INSURANCE. 



Table for the whole of life, for each (hare, amounting to 

 1 80/. tvilh fuch addition as the circumjlanca of the year may 

 produce, to be paid on the death of the infured. 



The whole of the annual contributions for every ftiare 

 granted previous to the laft charter, and feven eighths of the 

 contributions on {hares fubfequently granted, are to be di- 

 vided every year amongft the claimants by deaths which hap- 

 pen in that year : a principle of divifion, which is calculated, 

 in the general courfe of things, to raife each claim con- 

 fiderably above 180/. which fum at lead the corporation 

 engages each (hare (hall produce to the claimant. See As- 



URANCE. 



The " Society for Equitable Alfurances on Lives andSur- 

 yivor(hips" was eltablifhed by deed, inrolled in his niajefty's 

 court of king's bench, Weftminfter. For an account of 

 this fociety, which has acquired high reputation, under the 

 conduft of its prefent aftuary, William Morgan, efq. fee 

 Assurance. The "Weftminfter Life Infurance Office'' was 

 eftabhftied in 1 792. The " Pelican Office" for infurance of 

 lives, granting annuities and endowment of children, was 

 cftabliftied in the year 1797. The " Rock Life Aft'urance 

 Compnny" was inftituted in 1806, on a principle different 

 from that of any fociety hitherto eftabUfhed for the alTurance 

 of a fum to the reprefentatives of a perfon afTurcd. The 

 company confifts of a number of proprietors, pofteffing a 

 capital (lock of one million ; and each proprietor is under 

 the neceffity of alTuring a fum on his owh life, if accepted 



by the direftors ; or on that of an approved nominee, t« 

 the amount of one quarter of the ftock in his name. Thus 

 by affuring each other's lives, the proprietors have a mutual 

 intereft in the fupport of the fociety, and are engaged to 

 each other to take care that no improper life, with their 

 knowledge, be admitted into it. By the mode of aJTuring 

 property in this fociety, the reprefentatives of the alTured 

 receive a certain fum at his deceafe, and whatever addition " 

 may have been affigned to that fum by the previous refolu- 

 tion of the fociety, agreeably to its deed of fettlement. 

 The perfons who aiTure in this office are not all partners ; 

 they are not all refponfible for the payment of the fum af- 

 fured to each individual. The aflured are either proprietors 

 or non-proprietors. The proprietors are anfwerable each 

 to a certain amount ; they lay down a certain fum, and 

 form a determinate capital to anfwer all contingencies, and 

 by thus forming a capital, they are enabled to make a due 

 affignment of the fum to be added at different periods to 

 various pohcies of affurance. The afTured non-proprietors 

 have no fliare in the riik : they pay down definite premiums, 

 which afTure to the reprefentatives the fum afTured, and 

 who partake equally with proprietors in the addition which 

 may be made at different periods to each policy. The fe- 

 curity for the payment of tliat fum is the capital ftock of 

 the company and the amount of all the premiums, with the 

 intereft upen them. Such a fecurity, it is faid, may be 

 deemed as a " rock," whence we apprehend the company 

 derives its appellation ; for the transfer of (hares will produce 

 a continual renovation of policies, which, with the capital 

 of the company, and the amount of annual pajTiients from 

 affurances, will form an increafing fund, adequate to every 

 purpofe of profit and fecurity. The charafler of WiUiam 

 Frend, efq. the aftuary of this fociety, as a mathematician, 

 is well known. The " Provident Life Inftitution'' was 

 eftabliflied in 1806. In the fame year was alfo eftablifhed 

 the " Philanthropic Annuity Inftitution ;" the objeft of 

 which is to enable thofe, who wi(h to raife an immediate fum 

 of money by the grant of annuities, or to inveft money for 

 the purpofe of accumulation, to do it on the molt advan- 

 tageous terms fuited to the various circumftanccs and contin- 

 gencies of life ; and alfo to provide endowments for children, 

 &c. The inveftment of money in this inftitution may be 

 made in three different ways : lil, by paying a certain fum 

 of money down, to receive an annuity, to commence imme- 

 diately : 2dly, by paying down a certain fum of money, to re- 

 ceive an annuity, to commence at a future time : and,3dly, by- 

 paying a fum of money at particular periods, to receive back 

 a fum, or an annuity when the inveftor requires it. The 

 " London Life Affociation'' for the affurance of lives, con- 

 fifts of perfons infuring their refpeftive lives for the whole 

 term of life ; and the members become, to the amount of 

 their policies, mutual affurers to one other. The fociety 

 alfo undertakes every defcription of affurance on the lives of 

 perfons, not members ; and it is part of its plan to make 

 endowments, and to grant and purchafe annuities, by vir- 

 tue of an aft of parliament of the 47th Geo. III. c. 32. 

 The diftinguiftiing principle of this fociety is, that the bene- 

 fits refulting from its tranfaftions (hall be enjoyed by the 

 members, during life, fo as to render life affurance as cafy to 

 the affured, as a due regard to fecurity will admit. The 

 " Royal Exchange Affurance Annuity Company" has been 

 already mentioned under the article Assukance : but is 

 May 1803, the foUowiiig table of rates was formed ; 



A Tabic 



