FE INSURANCE PUBLISHED BY THE UFI KNSUBAHGB GOMPAHY OFFICE, 151 MARKET STREET, NEWARK, N. J. AGENCX.JLl.JZK^S'Ii STREET, New-York. i L.H?fr:-AlXY ! ROBERT JOEL W. JOSIAH 0.| ISAAC H. CHAS. s. LEWIS C. BENJ. 0, MILI JOS. P. BRADI JOS. B. Jj> AN^RE JOHN R. I r , EBWARD A WEI ELLING, KS TRONG, 'ROTHINGlAJr,. . f£U ^JHJNDALL H. jJREENE ACKNET, £ . *^ TTENRY MoFARLAN, 6*& HOVER, !R, Secretary.' 1Y, Mathematician JAMES STEWART, M.D., LEWIS C. NEHEMIAH PERRY. BT. L. PATTERSON, President. )EL W. CONDIT, tiCK-PBEi. G-ROVER, ACTORS E\» AMD Cousskl. //T*\ tT>>MH»""""MflM'M,IM',,"""M,,"M"""" ARMY MEDICAL LIBRARY FOUNDED 1836 WASHINGTON, D.C. DUE TWO WEEKS FROM LAST DATE SPO 881473 Li P£ i rA LIFE INSURANCE, ITS NATURE, ORIGIN AND PROGRESS ; EXPOSITION OF THE PRINCIPLES OF LIFE INSURANCE, MANNER OF CALCULATINO TABLES OF PREMIUM, SOURCES OP PROFIT, ETC. CONTAINING, ALSO, TABLES OF MORTALITY, ANNUITIES, EXPECTATION OF LIFE, COM- POUND INTEREST AND RATES OF PREMIUM, TOGETHER "WITH MUCH OTHER VALUABLE INFORMATION FOR PARTIES CONNECTED WITH THE BUSINESS OF LIFE INSURANCE AS "WELL AS FOR POLICY HOLDERS. COMPILED FROM THE BEST AUTHORITIES. ftto-ff jrrlt: JOHN A. GRAY, PRINTER, 18 & 18 JACOB ST. I AKn 20;900 L kn~ ISEI Entered, according to Act of Congress, in the year One Thou- sand Eight Hundred and Fifty-one, by CHAELES B. NOR- TON, in the Clerk's Office of the District Court of the Uni- ted States, for the Southern District of New York. J'HElj'illlTHAljiSENEFlT 13 'viclend of January |, |86 4-."< AND A SPECIAL HIV1'OK VY MAK1NC ^ - 50 PER CT. )lal amount of Dividends a Total amount of Claims aid to Jar January 1, lfHi.Y A/j? bvDeatli to January l,lo(i> .t>l!>.07l.!•-> fepfrft ' &>.n2r,,:;.",:i,,su BOSTON, MASS 'So JANUARY 1st, 18G3. Balance per Statement, January 1st, 1862,..........$4,109,353. 15 Received for Premiums during the year 1862,.................................$845,700.52 Received for Interest during the year 1862,............................... 258.249.07 Received for Annuity Bond during the year 1862,........................... 1,000.00 Total Receipts for 1862, . $1,104,955,59 Paid Claims by Death,.......$263,390.55 " Policies purchased,.....169,283.75 " Salaries, Taxes, Adver- tising, Postage, Ex- change, &c........ 42.448.45 " Commissions to Agents,. 57.4S9.4S " Physicians' Fees,....... 6.833.36 " Sanitary Commission and Volunteer Aid Fund, 4,000.00 " Annuities,............. 1.517.00 " Dividends,............. 230,114.6S $775,077.27 $329,878.32 Net Balance, Jan. 1, 1863, . . $4,439,231.77 ASSETS. Cash on hand....................... $96,195.64 United States Securities.............. 293,700.00 Bonds of the State of New Jersey.... 50,000.00 Bonds of the Cities of Albany, Trey, Brooklyn, N. Y.; Newark, Elizabeth City, and Union County, N. J....... 219,227.25 Real Estate....................,..... 77,924.93 Bonds and Mortgages on Real Estate, worth double the amount loaned---2.365,013.56 Premium Notes—Loans on Policies in force, drawing six per cent, interest, 1,261,666.44 Loans on Scrip...................... 4,570.61 Annuity Bond State of Massachusetts, 800.00 Premiums n course of transmission from Agents............____..... 70,132.64 $4,439,231.77 NON-FORFEITING PUN, TABLE A. Annual premiums for ten years to secure the payment of the sum assured, in case of the party's death before the expiration of the ten years, the premiums having been regularly paid up to the time of his death. If the insured, being living, fails to make all the payments, then, for a Policy of $1,000, One payment will secure a policy of $100, payable at death. Two " " " 200, " " Three " " " 800, " " Four " " " 400, " i " Five '■' " " 500, " " Six " " " 600, " " Seven " " " 700, " " Eight " " "' 800, " " Nine " " " 900, " " The premiums paid participate in profits. (Age, nearest birthday.) AGE. Annual Premium for Ten Years. AGE. Annual Premium for Ten Years. AGE. Annual Premium for Ten Years. 