assured. Assuroi I. Assured. Assured. Assureil, Assured. 60 * c. * c. » c. * r. ( c. • c. £b ■^ 16.66 20.00 25.00 33.33 50.00 100.00 < HALP-YKAELY PREMIUVC POE EACH $1000 ASSDILED. 20 $12.33 $13.63 $15.63 l$19.13 1 $26.21 $47.83 20 21 12.58 13.88 15. .8^ ■; lf»-t2 : 26.63 48.68 21 22 12.79 14.13 16.17 ! 19.75 ! 27.04 49.33 22 23 13.04 14.38 16.'^. ;• 20.08 1 2 7., 50 .50.13 23 24 13.29 14. C3 16.71 ! 20.42 27.92 50.92 24 25 13.54 14.88 17. or ! 20.75 28.. 38 51.71 26 26 13.79 15.17 17. .33 21.08 28.88 52.14 26 27 14.08 15.42 17. C3 21.46 29., 33 53.42 27 28 14. 3S 15.71 17.06 21.83 29.83 64,29 28 29 14.63 16.04 18.29 22.21 .30.33 66.17 29 30 14.92 16.33 iai63 22.63 30.88 66.08 30 31 15.25 16.67 18.96 23.04 31,42 57,00 31 32 15.58 17.00 IP. 33' 23.46 31.96 .58.00 32 33 15.92 17.33 10. :i 23.88 32.60 68.96 33 34 16.25 17.71 20.13 24., 33 33.08 59.96 34 36 16.63 18.08 20.60 24.79 33.67 ei.oo 36 36 17.00 18.46 20 92 25.25 34.29 62.04 36 37 17.42 18.88 21.33 25.75 34,92 63.13 37 38 17.83 19.29 21.79 26.25 35,54 64 31 38 r? 18.29 19.75 22.25 26.75 36.21 66.33 39 40 18.75 20.21 22.71 27.29 36.88 66.50 40 41 19.2: 20.07 23.21 27.88 37,58 67.67 411 42 19.79 21.21 23,71 28.42 38,29 68.88 42 43 20.33 21.75 24.25 29.00 39.04 70.08 49 44 20.92 22,29 24.83 29.63 39.70 71.33 44 46 21.54 22.68 25.42 30.25 40,58 72.63 46 46 22.21 23.54 26.04 30.92 41,. 38 73.96 43 47 22.92 24.21 26.71 31.68 42.17 76.39 47 48 23.71 24.92 27.42 32.29 43.00 76,67 48 49 24.50 25.71 28.17 33,04 43.88 78.04 49 60 25.38 26.54 28.96 33.83 44.79 79.50 60 61 26.33 27.42 29.79 34.67 45.75 80.96 61 62 27.33 28.38 30.71 35.58 46,75 82.60 62 63 28.42 29.38 31.67 36.54 47.79 84.00 63 64 29.63 30.50 32.71 37.58 48,92 85.63 64 66 30,88 31.75 33,88 38.71 50,13 87.33 66 66 32.25 33.04 35.13 39.92 51.42 89.13 56 57 3.1.75 31.42 ?,P- . 46 41,21 52,83 91.08 57 68 35.33 35.96 37.92 42.58 j 54.25 92.96 68 50 37.01 37.58 .39.42 44.04 1 55.71 91.88 69 60 r)8.75 i 39.29 40.96 45.50 1 57,21 96.83 60 38 TABLE C. ^^Honn^\l?f^ of a PoaiTivB Govornm.nt Security Life Assurance of !ir?{,rrir'' ^^ ^^^' T' ^/' ^"' ^^' "■■ 2'^ Q'"^rterly Premiums: and a^fio the relative amounts of Positive Notes purcliasfd by such Pre- miums in each case. With paiticipation in Profits 5" PQ •♦a H 120 FremiomB Amount of Positive Note for each Prem. paid, beinff the One Hundred ^■ Twentieth part ef •ach tiooo Assured, • c. 8.33 100 Freminms Amount cf Positive Note for each Preiniuiu paid, beinp the One Hundreth part of cach^iooo Assuretl. » c, 10. 0» 80 Preminms 60 Premiams Amount of Positive Note for each Premium paid, being the nitjhtieth part of cucii $iooo A'.surcU. ( r, 12.50 Amount of Positive; Note for each Premium paid, being the Sixtieth part of eachfrono Assured. * c. 16.66 40 Freminms. Amount of Positive Note for eath I'remium paid, lieing the Tottieth part of each Jioco Assured. * c. 25.00 20 Freminms, Amount of Positive Note for eacli Premium paid, being the Twentietli part of each f 1000 Assured. t c. 60.00 QUARTEELT_ PREMIUMS T.qB' EACH $1000 ASSURED. " " '■■ ' I ■ . I a D to 29 u a tic <5 OTHER SYSTEMS OP INSURANCE Are adopted by the Company to meet the wishes and convenience of Assurers, wliereby sums may be assured for short terms, and by payments of Premium during the whole term of life, upon rates of premium considerably below those required under the Positwe tystem. Although under these systems no Positive Notes are issued, the net premiums are, as in the case of Positive Policies, invested in Trust; and the same measure of security is thus afforded to all Assurers, whatever system of assurance they may select. The Company will also be prepared to issue Endowment Poli- cies. The Table of Premiums for other than Positive Policies can be obtained on application at the Office. 80 SPEECH of the Right Hon. LOED SANDHUEST, O.C.B., G.C.S.I., etc. etc., delivered at the Meeting held at the Chief Offices on 8rd June, 1872. Lord Sandhurst.— iJ^r. Fremhnt ,n,d aentlemen : After the appeal which lias been made to me, and the very handsome t«rms in which my name has been mentioned, it is impossible for me to remain silent. 