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
In 1708 began what were then known as “the little goes” of assurance.
One was held at the Cross Keys, in Wych Street. We gather that each
person subscribed 5_s._ fortnightly, inclusive of policy, stamp, and
entrance money, on condition of 200_l._ being paid to his heirs and
executors. Another was an evident bubble, 5_s._ a quarter entitling
the subscriber’s representatives to receive 120_l._ at his demise;
while a third, called the “Fortunate” Office, was to provide marriage
portions of 200_l._ for those who paid 2_s._ a quarter. If contemporary
accounts are to be trusted, the ravenous appetite for assurance was
something like that which at the present day possesses projectors,
as offices were opened in every part of the town. If one company was
commenced to insure marriage portions, a second was sure to follow to
insure the portions of their children. A mutual life assurance was
instantly followed by a mutual ship assurance. The following notice
from the “British Apollo” will be found to illustrate this speculative
fancy:--“A first and second claim is made at the Office of Assurance
on Marriage, in Roll Court, Fleet Street. The first will be paid on
Saturday next; wherefore, all persons concerned are desired to pay
2_s._ into the joint stock, pursuant to the articles, or they will be
excluded. _The two claimants married each other, and have paid but
2s. each._” They were, however, to receive but 37_l._ Here is another
specimen: “Any person by paying 2_s._ at their entrance for a policy
and stamps, and 2_s._ towards each marriage but their own, when the
number is full, will secure to themselves 200_l._; and in the mean
time, in proportion to the number of subscribers.” This undertaking was
found to answer so well, that many others opened in the same line--one
of them, appropriately enough, in Petticoat Lane. Soon after this,
appears an advertisement from a baptismal office of assurance, where
every subscriber paid 2_s._ 6_d._ towards each infant baptized, until
he had one of his own, when he was to receive 200_l._, “the interest of
which is sufficient to give a child a good education; and the principal
reserved until it comes to maturity.” Most of the projects were systems
of wholesale robbery. For a time, however, they were greedily run
after. “The success of these schemes,” says a chronicler of the time,
“sharpened the invention of the thrifty, and immediately almost every
street in London abounded with insurance offices, where policies for
infants three months old might be obtained for short periods. From
these, they diverged into other ages and various descriptions of
persons.”
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account