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 life of the Regent Orleans of France; and when he was succeeded by
Louis Quinze, they insured, not the lives indeed, but the continuance
of his mistresses in the favour of the monarch. Day by day during
the trial of the Duchess of Kingston for bigamy, there were frequent
expresses from West to East with information of the proceedings, which,
according to its chances, varied the premiums and excited the cupidity
of the assurers. There was absolutely nothing on which a policy could
be opened, but what was employed as a mode of gambling. Scarcely a
nobleman of note went to his long account, without an assurance being
opened during his illness, by those who had no interest in his life.
These policies, especially those on political offenders whose existence
trembled in the balance, were most mischievous. A pecuniary interest
in the death of any one is fearful odds against benevolent feeling;
and it was hardly to be expected that men should throw what influence
they possessed into the scale of mercy. The power of opening merely
speculative policies on private persons was also demoralising, and
perhaps dangerous to life itself. It was not possible--it was not in
human nature--to have money depending on the existence of the inmate of
your home without watching him with feelings which the good man would
tremble to analyse, and even the bad man would fear to avow. People
then opened policies on the lives of all in whom they were socially
interested; and under the plea of provision, acquired an interest in
their relatives which was almost fearful and sometimes fatal, from its
intensity. There is no doubt that the system was false and hollow. The
son then insured the life of his father; the father opened policies on
the life of his son: and when thousands or perhaps tens of thousands of
pounds were dependent on it, who shall tell the feelings of the son,
or dare to judge the sensations of the father, if sickness or disease
opened a golden prospect? The mind shrinks from the horror of the idea,
and recoils indignantly at the thought that such sacred relations
of life should be thus sordidly regarded. But the argument might be
carried further; for to many a dark mystery might a clue be given, in
the remembrance that a pecuniary interest might have existed between
the murdered and the murderer!
Public-domain text, read in full here on John Shaqi.
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