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 $37.42 88.27 89.05 89.78 40.52 41.29 42.09 42.94 48.85 44.81 45.82 46.89 47.98 49.14 60.30 51.37 52.33 58.30 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 1 48 i 49 1 $64.30 55.39 56.57 57.81 59.18 60.50 61.90 63.35 64.78 66.11 67.37 68.62 69.88 71.21 72.61 74.09 75.78 77.62 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 $79.72 8Z.09 84.59 87.25 90.06 93.10 96.36 99.84 108.46 106.94 110.18 112.71 115.34 117.08 121.06 124.38 NON-FORFEITING PUN. Annual payments for ten years, to secure a paid-up policy for an amount corresponding to the number of payments made, payable at death.' Example: for a Policy of $1,000, One payment will secure a policy of $100, payable at death. 200, " " 800, " " 400, " " 500, " " 600, 700, " 800, " 900, " " The premium* paid participate in profit. (Age, n*are»t birthday.') Annual Premium for Ten Years. Annual Premium for AGE. Ten Years $47.67 50 48.62 51 49 60 52 50.58 53 51.56 54 52.59 55 58.62 56 54.67 57 65.76 58 56.87 59 58.05 60 59.28 61 60.58 62 61.94 63 63.86 64 64.85 65 66.4D 68.00 $69 62 71.27 72 89 74.50 76.08 77.65 79.19 80.71 82.21 88.69 85.16 86.65 88.17 89.72 91.80 IHKI MOItfc AM* OrFIC'KHS. LEWIS C GROVER, JOHN R. WEEKS, HENRY McFARLAN, NEHEMIAH PERRY, CHARLES S. MACKNET, EDWARD A. STRONG, A S SNELLING. JOSIAH O. LOW, RANDALL H. GREENE, JOSEPH A HALSEY, J. H. FROTHINGHAM, BENJ. C. MILLER. EDWD. A. STRONG, Sec LEWIS C. GROVER, Pres, J08. P. BRADLEY, BENJ. C. MILLER, Mathematioian. Vioe-Prea. JAMES STEWART, M.D. 1 JOSEPH B. JACKSON, M.D. I Medical Advuer: GABRIEL GRANT, M. D. J REASONS WHY PREFERENCE SHOULD BE GIVEN TO $Jw putal §mm fgftt $mma m. BY PERSONS INTENDING TO INSURE. - Annual pay-\ AGE. ment for an\ Ins. of $1000] for LIFE. 14 $ 15 30 15 15 60 16 16 20 17 16 50 18 16 90 19 17 30 20 17 70 21 18 20 22 18 80 23 19 30 24 19 80 25 20 40 26 21 10 27 21 70 28 22 40 29 23 10 30 23 60 31 24 30 32 25 00 33 25 70 34 26 40 35 27 50 36 28 10 37 29 00 38 30 50 39 31 10 40 32 00 41 33 10 42 34 00 43 35 10 44 36 30 45 37 30 48 38 70 47 40 10 48 41 70 49 44 90 50 46 00 51 47 50 52 49 00 53 52 40 Ed. 54 90 It offers SECURITY and ADVANTAGES unsur- passed by any institution in this country. It POSSESSES MORE ASSETS, AS COM- PARED "WITH ITS LIABILITIES, THAN ANY OTHER COMPANY doing business in the United States. (See report of Comptroller of New-York.) Its INVESTMENTS are in First Bonds and Mortgages on Real Estate, worth more than double the amount loaned. It DOES NOT make temporary loans on Collaterals. The only STOCKS owned by it, are Brooklyn, Albany, Troy, and Newark City Bonds, to the amount of $137,000. It is PURELY MUTUAL; therefore, the insured get all the proats. There are NO STOCKHOLDERS to take any of the profits which rightfully belong to those who are insured for Life. The business of the Company is confined EXCLUSIVE- LY to tne INSURANCE OF LIVES. It is ECONOMICAL in the management of its busi- ness. It is PROMPT IN THE PAYMENT OF LOSSES. It ACCOMMODATES the insured in the settlement of premiums, by allowing them to pay Annually, Semi-An- nually, or Quarterly. Premiums on Policies for LIFE, if over $50 per annum, may be paid one half in cash, and one half in a note bearing interest at 6 per cent per annum. The interest on premium notes is to be paid annually in cash. DIVIDENDS are declared ANNUALLY to all who have paid two Life premiums. THE DIVIDENDS ARE PAID to aid the insured in settling future premiums. Those who pay their pre- miums in Cash, receive the dividends in-Cash, and those who give Notes, by a credit on the Notes. THE AFFAIRS OF THE COMPANY ARE PERIODICALLY SUBJECTED TO THE STRICTEST SCRUTINY, and the dividends de- clared are based upon the most accurate mathematical calculations. 