1 be- to assure you that my interest was created in this Company in a perfectly independent manner, in consequence ul my becomniK acquainted with tlie constitution and principles on which his Company has been formed, with a view of rolievin- the public Iron, the strange uncertainties which have pervaded the whole business ot Life As.surance since the terrible and extraordinary allures, of which we liave become cognizant during the last two or hree years. (Hear, hear.) It was my fate to be in IndiaTn an mportant office at the time that the Albert Insurance Company lailed. Jiesides being m a public situation, I was in society which made me aware of the excessive misery caused by the failure of the Albert Company, and I was also one of those who suffered by the allure Itself. had been for a great many years a policy-holder in the Albeit; and therefore I felt personally; as well as officially, and as a public man, all the evils consequent upon the failure of that company. Well, gentlemen, as observed by the President, it is almost impossible to exaggerate the results, the misery, the ekceed- ing misery caused to individuals in the society in which we move [l f, -A l"'^ i '"^'l * company as ihe Albert. (Hear, hear.)' Well, if I looked at the articles of agreement on which ill other insurance companies are formed ; if I look at what are believed to be the securities afforded by the legislature to those who hold poli- cies in those companies, I confess that I am not impressed with the nature of the security, or with the belief that those who are insured are guaranteed from misfortunes similar to those which have been w n'°p T^?^ insurers in th« office to which I have alluded Well if I understand the plan of this Company aright, it is that we should give farst the insurers an absolute security; that it is for the shareholders afterwards to look for profit, but that profit is to be an absolutely secondary consideration to the interests of those who hold the policies. This Company, carried fairly out, will be a gTeat and immediate benefit to those who hold the policies of the Company, but it will set an example which will be felt, not only throughout the country, but in the United States, and wherever the i^nghsh language is spoken. (Hear, hear.) Well, what is that principle ? I take ,t to be this, and if 1 state it incorrectly, the President will correct me-that at the bottom of each receipt for an annual premium, an absolute security is assured to him who nays that premium in the form of what is called the " Positive" Not- 31 This note is payable in just the saim- way as a notf of the Bank of hnpland. If the insurer chooses u> redoou. that notr. «,, iiroducin- It at the office he will receive 40 per cent of the amount which he has paid If. on the other hand, lie allows the noU; to run on to the «nd of his life, he is insured by the Guarant^^e Fund against the i)088ibility of the loss. And there is another feature about this note that, if he chwses U> stop the payment of lutun; premiums, ho is absolutely -uarant«ed from losin- the benefit of previous prr- miums. So far us I am accjuainted with the practice of other insurance offices, this is the great novelty of the plan— a novelty the importance of which it is impossible to exa-gerat«, because it mav occur to every one of us to be overcome by misfortune; it maV occur to any— or every one of us— from causes which it is impos- sible to anticipate, that tlie premiums which we might be able to pay one day, it is impossible for us to discharge the next Well we cannot conceive a more terrible hardship, a more terrible miaerv to befall a man than to be told when he is ruined for the present that his family is ruined for the future. And that is the case when an insurance policy is forfeited, when a man who has paid premiums torbtt^en twenty, or thirty years, and in consequence of misfortunes IS obliged to stop paying, is told that all his former premiums "o for nothing. In The Positive the insurer is fully guaranteed by the redemption of the premiums he has already paid ; and I say the importance of that principle "s afFectiug the public, and as affecting more especially that portion of the public which lives on moderate incomes— persons in trade, or persons who receive the small emoluments attached to official positions— the importance of this principle affecting persons who find that a misfortune prevents thena at present from continuing the payment of their premiums— at all events, on their death, those "Positive' Notes must brinjr their full value to those who come after thom-I say, the impor- tance of that principle, if fairly developed, will have an effect on our fellow-creatures who most require assistance in those matters which, as I said before, cannot possibly be exaggerated. There is one thing I may say, with regard to the Army and the Civil Service in India : those who are in those services are. as you know, exposed to many considerable risks. Now, it is of immense importance to a man when he is about to proceed on active service to be aware that it he leaves a certain number of these "Positive" Notes behind iiim, and in the service of his country he is overtaken by calamity, and loses his life in that service, at all events those Notes remain as an alleviatien of the misery which overtakes every family when the head of that fami y departs this life. I must say, that when I read the plan of this Company, my thoughts reverted to the profcs- sion to which I belong; and I may say, that if there is any .section of my countrymen to whom this scheme will be of advantage, it is to the officers of the British army. On that ground, if on no other, 1 should be delighted to become a shareholder in this Companv ' 32 and as I undorstand Iroiij inv frioiul ♦!.