LIFE-ANNUITY. 
Exemplification of Tables III. and IV. 
Prob.. 3. To find the Value of an Annuity for Two Joint 
Lives; that is, for as long as they both continue in being together. 
.—In Table III. find the younger age, or that neareft to 
it, in column 1, and the higher age in column a; then 
again ft this iaft is the number of years purchafe in the pro¬ 
per column for the interelt. 
Ex. Suppofe the two ages be 20 and 35 years; then the 
value is 10-9 years purchafe at 3 per cent, 
or 9-8 - - at 4 per cent, 
or 8'8 - - at 5 per cent. 
Prob. 4. To find the Value of the Annuity for the Longefi of 
Two Lives; that is, for as long as either of them continues in be¬ 
ing. —In Table IV. find the age of the youngelt life, or 
the neareft to it, in column 1, and the age of the elder in 
column 2; then again!! this laft is the anfwer in the pro¬ 
per column of intereft. 
Ex. If the two ages be 15 and 40; then the value of 
the annuity upon the longeft of two fuch lives 
is 21'1 years purchafe at 3 per cent, 
or 17-9 - - 4 per cent, 
or i5'7 - - 5 per cent. 
In the In ft two problems, if the younger age, or the rate 
of intereft, be not exactly found in the Tables, the neareft 
to them may be taken, and then by proportion the value 
for the true numbers will be nearly lound. 
Rules and tables for the values of three lives, See. may 
alfo be feen in Simpfon, and in Baron Maferes’s Annui¬ 
ties, &c. All thefe calculations have been made from ta¬ 
bles of the real mortuary regifters, differing unequally at 
the feveral ages. But rules have alio been given upon 
other principles, as by De Moivre, upon the fuppofition 
that the decrements of life are equal at all ages; an af- 
fumption not much differing from the truth, from 7 to 70 
years of age. 
Mod of the offices we have enumerated under the arti¬ 
cle Assurance, vol. ii. p. 293, 4, grant annuities on 
lives; but the life-annuities now granted by the govern¬ 
ment are fo much more advantageous to the purchaler, 
that we need not ftop to notice any other. , 
By acts of the 48th, 49th, and 52d, Geo. III. the 
commilfioners for the reduction of the national debt are 
empowered to grant life-annuities to perfons who may be 
difpofed to transfer to the faid commilfioners, either 3I. 
per cent, confolidated or reduced bank-annuities, when 
thofe flocks lhall be at or above 50 ; but no perfon can be 
admitted as a nominee who lhall be under the age of 35 
years, nor can any fum be transferred lefs than 100I. ftock. 
It is alfo provided that no perfon who lhall not be a na¬ 
tive of and refident in Great Britain orlreland can be the 
nominee in refpeift of any life-annuity to be purehafed by 
or on the behalf of any other perfon or perfons. 
Previous to the transfer, the parties mult produce cer¬ 
tificates of the age of the nominees, by a copy of the re- 
gifter of their baptilin under the hand of the rninifter, or, 
in his abfence, under the hands of the churchwardens and 
overfeers of the parilh, or any two of them, where fuch 
regifter is kept. This certificate of regifter to be figned by 
two wfitneffes, one of whom is to make affidavit of the 
truth of ir. 
Upon the certificates and affidavits being produced to 
the proper officer, he fhall grant a certificate in the form 
preferibed by the add; which certificate being produced 
at the bank of England, and upon the transfer, to the 
commilfioners for the reduction of the national debt, of 
the bank-annuities to be transferred, as the confideration 
for the purchafe of the life-annuity, the perfon producing 
the faid certificate lhall be entitled to receive a certificate 
from one of the calhiers of the bank of England, and 
figned by one of the faid cafiiiers, acknowledging fuch 
transfer, and which lhall be an acquittance or difeharge 
for the ftock fo transferred; but it is provided, that no 
certificate granted by the faid officer (not the calhier) lhall 
'> fee valid under the provifions of this aft after the expira- 
647 
tion of five days from the date of fuch certificate. In 
purchafing the faid life-annuities, the price at which the 
itock is to be taken in payment for the fame is to be the 
price at which the faid Itock was to be bought on the 
neareft day preceding the date of the certificate. 
