(INDORSEMENT ON THE POLICY.) SUN FIRE OFFICE. the first. Conditions. This office insures against loss or damage by fire, in Great Britain compound interest, on the premium and duty for every year except and Ireland, all descriptions of buildings, including mills and manufactories, and goods, wares, and merchandise, in the same; ships in harbour, or in dock: craft on navigable rivers and canals, and the goods laden on the same; wagons travelling the roads, and their contents; and farming stock of all descriptions, upon the following terms and conditions: Common Insurances. 1. Buildings covered with slates, tiles, or metals, and built on all sides with brick or store, or separated by party walls of brick or stone, and wherein no hazardous trade or manufacture is carried on, or hazardous goods deposited. 2. Goods in buildings as above described, such as household goods, plate, jewels in private use, apparel, and printed books; liquors in private use, merchandise, stock and utensils in trade, not hazardous, and farming stock. At 1s. 6d. per cent. per annum, with certain exceptions. Hazardous Insurances. 1. Buildings of timber or plaster, or not wholly separated by par tition-walls of brick or stone, or not covered with slates, tiles, or metals, and thatchel barns and out-houses having no chimney, nor adjoining to any building having a chimney; auf buildings falling under the description of common insurance, but in which some hazardous trade or manufacture is carried on, such as brewers (without a steam-engine), bread and biscuit bakers (not sea biscuit bakers), bottlers and packers of wine, spirits, or beer; chemists (without a laboratory), inn-holders, maltsters (who make pale malt only), oil. men, soap boilers, stable-keepers, and certain others; or in which hazardous goods are deposited, as the stock and utensils in the above trades; and, also, tallow, pitch, tar, hemp, flax, rosin, and turpentine; hay, straw, and all manner of fodder and corn unthrashed; apothecaries' stock, and oil; and wine and spirituous liquors as merchandise. 2. Ships and craft, with their contents (lime barges, with their contents, alone excepted). At 2s. 6d. per cent. per annum, with certain exceptions. Doubly Hazardous Insurances. 1. Buildings-All thatched buildings having chimneys, or communicating with, or adjoining to, buildings having one, although no hazardous trade shall be carried on, nor hazardous goods deposited therein; and all hazardous buildings, in which hazardous goods are deposited, or hazardous trades carried on. 2. Goods.-All hazardous goods deposited in hazardous buildings, and in thatched buildings having no chimney, nor adjoining to any building having a chimney. 3. Trades-and their stock and utensils, such as maltsters (who make brown malt), and certain others; also china, glass, and earthenware, saltpetre, and wagons with their contents. At 4s. 6d. per cent. per annum, with certain exceptions. Farming stock on any part of a farm may be insured under genera! policies, without the average clause, at 1s. 6d. per cent., provided it be insured to a fair average value. This office will not be subject to any loss on hay or corn, occasioned by its own natural heating, but the loss of any other property in consequence of such fire will be made good; as will losses by fire from lightning. Insurances may also be made by special agreement on the following risks, and on others of a similar description, not mentioned under the 24 and 3d heads of insurance, viz. on mills of all kinds, and the stock and utensils in them; also on buildings, containing kiln, steamengine, stove, or oven, used in the process of any manufacture, and the stock therein; sugar refiners, sea biscuit bakers, distillers, varnish makers, chemists' laboratories, theatres, coach painters, colour manufacturers, varnishers, musical instrument makers, refiners of saltpetre, spermaceti, wax, and oil, barge and boat builders, carpen ters, cabinet makers, coach makers, coopers, cork burners, floor-cloth painters, japanners, lampblack makers, letter-press printers, machine makers, melters of tallow and of rough fat, candle makers, cart-grease makers, rope and sail makers, ship chandlers, hemp and flax dressers, oil leather dressers, medals, curiosities, pictures, prints, drawings, statuary work, spinners of cotton, flax, lint and wool, throughout all the operations attending the manufacturing of these materials, from the raw state into thread for the weaver, and such other risks as, by reason of the nature of the trade, the narrowness of the situation, or other dangerous circumstances, may increase the hazard thereof: all which special hazards must be inserted in the policy, to render the same valid and in force. N. B.-Gunpowder, and buildings in which it is made, cannot be insured on any terms; neither does this office insure writings of any kind, books of accounts, ready money, bonds, bills, or any other securities for money. N. B.-By an act of the 55th of Geo. 3. a duty of 3s. per annum is to be levied on every 1001. of property insured against fire. Art. 1.-Any person desirous of electing insurances upon buildings or goods must furnish the office, or its agents, with a particular description thereof, and of the process of manufacture carried on therein; and if there be any omission or misrepresentation in describing the building or goods, or process of manufacture, whereby the some may be charged at a different rate of premium than they otherwise would be, this office will not be responelle in case of any loss or damage. And if any alteration be made in the state of the buildings or goods, or process of manufacture, after such insurance shall have been elected, then the it sure! shall give due notice thereof, in writing, to the office er its agents, or in default of such notice, such insurance shall become void, and no bene te derived therefrom. Art. 1-All policies shall be signed and seled by three or more trustees or acting members; and no receipts are to be taken for any premiums of insurance, but such as are printed and issued from the office, and witnessed by one of its clerks or agents. Art. III.