« r i o that it iH ^,.ry likely vcu wil hf Ihln .""7"' ^''"^•""tcnd,.nt, India, I «ill Hay. tU 7t Tv 1 1 , J "''^"•^ ^""'' <'P«'-ations to to the anuy o7 India wl I oITTT '"'r«^''t»"« of who bcIo„;^o the C ; 8 2; and7r'^ '"'^"'"^^ .*" the,eotlc„.en otherwise ^eu^ploycd in tltTol^ ''(To^SX' .O '''''' '^"^' ^''^^ ^'^''chiil>r«'^^^^'^'' ^^ ™^™^ held at the Chief Offices on the 25th March, 1872. M'l. IIucmEs. Q.C.. y\ p _w,.ll ivr.. m ■ men. I have been for a .,od '.nnl Chairman and (Jontl,.- systom of Life Assurance T ^ l-""'' ^'^""''ctcd witl. the old Aa^urance Company wSn,„'L-' *'•"' '"'''"'^^ ^»' ^^^w Life but has attainedT&,S'in 'L insunn"''^"^'" M '''''''.'^■^''' ^--••^' I think I „,ay confi^nrslVtcond to """'^^r "' '^ ''■ ^^^'^'^ Offices in this country. I £e Sit ?.!, • "r ,°^ ^^^ "'" *''« ^^''•-' with insurance busincs. that H .v . 1"'" ^ '"'''^ ^^'«" connected By-Stan which has\rn' ata y'^o^ wd 'l^^^^^^^^^ '^« speakers. I assured my own life .V. « ! , ^'^ ^^ preceding years ago ; but I alwa^I b[t that ? L "^ considerable sum manj a prudent man had sca^cdy a H^t to 11??* l^'K^""^ "^^^ «"»t Hib, to pay certain sums e2y S n o d.^- Jof ' ^'' * '^ '>'«* ^^ ^^^^ without any positive and tan-S ZZt f "'^ "^ '":' insurance, payments, supposing he faHed to be aHo ?^ ^or any portion of tho.sc period, through illness oi misfl,, ^ '""^° them at any future felt thit diffic^ulty a. d tharls " " "'' ^''"^ ^""^ «*J>^'- '^^^^- I come forward wlf i'cS T Think 4^ ZT l^^''" ^ ^^^ ^" «««« persons desiring to do tharvery n oU fhr^^-'"' '"^"^ «ff«rins to a tangible security pro Zl?r .P ^ thing-msure their lives- way of investmeni)^;hy i ftlt' tl'Z i?"'"""* 'Y ''^^^'P^^d by most careful consiieratin and ff I coti^d '' "'^ ^"^^^ *« ^' ^''^ any hdp that it was in my nowo,. ,„ • '"i,"'^ "^'^J'' *« S^^c it only reason for joining to '• pT,. t v.^'T' ^"' '''"' ^^«« •">* my was also to a ce tain extent col . n f i''''^^^^^' Socikty" I have taken place within S^^Vasffwvll'/ "^^^ *''""'•«« '^''' the conadence of the pul 1 c-ld shXn' '^^ ^^''^' ^^f ^« «^«J^^» Assurance altogether.^ I cCfe s that tit T^ naturally-i„ Life 88 »>«ie.y which ,i,„;id ™r™rw'„ °d :,rd'.h™id7vr °°° """''' "' w.tl. almost unanswerable elaims ^toTy support Ten if / h^l »hKhtc.tho.itoti„„, and I dctornd" d toV I i'IITI '° Bayl.«, or whoever wa, the Be„tlem.„ who tho.(.S* oM '' The CHAIBSIAN.— Mr. Baylis solely. Society will be most heartily <>?ven fhave nL^.'^T S^^^'^'^ voursuwPfiH on^ T fi,.-„i "^ '^'^•^°- / "ave not the least doubt of fft';rKe°°ta"en''''°I r£ ZVuS ".V""^-™'^ "81. ground »,Wogenl. rule a,Vyou We coadjet UT; '° 'T? ''""' g.ven to me „„ thi» „„!„„, „,. addr«„V a few „ord?S y",""^ V, 84 to my connection with this Company. Sonic few monthM ago now, your very admirable Chnirman, and a friend of mine that I nee on the left, waited (m me, and a.sked m(> to become one of the TruHtcon of the Company. Beinj,' somewhat given to investigate all subjects coming before me before I attaeli myself to them, I requested that the trust-deed (to which they wished me to attach my uame) should bo left with me for my examination. This was done, and I gave to it the careful examination which, perhaps, my friends will say I generally give to .such matters of business; and after carefully con- ."idering it, I could only wish tlie institution which was then about to be established the most absolute success. The ]»rinciples there laid down carried conviction to my n)ind as to their truth and jus- tice, and .. believed that in adding my name to the list of Trustees, I was assisting in the formation of an institution which would bo of incalculable benefit to all who sought its shelter. The objects of this meeting have been so fully and ably expressed, by all who preceded me, that it is unnecessary for me to trouble you with any further observations, but I feel much pleasure in adding my testi- mon^y to its admirable design, and wish it all prosperity, and that it wdl meet with the most ab.solute success (cheers). J tl I a, 86 OPINIONS OK TIIK English and Colonial Press CONCKIiNlNO THU JJeW ^YSTEM of f^lFE y^SSURANCE INTUOUICED BY THE POSITIVE GOVERNMENT SECURITY LIFE ASSURANCE COMPANY, LIMITED. "THE TIMES," LONDON, JANUARY Isr, 1869. Tif. /"f ".'