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
At length the legislature interfered, and in order to hinder the growth
of gambling in life assurance, it was enacted, that “no insurance shall
be made on the life of any person, or on any event whatsoever, where
the person on whose account such policy shall be made _shall have
no interest_, or by way of gaming or wagering; and that every such
insurance shall be null and void.
“It shall not be lawful to make any policy on the life of any person,
or on any other event, without inserting in the policy the name of the
person interested therein, or for what use, or on whose account such
policy is so made.
“Where the insured has an interest in such life or event, no greater
sum shall be received from the insurer than the amount of the interest
of the insured in such life or event.”[14]
This statute was some time before it came into effective operation.
It was after this that policies and wagers were carried on to such
an incredible degree in the trial of her Grace of Kingston. The
underwriters were fully aware that their movements were illegal;
but the spirit of gambling by means of assurance was too common to
be put down at once by an act of parliament, and in 1777, a singular
instance of the determination to grant wager policies came before
the public eye. Charles Genevieve Louise Auguste d’Eon de Beaumont,
popularly known as the Chevalier d’Eon, was the cause of a trial
before Lord Mansfield, as to the validity of a policy without an
insurable interest. The career of this man or woman, for the question
was long doubtful, was familiar to the public, and will illustrate
the excitement of the period. Equerry to Louis XV. doctor of law,
ambassador and royal censor, employed in a confidential mission to
the Russian court, and said to be a favourite of its empress, D’Eon
came to England with a reputation ready made. He soon quarrelled with
le Duc de Nivernois, ambassador from the most Christian King, and
as D’Eon proved unsuccessful in his attempt to injure his grace, he
was so incensed that he disclaimed all connection with the court and
ambassador, declared that the peace had been accomplished in England
by the agency of French gold; denouncing also, in no measured terms,
those who had been accomplices, and pointing almost by name to men
who, under the guise of patriotism, had betrayed their country. As a
patriot’s capital is his public character, the accused parties waxed
wroth, defied their calumniator, and talked of prosecuting him. The
people, unwilling to lose their faith in English probity, took the part
of their countrymen, and mobbed the knight wherever he appeared.
Public-domain text, read in full here on John Shaqi.
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