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Premium Rates and Insurance Protection in Britain and Canada

Published online by Cambridge University Press:  18 August 2016

Arthur Pedoe
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Extract

That great numbers of His Majesty's subjects, whose subsistence principally depends on the salaries, stipends, and other incomes payable to them, during their natural lives, or on the profits arising from their several trades, occupation, labour, and industry, are very desirous of entering into a society for insuring the lives of each other, in order to extend after their decease the benefit of their present incomes to their families and relations, who may otherwise be reduced to extreme poverty and distress, by the premature death of their several husbands, fathers and friends, which humane intention the petitioners humbly apprehend cannot be effectually carried into execution without His Majesty's royal authority to incorporate them for that purpose.

This is the preamble to the petition presented to the Secretary of State's office of the British Parliament in April 1757 by the promoters of ‘The Corporation for Equitable Assurances on Lives’, the seed from which modern life insurance has sprung. It is undoubtedly the clearest statement made as to the purpose and justification of the life insurance industry and stands as a challenge to those engaged in it.

Type
Research Article
Information
Journal of the Institute of Actuaries , Volume 92 , Issue 3 , December 1966 , pp. 306 - 325
Copyright
Copyright © Institute and Faculty of Actuaries 1966

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References

(1) British Life Assurance 1959–63, 1958–62. Life Offices' Association, Associated Scottish Life Offices, etc. London and Edinburgh.Google Scholar
(2) Report of the Superintendent of Insurance for Canada, 1963. Vol. 1, Abstract of Statements. Queen's Printer, Ottawa.Google Scholar
(3) Life Insurance Fact Book, 1964, p. 102, and earlier editions. Institute of Life Insurance. New York.Google Scholar
(4) Statements of Life Assurance and Bond Investment Business deposited with the Board of Trade during the year ended 31 Dec. 1962. Two vols. H.M.S.O. London, 1963.Google Scholar
(5) Canadian Institute of Actuaries, Toronto. Mimeographed reports of meetings. See also: Arthur Pedoe, The Trend of Life Insurance Company Expenses, T.S.A. 4,485 and T.S.A. 13,l; D. M. Ellis, T.I.C.A. 17th, Vol. II, Pt. 1, p. 61.Google Scholar
(6) Sprague, T. B. On the construction and use of a series of select mortality tables. J.I.A. 22, 396.Google Scholar
(7) Andras, H. W. On the system of bonus distribution to policyholders, etc. J.I.A. 32,342 (1896).Google Scholar
(8) Hammon, P. H. and Skerman, R. S. Ordinary assurance premium bases in the United Kingdom etc. Proc. Centenary Assembly of the Institute of Actuaries, Vol. II, 247.Google Scholar
(9) Wall, Alexander. Allowance for expenses in premium and reserve calculations. T.I.C.A. 17th, Vol. II, Pt. 1, p. 300.Google Scholar