•7>"-*''^^"'*^"''^ *««"•« 'A«< the surrender value or an ordinary Life I oUcy uforytar» worth next to nolhiny, and that even ,rhen the PoUcu hi 2'-.-- value the surrender price i, totally disproportionate to theP^iZ that have been paul. It istrue tl.at tl.o guin« on iusuranco from lapsed Polici s won the profits of an office, and that on the na.tual prindp , Z" of evenue , butthe dread ot the risk of forfeiture of the sum insured and o he loss o the value of the Policy, have hitherto proved groat ll" o he extension of Life Insurance, for if the insured at any time lou d fa.l to pay the annual Premium when duo, the Policy would bo fo.feTt^.d andany ,,,tion which might be allowed for it would be accord d 1: .?p;.t: Hc of grace and be uncertain in its amount. By a ne. .ysten., an ins!Z readlyneffoUableasa bank note, andean at any time be converted into cash. The only form of rnvestn,entallo,ved is Government security. Eight,, per L of he Pr-'-^n,..s.nvestedinthefunds,at compound interest, i.roLjir t pX^^. Jremjum bemy thus mvested i« the Government Funds, the risk necessarila ::::tir :, r^^i t-'^ ' "-^'^"- ^- - ;~ of z::z " "••« -c6-o^ uu control over their contributions, and (he compulsion 86 logo 0,1 puyinyth Pmniims punclaally, down lo death, under pain o/Jorfeilurr areobjectwnable, but lo the million who,e income are uncertain, and which might pemh on an interruption of health, a decline in bminess, or the approach of old age, the system of insurance in yeneral u.e /.regents yreat hardships. Conlrasline, this plan of Life Insurance with that heretofore in o/>eratwn, it mil be found that imurers enjoy prwileyes of a most valuable cimractcr ; and the public will do well to look mio the principle of tlie new mjslem now in operation, which offers perfect security and also protects their rights and interests:' "MORNING POST," LONDON, MAY 30th, 1869. " Jiy this plan a de/lnile valnefrom the moment it is entered into is given to every J'oUcy, which is stated at the time of issue, and can at an,, tinw be withdrawn at the option of the assurer and that too, without loosing the advanta,,es derivable to im Jamil yf-om his imurance, unless he discontinues his annual payments, wlwn of course tlic Policy lapses, as in ot/ier Companies. To insure those advantages the whole of the Premiums with the exception of 20 per cent, reserved for expenses, bonuses, &c., are to be invested in Government 8ecurities-none other being alIowed_in the names of the tr«stee.s, when tlie amounts inve«ted can only be touched for the purpose of paying claims, or for the withdrawal of the surrender value of the assurer with the society and which amounts to close upon 40 per cent, paid in Premiums on the Policies in torce The principle appears to be one which cannot fail to recoumend itself to intending assurers, and if honestly carried out, which we have no reason to doubt u will be, IS likely to efect a most imported and equitable revolution in the practice of L\fe Assurance. "GLOBE," LONDON, JULY 9th, 1872. All that policyholders need to secure absolute safety are the proper investment of the reserve funds-that is, the premiums they pay, Jnd adequate provision for the proper suirender value of their policies, so that the premiums paid may not be wholly lost. In other words, while the premiums paid should, as nearly as possible, be assimilated to a Bank deposit, so as to be available at any time, the utmost certainty should also be fel as to the absolute safety of the sum assured at death. These condi- ions being provided for, life assurance .vill speedily recover its popularity w th the provident classes, and no longer fail to serve the important social purposes for which it is intended. All will be satisfied when those who live long and pay most premiums, and those who die young and pay fewest premmms aye equally secured with absolute certainty. What is lequired 18 that policies and premiums of the assured should both be based upon Comnr' T Tf r • '''" ^'''''''' Government Security Life Assurance Company, Limited, does this in the most effective way. 37 •aiEPOKTEll," LONDON, JANUAKV 13ni, 1872. When the ninguhirly novel, accumte, and attmctive plan of LitV tctually in operation, was first privately circulated abont eighteen months bygone our readers may remember that we devoted eight or ni--e c^umn oitH thorough exposition and explanation. Life AHsurancc had a Z .me received so terrible a .hock by the shocking failure of the A b^rt and the exposure of the thorough rottenness of the European, that we felt w were discharging neither more nor less than a public duty in hcdpSg to give publicity to a unique system of Life AssurLe, whereby the publ c toU orth?