-Houses, buildings, and goods in trust, and merchandise on commission (except as aforesaid), may be in ured, provided the samme are declared in the policy to be in trust or on commission, but not otherwise. Art. IV.-On bespeaking policies, all persons shall pay the premium to the next quarter day, and from thence for one year more at least, or shall make a deposit for the same, and shall, as long as the managers agree to accept the same, make all future payments annu ally at the said office, within fifteen days after the day limited by their respective policies, upon forfeiture of the benefit thereof. Art. V-Any number of houses and out houses, and household goods, printed books, wearing apparel, plate, prints, jewels and trinkets in private use, stock in trade, goods in trust, or on commission, may be insured in one policy. Art. VI-Persous insured by this office shall receive no benefit from their policies, if the same houses, or goods &c. are insured in any other office, unless such insurance, and the amount thereof, he first specified and allowed by indorsement on the policy, in which case this office will pay its ratiable proportion on any loss or damage. Art. VII.-When any person dies, the policy and interest therein shall continue to the heir, executor, or administrator, respectively, to whom the right of the property insured shall belong, provided, before any new payment be made, such heir, executor, or admis trator, do procure his or her right to be indorsed on the policy at the said office, or the premium to be paid in the name of the said heir, executor, or administrator. Art. VIII.-Persons changing their habitations or warehouses may preserve the benefit of their policies, if the nature and circumstance of such policy be not altered; but such insurance will be of no force till such removal or alteration is allowed at the office, by indorsement on the policy. Art. IX.-No loss or damage will be paid on fire happening by any invasion, foreign enemy, civil commotion, or any military or usurped power whatever. Art. X.-Persons insured sustaining any loss or damage by fire are forthwith to give notice thereof at the office; and, as soon as possible afterwards, deliver in as particular an account of their loss or damage as the nature of the case will admit of, and make proof of the same by their oath or affirmation, according to the form practised in the said office, and by their books of accounts, or such other proper vouchers as shall be reasonably required, and procure a certificate under the hands of the minister and churchwardens, and some other respectable inhabitants of the parish and place, not concerned or interested in such loss, importing that they are well acquainted with the character and circumstances of the person or persons insured or claiming; and do know, or verily believe, that he, she, or they, really, and by misfortune, without any fraud or evil practice, have sustained by such fire the loss or damage, as his, her, or their loss, to the value therein mentioned. And, till the affidavit and certificate of such the insured's loss shall be made and produced, the loss money shall not be payable. And, if there appear any fraud or false swear ing, or that the fire shall have happened by the procurement, or wilful act, neans, or contrivance of the insured or claimants, he, she, or they shall be excluded from all benefit from their policies. And in case any difference shall arise between the office and the insured, touching any loss or damage, such difference shall be submitted to the judgment and determination of arbitrators indifferently chosen, whose award in writing shall be conclusive and binding on all parties. N. B.-In every case of loss the Company reserves the right of re-instatement in preference to the payment of claims, if it should judge the former course to be more expedient; but when any loss is settled and adjusted, the insured will receive immediate payment for the same, without any deduction or discount; and will not be liable to any covenants or calls for contribution to make good losses. To encourage the removal of goods, in case of fire, this office will allow the reasonable charges attending the same, and make good the sufferer's loss, whether destroyed, lost, or damaged, by such N. B.-Persons may insure for more years than one, and in such cases there will be a discount allowed of 5 per cent. per annum, removal. Insurance of Mills, &c.-We subjoin for the information of such of our readers as may be interested in the insurance of mills, the following statements, put forth by the Leeds and Yorkshire Assurance Company. CLASSIFICATION OF MILLS. Class 1.-Fire Proof. Mills built entirely of stone or brick: the floors laid upon stone or brick arches, resting upon stone, brick, or iron pillars, and consisting of stone flags. tiles, cement, or plaster; the frame-work of the windows and roof of iron, the roof covered with slates, tiles, or metal; the staircase detached, constructed of solid masonry or brick-work, without any mixture of wood or timber, and having no communication with the mill but at the several landings: the openings for upright shafts or machinery (if any) to be boxed off with iron or stone. Class 11.