57)80 | 60|50ji Prospectuses, Statements, and Applications, will be furnished, (without charge^ and all information desired, will be given by the officers or agents of the Company. jb4393 INTRODUCTION. In consequence of having received repeated orders to import Foreign Books, treating upon the subject of Life Insurance, it occurred to the Publisher that a necessity existed for a publication at home, explan- atory of the whole business of Life Insurance. As the subject is comparatively a new one, it must be a matter of great importance to every Life Insurance Company, that the public generally should be well informed of the uses and advantages of the system, as well as the Agents who act for them. The Work, of which the above forms the title, will be particularly adapted for the use of Agents, and for distribution by the various Companies who may feel disposed to patronize it. It is intended to give the necessary information in a plain and concise manner. Among other things, will be introduced, V INTRODUCTION. articles in answer to many objections against insu ring lives, brought forward and urged by those, who, from ignorance of the subject, are not able to write or judge fairly of the benefits and advantages to be derived from a well conducted system of Life Insurance. No particular plan or system of insu- rance will be advocated, but as stated in the title : " A Plain Exposition of the Principles of Life Insu- rance" wi]l be g'.ven. CONTENTS. rA<;s Origin r.nd Progress of Life Insurance.....................7 General Principles of Insurance........................10 Tables of Mortality...................................14 Comparative Expectations of Life.......................18 Manner of Calculating Premiums of Insurance from Tables of Mortality......................................20 Illustration of the Profit and Loss of Life Insurances.....23 Sources of Profit and Surplus........................25 Value and Sale of Policies............................27 Account of different kinds of Life Insurance Companies.. .30 Stock Companies....................................31 Mutual Insurance Companies..........................32 Mixed Insurance Companies..........................34 Capital of Life Insurance Companies...................35 Manner and Time of Makind Dividends.................36 Manner of Effecting Life Insurances...................38 Application for Insurance.............................39 Payment of the Future and Renewal Premiums..........40 Proof of Death of the Insured........................4? Payment of Amount Insured..........................43 Medical Examinations by an Experienced Examiner.......44 Objections to Life Insurance Answered..................61 Motives to Induce Persons to Insure...................67 Answer to Excuses for not Effecting Insurance...........15 Application of Life Insurance to Different Stations in Life. .79 The Benefits of Life Insurance contrasted with those of Institutions for Savings.............................85 Table of Premiums..................................91 Tables of Compound Interest.........................92 LIFE INSURANCE. ORIGIN AND PROGESS OF LIFE INSURANCE. The first public office for the insuring of lives originated with the Rev. William An- hote, D. D., of Middleton, in Lancashire, England, for the benefit of the widows of clergymen and others, and for the settling of jointures and annuities. This design was un- dertaken and established by the "Mercer's Com- pany," which in 1698 settled the sum of £2,888 per annum as a security for the yearly payment of £30 during the life of any widow whose husband had, in his health, subscribed £100 to the fund ; and so in proportion for any greater or less amount. In 1699 another similar insti- tution was formed, under the name of " The Society of Assurance for Widows and Or- R ORIGIN AND PROGRESS OF LIFE INSURANCE. phans." In July, 1706, the first general office for this kind of security was founded by a charter from Queen Anne, and called " The Amicable Society, or Perpetual Assurance;" and it is probable that about the same period many other projects of a like nature appeared, of which no traces are now remaining. V* " The Roy'al Exchange Assurance Com- pany " was established by a charter dated June 20th, 1720; the original powers of which were extended by another charter, issued in the fol- lowing year to the insurance of lives and against casualties and accidents by fire. The "London Assurance Company" was also incor- porated in 1721, in consequence of the same Act, for granting similar securities; and these appear to have been the only associations insti- tuted for general life-insurances until the year 1762, when "The Equitable Society" was formed, in consequence of the recommendation of Professor Simpson in his lectures. Mr. James Dodson also appears to have assisted in .he design, by supporting the plan, and com- posing some of the tables. About the same period, a number of other societies were pro- origin and progress of life insurance. 