London and Its Environs Described, vol. 1 (of 6): Containing an Account of Whatever is Most Remarkable for Grandeur, Elegance, Curiosity or Use, in the City and in the Country Twenty Miles Round ItAnonymous
History
London and Its Environs Described, vol. 1 (of 6): Containing an Account of Whatever is Most Remarkable for Grandeur, Elegance, Curiosity or Use, in the City and in the Country Twenty Miles Round It
Anonymous
London (England) -- Description and travel -- Early works to 1800; London (England) -- Gazetteers -- Early works to 1800
The abovementioned advantages are chiefly with respect to perpetual
insurances for life; but temporary insurers may find no less advantage
from this Society, as may plainly appear from the following instance,
_viz._ _A. B._ has agreed for the purchase of an office or employment,
but wants 300_l._ or 400_l._ to make up the purchase-money: he is
willing to assign a share of the profits or income of his office, as a
security or pledge for the repayment of the principal with interest,
but cannot obtain a loan of that sum without insuring his life till
the whole be cleared, which he is enabled to do by the help of this
Society. For example; He purchases three numbers, on each of which he
insures his life, and thereby his assigns become intitled to three
several claims at his death; which claims, by the abovementioned
provision, will not be less than 125_l._ each, and may probably amount
to more: he assigns and deposits his policy with the lender: he pays
to the Society for the yearly contributions on the three numbers no
more than 5_l._ each, which is considerably less than 5_l._ _per
cent._ under which rate no other office will insure, and that for one
year only; at the end of which such offices are at liberty to refuse
any further insurance: whereas in this Society the insurance continues
during the life of the insured, unless excluded by the non-payment of
the quarterly contributions. And every insurer, or their
representatives, at the end of their insurance may in a great measure
(if not entirely) reimburse themselves their purchase-money
(originally paid by them for their numbers) by disposing of them at a
market price, which they may do without any farther trouble than
applying to the Society’s office.
The regulations of the Society are as follow:
All persons at the time of their admission are to be between the ages
of twelve and forty-five, and must then appear to be in a good state
of health.
Persons living in the country may be admitted by certificates and
affidavit, forms of which may be had at the office.
Every claimant is impowered to put in a new life in the room of the
deceased within twelve calendar months next after the end of the
current year, for which his or her claim shall be allowed as often as
the same shall happen, upon payment of 10_s._ entrance.
Any person may have two or three several insurances, or numbers, on
one and the same life, whereby such persons will be intitled to a
claim on each number so insured.
Public-domain text, read in full here on John Shaqi.
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