-Fire Proof. Mills of which the construction is in all respects the same as Class I. except that the floors do not rest upon s'one or brick arches, but consist of stone flags laid upon iron beams and joists. Class III.-Mills constructed as Classes I, and II. but having the stone floors resting upon timber beams and joists, and the frame-work of the windows and roof of wood. Class IV.-Mills built of stone or brick, and having one or more of the upper floors constructed of stone flags laid upon iron or woo beams, on which floors the dangerous processes are carried on; th staircase of stone, and detached." Class V.-Mills constructed of stone or brick; having the floors except the ground floor, of wood, planked and jointed with iron; tha staircase of stone, being detached or on the outside. Class VI.-Mills constructed of stone or brick; having the floors, except the ground floor, of wood; the staircase of stone, being detached or on the outside. Class VII.-Mills constructed of stone or brick; having the stairs and floors of wood; the stairs being open to the building N. B. In all the classes it is understood that the mill does not adjoin any other mill or extra-hazardous building; that the heating is by steam, and that the boilers and firing places are in a separate building, not endangering the mill. Remarks.-The premiums affixed in the above scale are on the supposition that 3-4ths of the value of the building or stock are given in for insurance. If only half the value is given in, the premium will be 1-3d more; if only 1-4th, the premium will be 2-3ds more; and so on. Buildings, machinery, and stock, may however be insured for any sum or sums, subject to the average clause; or machinery and stock may be insured by rooms. The introduction of stoves or fires, for heating, in lieu of steam, will add to classes I. and II. 6d. premium. 1 V. and VI. 1s. Cd. premium. 28. premium. III. and IV. Is. premium. VII. When mills are more than 2 miles distant from any of the compaAmount of Property insured.-Duty.-Insurance against fire, though practised in France, Holland, and some other countries, is not general any where except in Great Britain. It has been known amongst us for a century and a half, and is now very widely extended. It appears from the official accounts, that the gross duty received on policies of insurance against fire in the United Kingdom, in 1832, amounted to 836,0961.; which, as the duty is 3s. per cent, shows that the property insured was valued at the immense sum of 557,397,5331.! But notwithstanding the magnitude of this sum, it is still true that most buildings are not insured up to their full value; even in towns, many are not insured at all; and in the country it is far from being customary to insure farm buildings or barn-yards. It is difficult to imagine that this can be owing to any thing other than the exorbitance of the duty. On common risks the duty is no less than 200 per cent. upon the premium; or, in other words, if a person pay to an insurance office 15s. for insuring 1,000l. worth of property, he must at the same time pay a duty of 30s. to government! On hazardous and doubly hazardous risks, the duty varies from about 120 to 75 and 80 per cent. upon the premium. Such a duty is in the last degree oppressive and impolitic. There cannot, in fact, be the slightest doubt that, were it reduced, as it ought to be, to one, third its present amount, the business of insurance would be very much extended; and as it could not be extended without an increase of security, and without lessening the injurious consequences arising from the causalties to which property is exposed, the reduction of the duty would be productive of the best consequences in a public point of view; while the increase of business would prevent the revenue from being materially diminished. During last session (1833), the duty on the insurance of farning stock was repealed. But the relief thence arising is immaterial; and the increase is, besides, highly objectionable in point of principle, inasmuch as there is no ground whatever for exempting farming stock from duty in preference to any other description of stock. A duty on insurance is not, in itself, objectionable. We do not wish to see it repealed, but to have it effectually reduced. Were it fixed at 1s. per cent., it would hardly be felt as a burden; while the revenue would suffer little or nothing from the measure. Amount of Duty on Fire Insurances paid by the different London Offices, during each of the Ten Amount of Duty on Fire Insurance paid by the different Country Offices in England, during each of The Hope, Eagle, Albion, Beacon, British Commercial, Palladium, Surrey, Sussex, and Southwark, Brighton, Old Bath, Gloucestershire, Canterbury, Berks, Gloucester and Provincial, Hartford, Cambridge, and Country, and others, (in all 22 offices, chiefly those lately established,) have discontinued their fire insurance business. IV. INSURANCE (LIFE). That part of the business of life insurance which consists of granting annuities upon lives, is treated of under INTEREST AND ANNUITIES; so that we have only to treat, in this place, of the insurance of sums payable at the death of the insurers or their nominees. Suppose an individual of a given age wishes to insure 1001. payable at his death, the single premium, or the series of annual premiums, he ought to pay an office for such insurance, must plainly depend on the expectation of life of such individual, and on the rate of interest or nett profit which the insurers may make by investing the premiums. With respect to the first of these conditions, or the expectation of life, it is usual in estimating it to have recourse to Tables framed from the mortality observed to take place in particular cities or districts, as in Northampton, Carlisle, &c.