« . ■ ''"''*' P«««Mityof having the moneys paid to It for the sacred purpose of Life Assurance alienated in any way what- agement, ill-luck, or misfeasance. This is what the public lacked what they mean to have, and having now got, will cease to cL their moneyTnto plan of Life Assurance, because it provides~lst. Government Securities 101 Assurances; 2nd. A Negotiable Promissory Note for each Premium Zl T' . ,' "' "' '°''^ 1'*^' ^'^"^ «^ "^« P^'^'^i'^^ P»H at any Arurer' ''^^'^' '""'"'"* ^""^'"'"^ *''' ''■"^^"'^'^ °^ *^« Sum "MONTREAL HERALD," SEPTEMBER 24rH, 1873. An English Insurance Company under the name of tlie Positive ZZt '"""*' ^;^\^-— Company, Limited, has notified its Z2^T TT"""" '"'^''''' '° ^''''^^^' """^ '^''' ^^^^S «o many other .ushtutionH already competing for assurances, it has. very judiciously ex. Plamed the ground on which its sytem is based. Of oi^dinaly Life Ass™ we have already an abundance and no new association can hope for any marked success, unless it claims some merit or advantage pecuUarly its own. What insurers should chiefly look for are, perfect security, an inkligible oontmct divested of all unnecessaiy conditions, and a fair price upon 2^ render, m the event of circumstances leading to the discontinuing of pre- mium payments. The aim of the inventor and founder of the PosiLe P an seems to have been, not only to meet all these essential requirement, but to go even further, and by a well digested scheme, to give to the insur ance contract of the Positive Company, a monetary value equal in point'f security convertibility and negotiability to that possessed by a Bank of n "in ,^'*^'''^'' '"''^""^ '"^™«'°^ ^^' advertisement which ap. pea ed m our columns yesterday, can fail to be struck with the magnitude ot the reform now attempts. A complete revolution is attempted in Lif ve.y „ie.it. We do not speak ol the merita of the Positive Company of 38 winch wc know uothiuK la.ycm.l wlmt the advortmeuu.n. .rinclo^cs, hut of he grand plan wh .eh that C.npany proposes to cany out underth «uper- int^ndeucu ot tlie iuventoi- of tlie system. When understood, the plan is «hnplkity itnolf. Theoretically a policy of L,fe Assurance ,u consideration of a fixed periodical payment to th"e oth<.e throughout hf,. secured to the representatives of the Assured an ag.-ed sum upon the Assured's death, happen whenever it might even Jdthouj^, a s,ngle premiun. only l.ad been paid, of a sum out of all p-opor- •on tc) he amount for which the insurance office made itself liable. As rs .nt.x,du<.ed by the E,uitable, in England, one hundred and se;enty cais ago one general rate of premium was accepted for all insumble ages and from that time to the present, any misrepresentations as to age condifon of health or habits, and any failure to pay the premiums vZ- larly as they all due, entailed absolute forfeiture of all benefits fTom the ::S tr " "'f *^ "'^" """""* "^P'-^-''™« -^-'^ th^ oZ hai ullc. knowledge acpured as to the average duration of human life, whereby Piemxun.s have been reduced, and a more equitable adjustment has been male, m favour of the. younger lives It remai,>ed for the inventor of the 1 w^' T T. *° ''^'''"" ^ '"^'"^"^"^ *'"^' ^^'^^ ^«'"«tion of things wh ch the theory of Life Assurance required. The Positive plan is to as- certain and fix by contract with its Assurers, the exact return which it will make for the money it receives as premiums, whether upon death or during he and m order to render the insurance available commerciallv, the con- tract is gmn the form of a promissory note, to bearer, capabk of being negotiated by dehvenng without endorsement deed, of transferor other formality. No conditions are attached to it and the power of disputing a claim on any ground whatever has been most eftectually shut out. A single premium secures a paid up policy in the shape of a positive note, for a fair proportion of the amount asssured, independently altogether of any subse- quent payments, and the holder of the positive note is entitled, at any time to have paid back to him forty per cent of the premium, eithe^ as a oan «; as the surrender value. Djie precautions are taken to ensure performance of the contract, hrstly, by setting aside, in special trust, eighty per cent of all premiums leceived, the accumulations of which, with interest, are calculated to pro- vide an ample fund to meet all possilde claims upon it ; and next, by the mvestmen of one-fifth of the paid-up capital, under th; name of a Guar! antee Fund, to provide for any excessive mortality, or deficiency from any other cause ai-ising in the premium funds ; and as these trusts are so framed