Annals, Anecdotes and Legends: A Chronicle of Life AssuranceFrancis, John, of the Bank of England
History
Annals, Anecdotes and Legends: A Chronicle of Life Assurance
Francis, John, of the Bank of England
Life insurance
The reader need hardly be told that the life of the elder Napoleon
was trafficked with by underwriters during the whole of his wonderful
career. The various combinations in the funds, dependent on his life,
entered into by jobbers, made it very desirable to insure it; and
this was legitimate enough, as the jobber had a tangible interest. In
this way very large speculations were hedged; and as every campaign
and every battle altered the aspect of affairs, the premiums varied.
Sometimes private persons acted as insurers. Thus, in 1809, as Sir Mark
Sykes entertained a dinner party, the conversation turned--as almost
all thoughts then turned--to Buonaparte, and from him to the danger
to which his life was daily exposed. The Baronet, excited partly by
wine and partly by loyalty, offered, on the receipt of 100 guineas, to
pay any one a guinea a day so long as the French Emperor should live.
One of the guests, a clergyman, closed with the offer; but finding
the company object, said that if Sir Mark would ask it as a favour,
he would allow him to be off his bargain. To a high-spirited man this
was by no means pleasant, and the Baronet refused. The clergyman sent
the 100 guineas next day; and for three years Sir Mark Sykes paid 365
guineas; when thinking he had suffered sufficiently for an idle joke,
he refused to pay any longer. The recipient, not disposed to lose his
annuity, brought an action, which was eventually carried to the highest
legal authorities, and there finally decided in favour of Sir Mark
Sykes; the law lords not being disposed to give the plaintiff a life
interest in Buonaparte to the extent of 365 guineas a year.
* * * * *
A history of life assurance in Ireland is to be found in its agencies;
but there are many anecdotes extant, of which the following are a
specimen. The statements from the sister country are always looked at
with suspicion, for they are too often at variance with truth.
Twenty years ago an insurance was effected on the life of a gentleman,
and in two months he died, when a claim was made by a physician who
had opened the policy. The circumstances were investigated, and it
was ascertained that the party insured was at the time the insurance
was effected, and for months previously, under the medical treatment
of the physician for a very serious illness: on a _post-mortem_
examination it was found that both heart and lungs were diseased. The
case was more disgraceful, because the physician who had claimed the
money was medical adviser to the company with which the insurance had
been effected, and had availed himself of his position to pass the
invalid.
* * * * *
Public-domain text, read in full here on John Shaqi.
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