-(See. INTEREST AND ANNUITIES.) But though the actual decrement and expectation of life among an average population, at every year of their lives, were accurately determined, it is doubtful whether it would form a fair basis for an insurance office to proceed upon. The general opinion seems to be, that insured lives are decidedly above the average; for insurance offices invariably profess to act on the principle of rejecting bad lives or of making them pay a proportional increase of premium; and it may, besides, it is said, be fairly presumed that persons insuring their lives are of a superior class, and are not, generally speaking, engaged in those manual and laborious occupations that are esteemed most injurious to health. But, on the other hand, the friends of parties whose lives are supposed to be bad, and the parties themselves, are most anxious they should be insured. It is also far from being an uncommon practice, for certain individuals to prevail on persons whom they happen to know, or believe to be bad lives to insure; and then to get a legal assignment of the policy in their favour, on their giving the "men of straw" a bonus for their share in the fraud. At all events, there can be no question that large numbers of such lives are perpetually offered for insurance; and every individual conversant with the business knows that, in despite of all precautions, policies are very frequently effected upon them. Mr. Milne, on whose judgment every reliance may be placed, states distinctly that "all the caution and selection which the offices in general can exercise, is necessary to keep the lives insured up to the average goodness of the bulk of the population."-(Ency. Brit. new ed. art. Annuitics.) Since the competition among the different offices became so very keen as it has been of late years, there are but few lives so bad that they will not be taken by one office or another; and we doubt, were the results of their experience made public, whether it would be found that there is much foundation for the opinion as to the superiority of insured lives. With respect to the second condition in valuing an insurance, or the rate at which the interest of money may be estimated, it is impossible to arrive at any thing like accurate conclusions. At an average, perhaps, transactions in life insurance may extend over a period of 30 years from the time when they are entered into; and in such a lengthened term the greatest changes may take place in the rate of profit and the rate of interest. Mr. Finlaison, of the National Debt Office, appears to think that 4 per cent. may be taken as the true average rate in this country; and that 44 is a rate at which no loss need be apprehended.-(Parl. Paper, No. 284. Sess. 1829.) But this is not a point on which (as Mr. Finlaison seems to suppose) previous experience can be safely depended upon in forming engagements for the future; and were this the proper place for entering upon such discussions, we think we could assign pretty solid grounds for concluding that no institution, intended to last for the next half century, would be warranted in reckoning upon realising more than 3 per cent. upon its investments. We should look upon this as the maximum, and of course could expect nothing but ruin to fall upon any institution founded upon the hypothesis of realising 44 per cent. of interest. At the same time, we would not be understood as laying any undue stress upon this opinion; and are ready to admit that there must always be more of conjecture than of certainty in such conclusions. Security being the principal object to be aimed at by every insurance office established on sound principles, they would not act wisely, if they did not calculate their premiums considerably higher than may appear necessary to those who look only at what has taken place during the last 30 or 40 years. Societies contracting prospective engagements that may extend for half a century or more, are exposed to innumerable unforeseen contingencies; and they would be highly censurable, and altogether unworthy of the public confidence, were they so to conduct their affairs, that they might be liable to serious embarrassments from fluctuation in the rate of interest, or an increase of sickness, or any other cause. The success that has hitherto attended the Equitable, and some of the long-established offices, must not be taken as any criterion of what may befall them and others during the next 100 years. Mr. Morgan, the late able actuary of the Equitable, in his account of the rise and progress of that institution, published in 1828, has satisfactorily shown that its peculiar prosperity nas been in a very great degree owing to circumstances which cannot possibly occur again. The premium, for example, charged by the Society, so late as 1771, for insuring 1001. on the life of a person aged 30, was 41. Is. 5d.. whereas it is now only 21. 13s. 4d. ; and there was a corresponding difference in the premiums for the other ages.-(p. 36.) But the excessive magnitude of the premiums was not the only extraordinary source of profit enjoyed by this Society in the earlier part of its career. We learn from the same unquestionable authority, that half the insurances made during the first twenty-five years of the Society's existence were abandoned by the insurers, in many cases, after the premiums upon them had been paid for a considerable number of years, without any valuable consideration being given for them by the Society!