If certificates or affidavits containing falfe llatements of 
the ages of nominees, with intent to obtain a higher an¬ 
nuity than would be obtained according to their true age, 
fitould be produced, the annuity, and the flock transfer¬ 
red for the purchafe of if, will be forfeited, and the perfon 
on whofe behalf fuch ftock may have been transferred 
will alfo forfeit treble the value of all fums which may 
have been received on account of the faid annuity, and a 
penalty of 500I. Perfons having once produced the do¬ 
cuments required by the aft, may purchafe a further an¬ 
nuity upon the life of the fame nominee without exhibit¬ 
ing any frelh certificate of age, See. Thefe life-annuities 
are on government fecurity; are payable half-yearly at 
the bank of England, the fame as the dividends, and may 
be received by power of attorney; they are alfo transfer¬ 
able, but not in parts or Ihares, nor can the original no¬ 
minee ever be changed. 
If either 3I. per cent, confols or reduced bank annui¬ 
ties be transferred between the 5th Jan. and 4th April, 
both inclufive; the life-annuity becomes payable the 5th 
July and 5th Jan. in every year. If between the 5th 
April and 4th July, it becomes payable the 10th Oft. and 
5th April in every year. If between the 5th of July and 
9th of Oft. it becomes payable the 5th Jan. and 5th July 
in every year. If between the 10th Oft. and 4th Jan. 
it becomes payable the 5th April and 10th Oft. in every 
year. 
By obferving the above periods, it will be feen that pur- 
chales may be made fo as to receive life-annuities quar¬ 
terly. At the time of payment, if the nominee fhall ap¬ 
pear personally and be identified at the office, no docu¬ 
ments will be required of the party to enable him or her 
to receive the fame ; but, in cafes of non-appearance, a 
certificate of the life of the nominee mull be produced, 
accompanied by an affidavit of identity, the form of which 
may be had on application at the office. 4 Life-annuities 
purehafed under the provifions of the above afts, are free 
from all taxes, charges, and impofitions, whatfoever, except 
fuch as dividends of confolidated or reduced bank an¬ 
nuities are or may be Subject and liable to; and are to be 
deemed perfonal ellate. 
Upon the death of a fingle. nominee, or of the furvivor 
of any two joint nominees, one fourth part of the annuity 
depending upon his or her life will be payable to the per- 
fon entitled to the faid annuity, or to his or her execu¬ 
tors, adminiftrators, or aifigrvs, (over and above all arrears,) 
provided it be claimed within two years after fuch de- 
ceafe, but not otherwise. For example, if an annuity of 
iool. depended upon the life of the nominee, the fourth 
part to be claimed (for that time only) would be 25I. over 
and aboveany arrear that might be due on fuch annnuity. 
Perfons receiving annuities after the fame ought to ceal'e 
by virtue of the aft (knowing the nominees to be dead) 
will forfeit treble the value of the money fo received, and 
a farther penalty of 500I. 
Perfons convifted of wilfully or corruptly fwearing or 
affirming any matters or things which Shall be untrue, 
will be lubjeft to the penalties of perjury. Perfons con¬ 
vifted of forging, counterfeiting, or altering, any regifter 
of birth or baptifm, or any copy thereof, or any of the 
certificates, affidavits, or other inftruments required, by 
the aft, or of perfonating any true and real nominee or 
nominees, will be adjudged guilty of felony. 
Tables of the rates and blank forms are delivered gratis 
at the Government Life-Annuity Office, Bank-buildings, 
Cornhill. No fee whatever is charged at this office; and 
all documents relating to the purchale, transfer, or receipt, 
of thefe annuities, are exempt from the ftamp-duty. 
Table 
