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
By this time the subject of mortuary registrations was mooted in
magazines and periodicals, and many ideas may be found scattered over
contemporaneous literature, which probably assisted to perfect the
necrological system which we now enjoy. It may seem trite to relate
that in 1773 it was recommended to keep a table of christenings,
marriages, and burials in every church, chapel, and place of
religious worship, to be published annually; but this was a grasp of
intelligence not previously attained; and when, too, it was advised
that the tables of christenings should specify the sexes, and the
tables of deaths divide the males into children, bachelors, married
men, and widowers, and the females into corresponding denominations,
it was really no trifling advance in the objects of life assurance,
although it was not thought so at the time. It was said, also, and
said justly, “The establishment of a judicious and accurate register
of the births and burials in every town and parish, would be attended
with the most important advantages,--medical, political, and moral. By
such an institution, the increase or decrease of certain diseases, the
comparative healthiness of different situations, climates, and seasons,
the influence of particular trades and manufactures on longevity,
with many other circumstances not more interesting to physicians than
beneficial to mankind, would be ascertained with tolerable precision.
In the Pays de Vaud and in a country parish in Brandenburgh, 1 in 45
of the inhabitants die annually, and at Stoke Demerell, in Devonshire,
1 in 54. Whereas in Vienna and Edinburgh the yearly mortality appears
to be 1 in 20; in London, 1 in 21; in Amsterdam and Rome, 1 in 22; in
Northampton 1 in 26; and in the parish of Holy Cross, near Shrewsbury,
1 in 33. In the Pays de Vaud the proportion of inhabitants who attain
the age of 80 is 1 in 21-1/2; in Brandenburgh, 1 in 22-1/2; in Norwich,
1 in 27; in Manchester, 1 in 30; in London, 1 in 40; and in Edinburgh,
1 in 42.”
This was in 1773, and the intelligent reader will necessarily be
reminded of the period when life annuities were paid for without regard
to youth or age, and when a life insurance office commenced business,
and received equal premiums from the young and from the old, from the
healthy and the sick. But people were beginning to think. In 1777 fault
was found with the charges of the Equitable, and the following scale
proposed:--
3_l._ per cent. 4_l._ per cent. 5_l._ per cent.
21 years of age 2 17 7 2 16 0 2 15 0
30 ” 3 13 4 3 12 8 3 12 5
40 ” 4 11 6 4 13 11 4 14 1
50 ” 5 15 5 5 18 0 5 17 4
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.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account