and constituted as to place the moneys in British Government Securities heyond the reach of speculative Directors or Officers with a tendency for Zsnrf.r\f '""'■"" '' ''^"' "'"■^^"'" ^'^'^""^^ ofthe Assured can possibly fad. ihe payment of claims, made certain in the beginning of operations based upon this plan, become yearly more perfectly secured, and the longest I.ver can count with the same confidence on" his claim 39 an!n,r.l!' '',?'"'' '^"'." ''*^° ''" "''''''''' ""■ t"'«^« ^^"""^^ ^ frndamontal an th 2 rr.T'i^'^ °' *'' '^"™P^'^^' "'"^'^ "•■•*h-- '"-1^™P*^>- «>• impair. We invite our readers to peruse the advertis..mer.t on which wc have commented and to judge for themselves of the advanf^ges which the Positive Company propose to offer us. A most careful consideration of what IS thereby urged has convinced n.s, that the plan needs only the fullest development to make it an exceedingly great boon in the shape of Life Assurance bnt each inten.ling Assurer should examine the sjsten. for himsclfand form his own conclusion. "THE GAZETTE," MONTREAL, SEPT. 25tii, 1873 The appearance of the Positive Life Assurance Company, in the Dominion, not only adds another to the long list of Assurance As^^.-.tions .^h. h have already established themselves amongst us, bnt, according to Its advertisement, which we yesterday published, that company cdaim! to po sess ,pee,al attractions for assurers, which no other similar'nstitntion ha everyet offered ; and to provide that absolute and provedsecurity with- out which Life Insurance is little more than a, name. Under its system rhtlfnon"™' " 'f ; """■" *'^ ■^"""''' ^ '^'"^ -"» -^t-- -^vantage; tliePemum, to insure the life for a named sum, during a given period • and simultaneously they give the insured a Promissory l^lu^^.y^Zn death, for a portion of the sum assured, proportionate to the Premium paid them; such Promissory Note being iiidenendent of all further payment of Premium ; transfen-able by mere delivery like a Bank Note ; ail canlJ Company forty per cent, of the Premium which it represents as the "rtii: '' '";i^'^'^ *° '' '-'' '' ''' ^-^->- '- ""puiiL -01 as a loan upon the simple depout of the Promissory Note without other kind of security. At the same time it is a leading feature of the scheme to reject all the usual conditions imposed under the ordinary con- tact of Life Insumnce. Once a Policy is issued, the very nature of the ransacion and the form which it assumes, predude the possibility of future dispt,^; the parties thenceforth standing on identically the sLe footing as the issuer and holder of a Bank Note or Promissory NoTe duly executed Promissory Note of the Company, and death of the assured Ti Ts no?rr* °' "" ™"^ '''' ^^'"^'^ '''' ^°*^ was given as certahi' a It IS possible for any contract to make it ; the absence of all conditions absolutely narrowing the question between the contracting parties to whether the Policy has been duly signed on the part of the c'n pany 'an^ whether the assured has died. Those familiar with the existing yst;ms of Insurance will understand the inestimable value which this reform possesses Thep..smgof aPolicy from hand to hand was never before secure., "; aticmpted. 40 provid^^fH " ^7"" ^"'" '' ""'' '' ''">' ^«^"« ""'««« »««n8 have been « contract which, for the sake of greater clearnesB in convejJnTthe idea ^r We gather from the Company's advertisement, that eiffhtv ner cent t east. Of the whole Premiums are invested in Con'sols in7r„ ee naTet Jollity alonTs^r ^ "'^^ ^^-^'^-'^ «-„r hy fluctuations in niortality amongst lives assured," one-fifth of the paid-up capital of the f'^..n,>8ny has also been set aside in trust as a "guarantee Tund - t advertisement adds .-.-It should be observed that tCtwo S canno; " large ^wu^^^^^^^^ necurities is added the whole of the other " for ass^rinlT '/ r^'"*^ "^ '^' ^'^'"P*"^'' ^^i^^ are also liable <4! u'r T ;». r f°'"^'' ^^^™ ''"J«y ^'^^^^ distinct lines of ''Prmil«t'h . """"""*'' '"'"^ of £51,000, consols; B, all the not "mrthan Tufic Z '"'''*'' '" '^'^^"^^ '^'^^ «^ them'selCes are much " rrertv of th! r '''": '" ''""''^^ ''''''' ■' ^' *'^« «*'^«'- <^«Pital and "HilV T°^- " '' '"'^°^"*^^ *^«t whether the number of Life Assurances effected by the Positive be many or few the orerv ance Of these principles provides truly absolute Becli v fm^h « " never previously attained in this country " CanadT.^T* ■luT^'' """'""' "'" ^''^'^^^ Assurance Company to Canada , and without any wish to detract from the merits of other W ance Companies, we feel bound to say that the Positive system appear^^^^^^^ ' us to have been devised in a spirit of fairness and equity, hitherto so' Iht l:^m::r''' ^p^P^^^^'--^ -"^«on« and\,nc;rta!:ttrofT usua Life Assurance Pohcy. We wish it every success believimr that ^^o7i::Z7 T '''-' ^''"•^ ^' *" "^'^"- whic^tTE merits of the Positive plan cannot fail to command. 