9 jected and formed, under the specious pretence of being institutions "for the benefit of old age," being, however, for the most part, false in principle and mischievous in effect; but towards the conclusion of the eighteenth century and the commencement of the present, several new and valuable companies for life-insurance were founded. The following statement furnishes, perhaps, the clearest view of the advance and employment of life-insurances down to the pre- sent time : In England, from 1706 to this date, upwards of 100 life insurance companies have been founded. The first life insurance com- pany established in the United States was the " Hospital Life Insurance Company " of Boston, which commenced its operations in the year 1825. The " New York Life and Trust Com- pany " then followed in 1829, but the life-insu- rance department of their business was very limited; it will be seen that this subject is comparatively new in this country, few persons having availed themselves of its advantages prior to the year 1843, when the first mutual companies were established, under the names of the " Mutual Life Insurance Company of 1* 10 general principles explained. New York," and the " New England Life Insur- ance Company of Boston." The next were the " State Mutual, of Worcester, Mass.," the " Mu- tual Benefit, of Newark," and the " New York Life Insurance Company," of New York City, established in 1845, since that date several other companies have been established in different sections of the country. GENERAL PRINCIPLES OF INSURANCE. Notwithstanding the natural weakness of the human frame, and the obvious insecurity and brevity of life, it is clear that, in the almost boundless resources of the mind of man, Provi- dence has furnished him with a variety of intel- lectual devices, which, in a very great degree, compensate for those imperfections. By the improvement of the mechanical arts, the feeble strength of individuals is increased to an almost unlimited extent; and the simplification of the sciences has produced a correspondent facility and power in their acquirement. Thus, much more is done and learned, with greater effect, in less time, and with far less labor, than could general principles explained. 11 formerly have been done or learned by any then-existing means; which economy of time and strength, as it were, lengthens life, by leav- ing space in it for other, or more profound pursuits. In like manner, the proverbial uncer- tainty of life, which appears to be altogether beyond the reach of human control, is not without a consolatory remedy, at least, inso- much as relates to the prevention of that distress which the destitution of those we leave behind us adds to death, or to the occurrence of a sud- den, heavy, or unexpected, calamity. It seems, therefore, highly probable that mankind were subjected to infirmity, shortness of life, and continual mutability, partly for the purpose of inducing the unceasing exertion of the counter- acting powers of ingenuity and prudence; in the diligent improvement of which consists one of the greatest moral benefits of the most high ly-cultivated conditions of society. It is not intended here to enter into any fur ther explanation of the advantages to be derived from this continual improvement, or to enforce any of the ordinary rules of prudence ; but only to exhibit the qualities and importance of that 12 general principles explained. branch of it, which relates to the securing of a safe termination to an uncertain event, as far as that object is to be effected by the means of Life-Insurances. The nature and design of these contracts not being either generally 01 accurately understood, prevents their very great value being duly appreciated; but it will be found, when the principles upon which they are founded are rightly comprehended, that it is