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 consideration of thirty-five guineas for one-hundred received
of Roebuck and Vaughan, we whose names are hereunto subscribed, do
severally promise to pay the sums of money which we have hereunto
subscribed, on the following condition; viz., in case the Chevalier
d’Eon should hereafter prove to be a female.”
From this day the star of the chevalier waned in England. He turned
fencing-master, but with difficulty obtained a living. He assumed
female attire, but his hour was over. He had ceased to be a curiosity
to the many; the “death brokers,” as Horace Walpole calls them, could
make no more by him; and with the assurance on his sex ceases the
interest of Chevalier d’Eon, in the context of this volume. His name
is only interesting to the reader from the fact that Chief Justice
Mansfield adjudicated on his case, and that an important decision was
arrived at in the legal history of this science, when his Lordship
declared that a policy of assurance, although not even on life, when
entered into without an insurable interest, was against the purport of
the act recently passed, and contrary to English notions of morality.
FOOTNOTE:
[14] 14 Geo. 3. c. 48.
CHAP. X.
FRAUDULENT ANNUITIES--ACT TO PREVENT THEM.--SALVADOR THE
JEW.--DAVID CUNNINGHAM THE SCOTCHMAN--HIS CAREER--HIS ANNUITY
COMPANY--ITS SUCCESS--HIS DOUBLE CHARACTER--HIS FATE.--MORTUARY
REGISTRATION.--JOHN PERROTT--HIS PASSION FOR CHINA--TRICK PLAYED
HIM.--CURIOUS FRAUD.--WESTMINSTER SOCIETY.--PELICAN.
When it was found that a fraudulent system of assurance would no longer
be permitted, a fraudulent system of annuities usurped its place, and
parliament was once more compelled to legislate. By an act passed in
1777, it was determined that, “owing to the pernicious practice of
raising money by the sale of life annuities having greatly increased,
and being much promoted by its secrecy, the particulars of all deeds,
bonds, &c., for granting these annuities shall, within twenty days of
the execution thereof, be enrolled in the Court of Chancery, otherwise
such bond shall be void. All future deeds also for granting annuities,
to contain the consideration and the names of the parties; and that
if any part of the consideration be returned, or is paid in bills not
honoured, or is paid in goods, or any part retained under pretence
of securing the future payments of the annuity, or under any other
pretence, the Court may order the deed to be cancelled. All contracts
with persons under twenty-one to be void; and no solicitor, scrivener,
or broker, to take more than 10_s._ per cent., under penalty of fine
and imprisonment.”
Public-domain text, read in full here on John Shaqi.
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