In addition to the marine and fire insurance, a somewhat similar speculation has been applied to human life, in the formation of life-insurance companies. These receive small annual payments in consideration of securing to the relations of the assured, or others to whom his property may be bequeathed, a stipulated sum. This arrangement we consider of the highest importance in mercantile countries, particularly to persons engaged in professional or personal occupations, where on the decease of the principal, the agency or appointment is not usually susceptible of transfer or bequest. By means of this species of insurance property is secured to descendants, who, but for some such precaution, might be left destitute. The oldest life-assurance office in London is the _Amicable_. This company was chartered in 1706, in consequence of application made to her majesty, Queen Anne, by Sir Thomas Allen and others. There are now in London nearly eighty life-assurance companies, of which about sixty are exclusively devoted to that object, and the remainder unite fire-insurance. The terms vary in the different offices, although not considerably, being founded upon recognised sets of tables. A comparative table of the annual rates of premium charged by each British office will be found in Waterston’s Cyclopædia of Commerce. The premium is of course adapted to the probable duration of life; the lowest being £1 7_s._ 9_d._ per £100 on a healthy life at the entrance age of 15, the highest, at the age of 60, being about 7 per cent. A diseased condition in most incapacitates for insurance, but in some offices even diseased lives and risks of every kind are insured, of course at a proportional rate[715]. In the reign of Queen Anne several offices were opened for making insurances on marriages, births, christenings, service, &c., and fraudulent practices prevailed to such a degree that by Stat. 9 Ann. c. 6, § 37, a penalty of £500 is imposed on every person setting up such office, and £100 for any person making such assurance in any office already established.