im- possible to entertain too high an estimation of their utility, or to conceive too wide an extent for their application. Their vital principle is future security; and their chief employment, at present, is to secure a provision for those who depend upon some particular individual for sup- port, whenever their protector shall be removed by death. For though, in a multitude of in- stances, the first burst of sorrow is far too deep and violent to admit of any other feeling than that of anguish, yet it cannot be doubted that even such distress is soon rendered more acute, when the survivors reflect that they are left in the world destitute as well as friendless; and calamity is always most afflicting, when the dis- general principles explained. 13 traction of grief is harassed by the anxieties and privations of want. As tne present treatise is intended to afford the fullest information upon the subject in the plainest terms, perhaps the first point to be made clear, is the way in which the issue of an event depending upon the inscrutable will of Providence, can be ascertained by a human be- ing, with any probability of being correct in the result. The chance of the duration of life, in single instances, is of very great uncertainty; but as all human knowledge is extremely lim- ited, when it attempts to institute a minuteness of inquiry, the calculation can only be made upon a very wide and general view of the oc- currence of such destruction, within a certain time and space. When this view is sufficiently extensive, even those events which are consid- ered and called purely accidental and fortuitous, are discovered to have certain relations and to be governed by certain laws. Thus, the num- ber of births, marriages, and deaths; the rela- tive proportions of the sexes, are, under similar circumstances, found to be nearly equal during equal periods of time : whence it is easy, from 14 tables of mortality. observations made upon them, to determine the amount which an individual should pay for the securing of a certain sum to be paid to his sur- viving relatives at his death. TABLES OF MORTALITY. An estimate of the average duration of hu- man life, at all ages, is formed from observations among large masses of mankind during an ex- tended period of time; such observations con- stituting the materials, or data, necessary for constructing what are technically termed Ta- bles of Mortality. A right understanding of the construction and use of these tables consti- tutes a most important part of an accurate no- tion of tho nature and benefits of life-insurance ; a particular explanation of them shall, therefore, now be given, as naturally following the pre- ceding notices of the principles of chances, and as the first elementary point of information con- nected with the actual subject of these pages. The first table of mortality, which had any pretensions to accuracy and utility, was de- duced from a series of five annual tables of TABLE OF MORTALITY. 15 births and deaths, with the ages and sexes dis- tinguished, kept for the years 1687, 1688, 1689, 1690, and 1691, by Dr. Neumann, in the city of Breslau, in Silesia. These, however, omitted to state the entire number of the population; but the place itself was considered at the time to afford a fair standard of ordinary mortality, on account of the uniformity in numbers and seclusion of the inhabitants, who, being chiefly engaged in the linen manufacture, were visited by few strangers, and remained resident on the same spot for one generation after another. From these registers, Dr. Edmund Halley con- structed the first tolerably correct table for as- certaining the true values of life-annuities, which had been previously calculated from hypotheti- cal and uncertain data. He assumed, from his examination, that the advances of birth and death are equal and uniform, which, however, was soon discovered to be erroneous; but his tables and rules will nevertheless be sufficient to make the reader acquainted with a few very simple calculations, illustrating the relative du- ration of life and its consequent value. Considerable improvement was