41 THE ADVANTAGES OF THE POSITIVE SYSTEM AND TTTF f-r a<« OF SECURITY OFFERED BY THE POSmVE COMPANY ArI STRONGLY EXEMPLIFIED BY THE FOLLOWING ARTIcIes FROM THE "MONETARY TIMES":- '^''"^''^^ ARTICLES MISCELLANEOUS SECURITIES. October 10th, 1873.-A statement of the assets and liabilitie. of Jay Cooke & Co. has been published, from which it appears that tl v o^" nearly $8,000,000 of unsecured debts, while they have nearly $ 6 oo OOO ' worth of property to pay with. One would think it impossib k for a fimtofad under s„eh circumstances; yet not only has tL firm fSled >ut there appears to be very little prospect of their being able to resume business. Certain it is, that creditors will have to wait long Z7Z nioncy, and it is not at all impossible that they may never be paid in full the $8,000,000 of ordmary debts, there is a further sum of $1 700 000 which . fully secured on good collaterals. Now, it is clear fha th e , must have been all the good collaterals they had ; f^r a firm like Jav C ok cre^litlnd ""T TZ '""' '°"" ^^""""^ ^*'"'^'"^ every resource of ciedit and ,M.c ,nty at their command, to avert failure. After pledging secunties for $1,700,000, they had still $16,000,000 worth of bonds mort^ gages, and other property left. Yet. with this enormous total of as.seT in hand, they were forced to stop payment, and this at a time when mon y ^as comparatively easy, and readily obtainable on good securities Til conclusions irresistible, viz., that this immense .sum of $16,000 OOO was represented by securities of such a doubtful character that the Z ouh nu e no money on them at all. It seems incredible, yet such must be th fact for otherwise they could have pledged more securities and raised more money to save themselves from tailure. p.-, ^^ *^' fT"' '''''' ^^'000.000 '« in the bonds of the Northern Pacific $8 000,000 IS classed as bills receivab..,, .ank, insurance, and otlier stock. and rea estate evidently a mass of unsound securitie;, requiring g .t:t gth of time for realization. What will be the upshot no man can tell but we fancy a good number of the creditors would bo willing to tak. less than 100 cents on the dollar in settlment of their claims. PROPER AND EQUITABLE LIFE INSURANCE. Mr. Elizur Wright of Bo.ton, Mass, , is the best known and the most exjierienced of American actuaries. 42 Any reader of Mr. Wright's book ^ho has not given the subject of hi^^:nsura„eeagoodde.lof study will soon arrive at'the conclusion hat h hfe msurance pol:cy is a contract, the precise force and effect of which t s not easy to understand. K^or, in addition to such plain questionsa the safe .nvestment of money, economy of expenditiL, adequate pre miums &c. there are other matters, more or less Lhnical'in thernatu re' which mvolve the rights and interests both of the insured and thrcZan;' and wh,ch require to be properly adjusted in order to render the contract ^ desn^able one. It is with this class of questions that Mr. AVright dlls Three principal propositions are laid down, which are almost if not altogether, revolutionary in their effect :_ ' 1. That no policy should extend over the whole possible life. 2 That every policy shall stipulate the mimmum cash surrender value which the company will pay whenever the policyholder wishes to .'h draw, or ceases to be insured. wisnes to with- _ 3, That the working expenses shall be assessed in proportion to the '•insurance value" of the policy, so far as they exceed th bare cost ^ managing the investments. °^^ "* If the points here raised possess the practical value which Mr Wright c im.s for theui if they involve the rights of the policyholder to the Ixten a leged then it is evident that in the practical working out of the s die of life msui-ance, the principles of equity have been Irioul misappTe wiong basis. Ihe question is one for actuaries, and they ought boldlv to grapple ^vith it. It can scarcely be expected that the inslnce ublic wH ac ept with a acrity and without explanation a system the equity owh Js «o vigorously challenged by one who above all others oiurht trb-n , to speak truthfully of its merits and defects ^ ''^'' A DAY OF TRIAL. Oct. 17th, 187.3._While Life Insurance, in the United States is in a ^•eat^measure exempt from the crisis which has overthrowror .d ,y shaken so many financial firms, it is passing through a period o trial scarcely less severe, We do not now refer specially to the general shrink age ofassets, which, according to present appearaLes, wilfgrer^^; affect" the balance sheets