-(p. 38.) So copious a source of profit was alone adequate to enrich any society; but such things rarely occur now,-people are become too familiar with life insurance, and sales of poliries are of too frequent occurrence, to allow any office to realise any thing considerable in this way. Now, we ask, can any one who takes these facts into view, and couples them with the frugal and 89 cautious management which has hitherto always distinguished the Equitable Society, he surprised at its success? and can any thing be more absurd than to appeal to its experience in casting the horoscope of the societies that have sprung into existence within the last few years. But, independently of these considerations, there are other circumstances sufficient to account for the great success of some of the old offices. Since the close of the American war, a very decided diminution has taken place in the rate of mortality; the public tranquillity has neither been disturbed by foreign invasion nor intestine commotion; we have not been once visited by any epidemic disorder; and the investments in the funds, during the war made at from 50 to 60, may now be realised at from 80 to 90. We do not presume to say that circumstances may not be even more advantageous for the insurance offices during the next half century; but we should not, certainly, think very highly of the prudence of those who proceeded to insure on such an assumption. Security, we take leave again to repeat, is, in life insurance, the paramount consideration. It is, we believe, admitted on all hands, that the premiums were at one time too high; but we doubt whether the tendency at present be not to sink them too low. A great relaxation has taken place, even in the most respectable offices, as to the selection of lives. And the advertisements daily appearing in the newspapers, and the practices known to be resorted to in different quarters to procure business, ought to make every prudent individual consider well what he is about before he decides upon the office with which he is to insure. Attractive statements, unless where they emanate from individuals of unquestionable character and science, ought not to go for much. Life insurance is one of the most deceptive of businesses; and offices may for a long time have all the appearance of prosperity, which are, notwithstanding, established on a very insecure foundation. If a man insure a house or a ship with a society, or an individual, of whose credit he gets doubtful, he will forthwith insure somewhere else. But life insurance is quite a different affair. The bargain is one that is not to be finally concluded for, perhaps, 50 years; and any inability on the part of an establishment in extensive business to make good its engagements, would be productive of a degree of misery not easy to be imagined. Life insurance companies are divided into three classes. The first class consists of joint stock companies, who undertake to pay fixed sums upon the death of the individuals insuring with them; the profits made by such companies being wholly divided among the proprietors. Of this class are the Royal Exchange, the Sun, the Globe, &c. The second class are also joint stock companies, with proprietary bodies; but instead of undertaking, like the former, to pay certain specified sums upon the death of the insured, they allow the latter to participate to a certain extent, along with the proprietors, in the profits made by the business. The mode in which this sort of mixed companies allot the profit granted to the insured, is not the same in all; and in some, the principle on which the allotment is made is not disclosed. The Rock, Alliance, Guardian, Atlas, &c. belong to this mixed class. The third species of company is that which is formed on the basis of mutual insurance. In this sort of company there is no proprietary body distinct from the insured; the latter share among themselves the whole profits of the concern, after deducting the expenses of management. The Equitable Society, the Amicable, the Norwich Life, &c. belong to this class. The advantage to a person insuring in any one office as compared with another, must plainly depend on a comparison between the premiums demanded, the conditions of the policy, and, above all, the security which it holds out. It may appear, on a superficial view, as if the mutual insurance companies would be in all respects the most eligible to deal with, inasmuch as they have no proprietors to draw away any share of the profits from the insured. It is doubtful, however, whether this advantage be not more than balanced by disadvantages incident to such establishments. Every one being a partner in the concern, has not only his own life insured, but is part insurer of the lives of all the other members; and may, in this capacity, should the affairs of the society get into disorder, incur some very serious responsibilities. The management, too, of such societies, is very apt to get into the hands of a junto; and to be conducted without the greater number of those interested knowing any thing of the matter. There is, also, considerable difficulty, in constituting such societies, in distinguishing clearly between the rights of old and new members: for, supposing a society to be prosperous, it is but reasonable that those who have belonged to it while it has accumulated a large fund, should object to new entrants participating in this advantage. But the affairs of a society conducted in this way, or making distinctions in the rights of the members during a long series of years, could