made by sev- 16 TABLE OF MORTALITY. eral parties, subsequent to this period, up to the time of the construction of the Northampton Tables, by Dr. Price, in 1769. About the year 1800, a set of Swedish Tables was published, founded on returns, both of the number living and of the deaths in Sweden and Finland for 20 years, ending with 1795. The Carlisle Table, which is the one now most in use, in England and this country, for the calculation of life-insurance premiums, was constructed by Mr. Joshua Milne, from obser- vations made by Dr. Heysham, at Carlisle, England, during a period of nine years, ending in 1787. The best actuaries in England and this coun- try, concur in opinion as to the decided superi- ority of the Carlisle over the Northampton tables of Mortality, and it is generally conceded that these tables more closely exhibit the state of longevity as it exists in the Northern and Eastern States than any of the others. OOQ0MOl6iihUKll-'OO01M0)S*.MK)l-OtD(Xl^OlnK«li'-O100l)')O0lit'Ut0l-Ot000'401Cn*MK)HO Age. Breslau, Dr. Halley, frMt«o>^^aooe-i-«teuifcin«o^»i(roooooMBau*ik«uo>oi^^05&ogoiOfew3ggg wt(i!Ottt»ioin>5io«isa)Sh-ajiM-»J*'00iwoffli«ioWh-S4.r-caio-ii-iio^ooa»ito*0'-oiutawwo goo oo>— *s 4^ .£. ^ ^ ^ » lSS2JSi»SH^U10CJlOWF-Cl^«OWO*.CD»SO)0*.^t30)i-OOMfc*5i>-WOOO Northamp- ton. Dr. Price. Carlisle, Dr. Hey- sham. Sweden, Dr. War- lientin. © © © © co o »-2'£00^Gbl>^Ut<9HO(2Q0^OU1^UtS OOOCOOOOCOOOOi--K!*.0!0 HHMiot5uu*wae>«)i>ioooi-Ki«*kiiia^-jmooo-Mu*ti(ji COOOOOOOOH*Wt5W**01-^WHH|9IOI3K!l9)9 MMtoiouuiU*.tn(noM^aj(Doci---BaikJ-wos^oojogp K ""i!? Sf ™ WClOUOtJtOClWOOWHCCOlWtDOWBaiWO^if'i-ffiOHiOCJWO^rf.HCO MUMMMHUMI fc-wl-tSUUIiUW(»-l(JlIBO(SWtllO100b- tittlC-lfcO- Ki^O'O-tgOtOOOi—JOlOCjS IOOOOOOOOOOM»UWa03^*o!hSS3fflSS!!icilO)S«0(OU-)OiS*W^IDr-IOUWKll5f-OtOaO-Oa Breslau, Dr. Halley. Northanip ton. Dr. Price. Carlisle. Dr. Hey- sham. Sweden, Dr. War- gentin. » 2 3,3 O Ml !s5 M — O re ° g CO g "S3 EL a o- ~» S ||S, sg i ft n > a f H O *S o H > era , 18 TABLE OF MORTALITY. COMPARATIVE EXPECTATIONS OF LIFE. Showing the Expectation or Average duration of life, deduced from Original Tables, prepared under the superintendence of a committee of eminent Actuaries in England, and compared with the Carlisle, Equitable, and Northampton Tables. Male Female Lives— JAves— North- ■o Town, Town, Gene- Ad- Car- Equi- amp- © o5 Coun- Coun- ral justed lisle table ton. i try and try and Expe- Expe- Expe- Expe- Expe Irish Irish rience. rience. rience. rience. rience. o Expe- Expe- rience. rience. 20 39.84 35.86 40.97 41.49 41.46 41.06 33.43 21 39.29 36.01 40.45 40.79 40.75 40.33 32.90 22 38.70 36.20 39.92 40.09 40.04 39.60 32.39 23 37.98 35.41 39.18 39.39 39.31 38.88 31.88 24 37.41 34.81 38.54 38.68 38.59 38.16 31.36 23 36.63 34.41 37.84 37.98 37.86 37.44 30 85 26 35.88 33.79 37.13 37.27 37.14 36.73 30.33 27 35.23 33.14 36.42 36.56 36.41 36.02 29.82 28 34.63 33:07 35.76 35.86 35.69 35.33 29.30 29 33.96 32.61 35.06 35.15 35.00 34.65 28.79 30 33.17 31.73 34.25 34.43 34.34 33.98 28.27 31 32.44 31.04 33.50 33.72 33.68 33.30 27.76 32 31.73 30.51 32.75 33.01 33.03 32.64 27.24 33 30.92 29.86 31.98 32.30 32.36 31.98 26.72 34 30.21 29.60 31.27 31.58 31.68 31.32 26.20 35 29.52 29.07 30.55 30.87 31.00 30.66 25.68 36 28.87 28.88 29.90 30.15 30.32 30.01 25.16 37 28.15 28.30 29.20 29.44 29.64 29.35 24 64 38 27.49 27.62 28.51 28.72 28.96 28.70 24.12 39 26.81 27.00 27.79 28.00 28.28 . 28.05 23.60 40 26.06 26.36 27.07 27.28 27.61 27.40 23.08 41 25.42 25.84 26.41 26.56 26.97 26.74 22.56 42 2470 25.34 25.68 25.84 26.34 26.07 22.04 43 24.00 24.57 24.98 25.12 25.71 25.40 21.54 41 23.34 23.94 24.26 24.40 25.09 24.75 21.03 45 22.63 23.21 23.55 23.69 24.46 24.10 20.52 46 21.98 22.60 22.85 22.97 23.82 23.44 20 02 47 21.24 21.97 22.12 22.27 23.17 22.78 19.51 48 20.62 21.16 21.41 21.56 22.50 2212 19.00 49 20.08 20.69 20.79 20.87 21.81 21.47 18.49 1 Completed OO ~5 fcC0*0*-o tOCCMOU »Ut9MO tOOO-JOSCn ifcUtSHOl Age. ;&. .fa. cn Cn Cn OS OS OS *q CS CO OOtOtOO© H-«JOWU CO rf* Cn Cn CS CS -1 GO 00 tO Lj to — ji.b;© cn to k. bo co bo co to "co bo to to »&. to ife. to ►&. © as to ^iu©^j>&. Cn tOOSCOCOCO •J-lUtB*. h-COCOOO-4 -JOCStO-4 (CVtSOlH ^IOUUh Male Lives— Town, Coun-try and Irish Expe-rience. J*. [^ J* >&. Cn Cn Cn OS OS *^ cn as as <1 GO CO to © -1 bo cn ^-4 a* co Cn Cn Cn OS OS OS ^ K> UU *. rffc. Cn OS OS be co to as to bo en — CO © tO OS CO r—> CO ©tOOD^h- GO GO til CO W © OS tO OS »-• Gene-ral Expe-rience. J*, CnCnCnOSOS OS-3-3 po 00 to to to © © WKSfcOCOCO rfufkCnCSOS -^JCOOOtO© m S^S^Jfe 2£ i2°C5 j- cn © *• to *■ to cn b cs ~ l~i co to cn k> bo cn i- bo in ►-< oo toNsasi—oo oscs-io*. ©-loscs-i h-ui-ooM -i-itotscs ocsta©oo Ad-justed Expe-rience. cn en as as as co co *. AOioa^) ooootoS — S3 2S tS !fc 52 ° K r^ jr P1 b: ;} to -J to 4 io bo co bo co to in Vo bo en io to b co :-■ »— ©fcO©to*-* cotoascnoo ©cocn-3to ©h-h-torf* *ocn*-ooo Go-^aoto*- Car-lisle Expe-rience. 20.83 20.20 19.59 19.00 18.43 17.85 17.28 16.71 16.15 15.60 15.06 14.51 13.96 13.42 12.88 12.35 11.83 11.32 10 82 10.32 9.84 9.36 8 88 8.42 7.97 7.52 7.08 6.64 6.20 5.78 5.38 Equi-table Expe-rience. *&> encnenpsas ps fe-cncn asas-j-i-3 r1 HSi?1't;V to Jo ki U b b cn to '.&. bo co co k> ^-J Vo 'as :-■ b l-> en b cn © cn to en *- oo co ao 4* tsu»-to cn © as to co en h- go en >— co en co o co cs >«». N> © to North-amp-ton Expe-rience. / 20 MANNER OF CALCULATING PREMIUMS. MANNER OF CALCULATING PREMIUMS OF INSURANCE FROM TABLES OF MORTAL- ITY. The premium of insurance is either a single sum paid down when the life is insured, or a sum paid at that time, with an engagement to pay the like sum annually until the death of the life insured; the latter mode of payment is in more general use at the present time, as being more generally convenient. After a table of the decrements of human life has been formed,' a series of calculations is made from it to fix the amount of annual or other premiums ; estimat- ing money at such a rate of interest as will be likely to benefit the insurance company. These premiums should bear a fair proportion to the various sums to be returned, and the chances of life at the different ages at which persons be- come insured. If money did not bear interest, then the present payment for a sum insured on life, should be exactly equal to the amount to be ultimately returned, exclusive of all incidental MANNER OF CALCULATING PREMIUMS. 21 expenses in making the policy, &c; but as money is capable of increase in course of time by interest, an equal sum paid on effecting the policy will be greater than the real value of the future payment; for money to any amount will double itself in eighteen years at compound in- terest at the rate of 4 per cent, per annum. The table of premiums is therefore derived from the table of mortality by strict mathematical calculation, with due regard to t«he value of money, in a very ingenious manner; the pro- cess of which is thus described. Suppose the premium which is payable in one sum on the life of a person of a given age be known, then the premium payable in like manner on the life of a person one year younger, which is com- pounded of the premium for one year, and the present value of the premium so known can be easily calculated from the table of mortality thus:—multiply the premium on the older lifa into the number living at that age, (according to the table,) and divide by the number living at the younger age. This sum discounted for a year gives the premium which would be pay- able at the end of the year. Then multiply the 22 MANNER OF CALCULATING PREMIUMS. sum to be insured into the number of persons of the younger age who, according to the ta- bles, die in a year, and divide by the number of persons alive at that age: the sum, discounted for a year, is the premium of insurance for the first year; and the two sums added together, give the whole amount of the desired premium. Now, as a person of the greatest age in the ta- ble must die in the ensuing year, the premium in his case is evidently the sum to be paid dis- counted for one year, and thence the premium for the age next below the oldest age is ascer- tained by the above rule; and so for every age in succession. In this process no error can be committed without detection, as every step may be checked by a similar table showing the value of an annuity at every age. The preceding rules give a table of rates for the payment of a single premium only ; but as it is generally more convenient for the insured to pay an equivalent annual sum, a table of such rates is made by dividing the single premium for each age by the value of an annuity of $1 at that age, increased by unity on the premium for one year. If the annual premium were to be paid at the end of PROFIT AND LOSS OF LIFE INSURANCE. 