Treatise on Benefit Building Societies and Life Assurance Societies, with Suggestions for the Formation of Local Enterprise Encouragement Companies (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1867 Excerpt: ...Department, established in 1865, in connection with the Post Office, carrying into effect the principal provisions of the Bill introduced by Mr. Whitbread in 1807, which we were the first to recall to public attention, by our Treatise on Savings Banks. The Policies granted by this Department are limited to sums between 20 and 100. The first Statement of Account has recently been made public, from which it appears that on the 31st December, 1865, 544 Policies were in existence, assuring 40,000, at annual Premiums of about 1200. This is certainly not so large a result as might reasonably have been expected, and probably arises from the unwise restrictions with which the scheme has, contrary to the best advice, been hampered. One circumstance cannot be remarked without very great regret, viz.: --that on these 544 Policies, the amount paid for Medical Fees appears to be only 13. 7s. 6d. If lives are accepted without examination, to save expense, that is indeed false economy;--for much more may be lost by the acceptance of deteriorated lives as good, than can possibly be saved in Medical Fees. (See Note, Part 2, p. 3.) 14.--Much has been said as to the injurious effect of so many Assurance Societies having been formed of late years, when so few really transact any large amount of business. But the mischief, if any, is confined to those societies, the non-success of which In 1848, we submitted a clause for insertion in the Friendly Societies' Bill of that year, to enable the Government to grant Assurances up to 200, but the state of public business prevented its being then proceeded with. is attributable to their having been founded, either without a good connection, or with insufficient paid-up capital to defray the expenses, t...