hardly fail of becoming at last exceedingly complicated: nor is it, indeed, at all improbable that the conflicting claims of the parties in some of the societies of this sort now in existence, may ultimately have to be adjusted in the courts of law, or by an act of the legislature. Supposing the premiums demanded by the societies which retain the whole profits to themselves, to be fairly proportioned to the values insured, we should be inclined to think that they are, on the whole, the most advisable to insure in. The subscribed capital of such associations as the Royal Exchange, Sun, Globe, Scottish Union, &c., and the wealth of the partners (which is all liable, except in the case of the chartered companies, to the claims of the insured), afford unquestionable security. Individuals dealing with them know exactly what they are about. They know the precise premiums they will have to pay, and the exact amount of the sums that will be paid to their assignees in the event of their death. They incur no responsibility of any kind whatever. For, unless some very unprecedented and unlooked-for change should take place in the condition of the country, they may reckon with certainty on the terms of the policy being fulfilled to the letter. But, as already observed, every thing depends, in matters of this sort, on a comparison of the premium with the advantages to be realised. And where the premiums are believed, either through carelessness, or intentionally, in order to provide for the safety of the establishment, to be a little too high, it may be more expedient, perhaps, to deal with a mixed company. The subscribed capital and fortunes of the proprietary body afford a guarantee on which the public may depend in dealing with any respectable company of this sort; while, by receiving a share of the profits, the insured gain by the flourishing condition of the association, and it is of less consequence to them though the premiums should be too high. It should, however, be borne in mind, that an individual insuring with a mixed company, on condition of his getting a proportion of the profits, becomes a partner of such company; and being so, incurs responsibilities. In dealing with such associations as the Alliance, the Rock, and a few others, this responsibility can hardly be said to amount to any thing. But there are companies of this class in the field, and holding out very tempting baits to the unwary, those insured in which may find, at some future period, that this responsibility is by no means a light matter. A highly respectable company of this mixed class, with a large subscribed capital,-the Guardian, -inserts in all its policies the following condition, viz.-"That the responsibility of the individual members shall, in all cases, be limited to their respective shares." It may be doubted whether this condition be good in law; but if it be, it materially affects the security afforded by the Company, which otherwise would justly claim a place in the very first class of offices. As no one attempts to secure himself against a contingency which he is satisfied cannot happen, the existence of a condition of this sort implies a doubt, on the part of the proprietary body, of the perfect solidity of the establishment. Such a doubt may be, and we believe really is, very ill-founded; but the public will, most likely, be inclined to think that the proprietors ought to know better than any one else. The Albion Fire and Life Insurance Company also inserts in its policies a condition to the same effect. The allotment of profit to the insured made by the mixed companies, is sometimes effected by a diminution of the premiums, and sometimes by increasing the sum in the policy; and individuals should, in dealing with such societies, select, other things being equal, the association with which to insure, according as they wish to insure a larger sum, or to get the premiums reduced. We subjoin, from Mr. Babbage's work on Life Assurance, the following statement of the terms of the various mixed companies, as to the division of profits with the insured. They are, for the most part, exceedingly vague. We also subjoin an account of the conditions, in respect of profits, under which new entrants are admitted into the Equitable. Allians-At the periods of participation of the company in the profi's of its concerns, every policy for the whole term of life, which shall have paid 5 entire annual premiums, shall, if the allow ance be made in reduction of annual į remium, be entitied to such reduction from the original charge, as shall then, and from time to time, be declared; but if the allowance be in addition to the amount assured, that addition shall also be continually declared from time to time. Persons assuring their own lives have the option of declaring, at the time of effecting the assurance, whether they will participate in the profits by an addition to their policy, or by a reduction of pre mium. Allas.-Persons assuring for the whole term of life for 1001. and upwards, m Great Britain and Ireland respectively, will be entitled, at the end of every 7th year, to participate in the surplus premiums, to be then ascertained by actual valuation. Asylum.-The directors have power to divide such portion of the profits quinquennially, as may not imprudently check the growth of the funds intended for the benefit of the assured. Crown-Two thirds of such profits as shall periodically be declared devisible, will be apportioned amongst assurers for the whole term of life, and may be applied to the reduction of the future annual premiums, or to the increase of the sum assured, as may be desired. Economic.