of the Companies when the reckoning for trniesen year is made Where investments have to be found for two hundred and even y millions of dollar, it is not reasonable to suppose that fir solas! str, U -rwl '°' ^'''''"' ''''^' °^ '"^^ Companies recently, we were k hlw the' 7] :r"*^ ""' *^"'^' '^""'^^^ ''"' ^--'^'P ^-ds and stock held the school debentures, the railway stock and bonds manufactur ing, insurance and mining stock, in which some of the best 00^^^ have' 43 nl,1 .A"'""''"? ^'^' Insurance is the growth of the past twenty years • the -ohlet Companies have barely attained the age of thirty yea;8 wh ^ he great majonty date from 1864 to 1869 inclusive. The L 1 ^ Im aced be ween these two dates witnessed a marvellous development otr^^st^^^^^ ^ n .rely surpassing the experience of all other nations L this re p ct In the , -placed confidence that had been so serenely reposed in the soundness ^^^7:::^' ""^'r ^'^-^ ^^^^^"^^ ^« ^^^^^ «'--* -""•'^^ snptivision of the insurance departments, amalgamations followed each foim of the same malady, carried off more than one-sixth of the wil mimber of companies which were enrolled on the books of the New Yod Insurance Department in 1870. Nearly every month adds alfher to tht already long list of the departed. These offices are almost whoHy of the af^r-growth that is the crop of 1869. Many of them were started a mere individual speculations. A place must be had for somebody's son cousin or nephew, some bankrupt merchant or stock-broker had o^ taken in outof the cold, and chiefly for his special benefit a Lfclnsuanc -Compan, was founded, begetting «his friends" to take up the stock Lt . !;'''"'"'' "' '^' P"^* '''''' y'""'' has rendered any further rep petition of this almost criminal folly no longer possible ^ Another damaging circumstance which must be ascribed either at I'Tir^isTheT ""' f : ''''-'' °'- '^ --'-'^^''y '^^^- iration of it, is the disgraceful developments in connection with tl... management of the largest Company of New York I would harih be too much to say that, not only is confidence shaken Tn his Com pany's management, but the whole superstructure has be n weakerd t?e wir^rstT-^Vf r ''-' -*-'-awXrout u -as Txled to 1 W ; "'' "-'''' "'"^ '"''' '>y ^'^^-'^^l f'^^tions, en./.f .1 ^. ^'"'''^ '^'■''■^^ '1"^'''«''« outside. The very exist -wui get one more chance for its life. It is assertpd tl^t ii,/n ■ r ^ 44 Western Offices it« transactions were very large and its business rapidlr p.ogrcssive, its destniction would therefore be u terrible blow toLifelnsui ance interests in the United States. Policyholdern of the St. LouIh in Canada are amply secured by the deposit of $50,000 at Ottawa no matter what may happen, we should be pleased to see the Company not only sur- vive but enter upon a new career of prosperity. ..*■ /1-' Vl ''^"^' '^ •^'«''8:reeable in tliemselves, at least afford the atisfaction that m the words of Superintendent Chapman of New York "the storm through which the business has been and is yet passin-^ ij punfymg the whole atmosphere of Life Insurance." That there has been "undue inflation " that there are " too many Companies " that " the supply nlrdT'T^'^Tw^'T ''' '''"'"'" "'^ '"^'' with the official just Zt ' P. ■ A v."'''^ '"'''• ''°^' •"'^'^^^ "''^^ '''^'^^ '- confidence, ^^hat^reck8 of high reared structures how lengthened a catalogue of real crid::w":ii."""' ^'^^ ""°^'^^ ^^ ''" ^'^^'^^ ^^'^ --^ '^"^' i^-i^^^^-^ i Iff 5 rapidljr le Insur- jOUiH ID niiittur nly siir- Jid the IV York, as been i siippl J !inl just fidence^ of real iropliet \i CAPITAL, . . $2,500,000. The Paid-up Capital exceeds . . . $1,250,000 The Premium Received on Shares is 170,000 Total , r . . 81,420,000 POSITIVE GOVERNMENT SECURITY LIFE ASSURANCE ISiUNLIKE ANY OTHER PLAN KNOWN, Lnh A^SLKA^CE without DISTIIIUMNCJ THE SOl'ND I'niNcii'LKs ox wmcii the scjence rests. IT AFFORDS: t or, mury Cornjmni.-s. This .;mit u.lv.integc is pr<. i ', IV, • b • the t>H uu, caatii ot tJie Lito. Aswired, or convertible Into Tauli at ai.v tmio, during hfetiuie, to tbc extent of 40 per c.'nt of tli n en,i,n k pa..l ; ,Mtl.,.r on loan at n.o.lerat. interest, or by .surrender ^'''"'"""'' 3. It yon only pay one Premium, and you never pay anoHier vou 'uv still uHsured. uH long as you live, for the value of y^ou. tirst P.Sum 4. Wluitevcr your occupation may be, whether Soidier Snii^,- 'r..„, i. or anything else, you may travel 'and r^de^S^^^^^'l^"!^^ ' ^"Jd"p "i L'"'"'r '"'! ^''"^".'" ^'^'•■'^ '"■•' ub^olutelv indisputable ••nd ,.)!,, I, k, ;.arth,,u(. „, .ightypercentof protits.' 'l'""'"^' j jI^HIEF pPFICE; o8 HEDFOKD SQUAKE, LONDON, KNOLAND. CANADIAN BRANCH: 353 NOTRE DAME STREET, . . . MONTREAL. ^s-J»o