INSURANCE. 



533 



them upon a just footing, the amount to be 

 limited in such manner that the companies 

 should not be subject to a material shock, 

 though the degree of risk should eventually 

 prove to have been underestimated. So far as 

 the rates adopted have been tested by experi- 

 ence, they seem to be fairly proportionate to 

 the risks. 



Some of the companies have paid about ten 

 per cent, of the aggregate losses on military 

 and naval risks. The whole amount of losses 

 is somewhat below that which ought, accord- 

 ing to approved records of mortality, to have 

 occurred, notwithstanding a much greater pro- 

 portion of extra risks by land and sea subject 

 to extra premium, than ordinarily comes into 

 the tables. But the older companies are of 

 course gradually approximating, from year to 

 year, toward the point when, in consequence 

 of the increased average ages of members, a 

 greater ratio of mortality becomes due from 

 the company. 



. As long as the mean of the aggregate ages 

 of the whole number of members shall continue 

 to increase, a greater ratio of losses to the 

 whole number will be annually due to the law 

 of mortality. 



There are in Massachusetts 24 life companies 

 doing business. These embrace few Maisa- 

 chusetts companies but companies doing 

 business in New York, except the TVisconsin 

 Mutual, and some others. The returns of all 

 these companies give the following results for 

 1862, as compared with former years : 



The number of policies outstanding, Xov. 1, 

 1862, it appears, was very nearly double the 

 number that was outstanding at the same 

 period in 1861, and the risks were increased by 

 the sum of $16,780,461.82. This fact indicates 

 the very great impulse which the war has 

 given to life insurance, and how carefully 