-At present 3-4ths of the savings and profits divided amongst the assured entitled to participate therein, by additions to their policies, proportioned to their respective contributions, and in order to afford them the immediate benefit of such additions, interest thereon applied annually in reduction of their premiums. Equitable-That in case any prospective addition shall hereafter be ordered to be made to the claims upon policies of assurance in this Society, such order shall not take effect with respect to any poli cy granted after the 31st of December, 1816, until the assurances existing in the Society prior in number and date to such policy, and if of the same date, prior in the number thereof, shall be reduced to 5,000; but as soon as such reduction shall have been ascertained, in manner bereinafter mentioned, the said policy shall be within the effect and operation of the order for such addition, as to the payments made thereon subject to such ascertained reduction: so that if such order should be made to take effect generally from the 1st of January, 1820, for the space of 10 years then next following, a policy effected in the year 1817, shall not be within the operation of such order, until the assurances existing prior to the number and date of the policy, as aforesaid, shall have been reduced to 5,000; but such policy shall be within the operation thereof from the time when the reduction shall have been ascertained, in manner hereinafter mentioned, as to the payments made thereon subsequent to such ascertained reduction. And the like as to other cases. And this by-law shall be considered as a part of every such order, and shall be virtually incorporated therein, although the same may not be thereby, expressly referred to. That in case any retrospective addition shall hereafter be ordered to be made to claims upon policies of assurance in this Society, such order shall not take effect with respect to any policy granted after the 31st of December, 1816, until the assurances existing in the Society prior in number and date, and if of the same date, prior in the numiher thereof, shall be reduced to 5,000; but when the said reduction shall have been ascertained in manner hereinafter mentioned, such policy shall be within the effect and operation, and entitled to the benefit of such order, with respect to every payment made thereon subsequent to such ascertained reduction; so that if such order shall be made to take effect generally as to payments made before the Ist of January, 1820, a policy effected in the year 1817 shall not be within the effect and operation thereof, unless the life assured shall exist, and the payments continue to be made, until the assurances existing in the society prior to the number and date of the policy, as aforesaid, shall be reduced to 5,000; but as soon as such reduction shall have been ascertained, in manner hereinafter mentioned, such policy chall be within the effect and operation of such order for the several payments made thereon as aforesaid. And the like as to other cases. And this by-law shall be considered as a part of every such order, and be virtually incorporated therein, although the same may not be thereby expressly referred to. That an inquiry be made on the first of April in every year, in order to ascertain the number of assurances made and existing in the Society; and when it shall have been ascertained by such inquiry that the assurances existing prior to the 1st of January, 1817, were, on the 31st of December, immediately preceding such inquiry, reduced below the number of 5,000, the actuary do report the same to the court of directors, who shall communicate such report to the quarterly general court, to be holden in the June following; and that as many of such policies as had been made subsequent to the 31st of December, 1816, and which were existing in the Society on the 31st of December immediately preceding such inquiry, be added, according to the priority in their dates and numbers, and if of the same date, according to the priority in their numbers, to those above men tioned, as shall be sufficient to complete the number to 5,000; and that the persons holding the policies so added, shall be considered thenceforward as entitled to such additions as shail be thereafter made in respect of all the payments made subsequent to such ascer tained reductina, and under the same restrictions, to the same privi leges of attending at the general courts, and of being eligible to the office of director. That after the vacant numbers in the assurances existing in the Society on the 1st of January, 1817, shall have been filled up agreea. bly to the foregoing order, the actuary on the 1st of April in every succeeding year, do ascertain the vacancies which have taken place in the preceding year in the policies constituting the 5,000 mention. el in the 5th resolution, and report the same to the court of directors, who shall communicate such report to the quarterly general court in the month of June following; and that as many policies shall be added, according to the priority of their dates and numbers, and if of the same dare, according to the priority in their numbers, as shall be sufficient to complete the number to 5,000; and that the persons holding those policies shall thenceforward be considered as entitled to such additions as shall be thereafter made in respect of all payments made subsequent to the 31st of the preceding December, and, under the same restrictions, to the same privileges of attending the general courts, and being eligible to the office of director. Provided that nothing hereby ordered shall be construed to authorise an addition to the sum assured by any policy, upon which policy the number of payments required in that respect by the present bylaws of the Society shall not have been made. N. B.-Those by-laws require that 6 annual payments at the least shall have been made before any addition to a claim can take place; and when such payments shall have been made, the party will be qualified to be received, in his turn, into the number of persoas entitled to additions as aforesaid. European.-The profits derived by this Company are distrit amongst the several persons connected with the establishment, according to the contingency or certainty of the contract. Life insurers derive an immediate benefit by the reduction of the premiums generally taken, with the prospect of a liberal addition to their policies, or a further reduction of the premium, in 10 years. Guardian.-Persons assured for the whole term of life will be entitled at the end of every 7 years to participate in the profits of the Company, after a deduction of such sum per annum, for the guaranty of the capital, as the directors may think reasonable; the extent of which is, however, limited by the deed of settlement. The share of the profits to be so allowed to the insured, may either be added to the amount of their respective policies, or the value thereof be applied in reduction of the premiums hereafter to be pay able on such policies, provided such option be declared in writing within 3 calendar months next after the dividend shall have been declared; but if such option be not declared, such share of profits will be added to the amount of policies. Hope.-Every person effecting a policy of insurance at this office, is entitled to a participation in the profits, equally with the proprie tors of the Company, after a moderate deduction for the guaranty and the expenses of management. Imperial.-Upon every policy effected for the whole term of life, the assured will participate in the profits of the Company, by having periodical additions made to the sums insured to the amount of 2-3d parts of such clear gains and profits. Law Life. At stated periods, the surplus of the fund arising from the premiums of assurance, and their accumulation beyond what may be thought necessary to answer the expected claims upon the Society, will be ascertained; and as large a portion of the savings as may be deemed consistent with the security of the institution, will be divided between the proprietors and the assured in the following manner:-1-5th will be transferred to the proprietors' guar anty fund; and reversionary sums, equivalent to the remaining 4-5ths, will be added to the polices of those who shall have been 3 years as sured for the whole term of life. London Life Association.-The distinguishing principle of this Society is, that the benefits resulting from its transactions shall be enjoyed by the members during life, so as to render life assurance as easy to the assured, as a due regard to security will admit. Medical and Clerical.-Persons assured for the whole term of life will be entitled to share with the original proprietors the general profits of the business, in proportion to the amount of their respective assurances. Norwich Union-The whole of the surplus premiums is added at stated periods to the policies of the members, in proportion to the sums they have respectively contributed. Palladium.-A general investigation of the affairs of the Society is to take place every 7th year, when 4-5ths of the declared profit of the life department will be appropriated by way of bonus or addition. to be placed to the credit of the policies then in force for the whole term of life, upon the most equitable principles of division. Rock.-That the said bonus shall be short of the actual surplus profits at the time of making the same, by the sum of 5,0002, at least. That the bonus so declared shall be divided into 3 equal parts. That one of the said parts shall be added to and consolidated with the subscription capital stock. (This is the proprietors' fund.) That the remaining 2-3ds be allotted to the policies in the manner described in the deed. That the sum to which any person assured by the Company may become entitled under any such distribution, shall be paid by the Company without interest, at the time when the sum assured by the policy shall become payable, and not before. Union.-Those who assure with this Company will participate with the proprietors in the profits of the establishment, which will be added every 7 years to the respective policies. United Empire.-Persons effecting assurances for the whole continuance of life, will, at the end of the first 5 years, and of every subsequent 5 years, be entitled to participate in whatever nett surplus profits it may be declared by the directors expedient to divide. Two-fifths of the aforesaid profits will be divided amongst the said assured, in proportion to the premiums they may respectively have paid, and will, at their option, be either added to the amount of their policies, or applied in reduction of thei: future premiums. University-As it is intended that the capital advanced shall be repaid to the shareholder, with a bonus of 1001. per cent., 1-10th of the profits, when ascertained by a valuation of all existing risks, will every 5 years be applied to form a fund for that purpose. The remaining 9-10ths of the profits to be divided between the *This work of Mr. Babbage contains a good deal of useful information, intermixed, however, with not a few errors and mis-statements. It was most ably reviewed in an article in the 90th NumDer of the Edinburgh Review. |