23 the year, such an addition would not be re- quired ; but a policy is not granted until one premium is paid, and therefore the reason for the addition is evident. In order to give an ad- vantage to the insurance offices, the rate of in- terest is generally assumed to be 4 per cent, per annum, which may probably be fair upon an extensive averaged period. ILLUSTRATION OF THE PROFIT AND LOSS OF LIFE INSURANCES. It is evident, however, that even after the most accurate calculations, both of the proba- bilities of life and the value of money, insurers can avoid loss only by having due regard to the governing principle, or fundamental law of chances, and the generalizing effect, or average produced by an extensive connection. This may be more particularly explained by an in- stance taken by Mr. MacCulloch from the Cai- lisle table. In that table the average future life of a person aged thirty years, is estimated at thirty-four years and four months. Such in- surers, then, as follow the Carlisle table as a guide, would assume this remainder of life for a 24 PROFIT AND LOSS OF LIFE INSURANCK. person thirty years of age, and would calculate accordingly the value of a sum of money to bp paid at his death. If he died before that time, the insurers would lose by the engagement; and if he outlived it, they would proportionably gain. If, however, their business were sufficiently extensive to allow of the full effect of average, the general law affecting human life would ne- cessarily prevail with reference to the whole of their transactions, and the losses by premature death would be counterbalanced by the pay- ments received from those whose lives are ex- traordinarny prolonged beyond the period cal- culated by the tables. The profits of the in- surers would thus be rendered wholly independ- ent of chance ; this generalizing average forming the fair and legitimate source of gain to an of- fice for the insurance of lives. SOURCES OF PROFIT AND SURPLUS. 25 SOURCES OF PROFIT AND SURPLUS. It has been already shown that the premi urns for life insurance are computed from estab- lished tables of mortality; and it is therefore evident that unless the decease of individuals insured in an office take place exactly in the proportion exhibited by those tables, there will be a deficiency or surplus of capital for the pay- ment of the sums insured, according as the real deaths exceed or fall short of the assumed stand- ard. In the former case, a portion of the sub- scribed capital must be appropriated to supply the deficiency, and if there be no subscribed cap- ital, (as in mutual insurance companies,) a call must be made upon the members for the same purpose. In the latter case there will, be a profit or surplus fund to be divided, but the dis- posal of this surplus differs according to the principles or systems on which the various com- panies for life insurance are founded. Thus the office either appropriates the whole of the sur- plus to itself, as in the case of stock com 2 26 sources or PROFIT and SURPLUS. panies, or makes a compensation to the insured for it, as in those companies which allow a participation of the profits to the policy-holders, the first paying only the sum mentioned in the policy, and the latter adding certain proportions to that sum, or making deductions from the fu- ture annual premiums. It has been considered that the surplus 01 profits produced from the accumulation of pre- miums paid above the amount of the claims re- turned, may become great from the following several causes:—1. That proportion of profits which would be assigned to the policies of per- sons not yet qualified to participate in them. 2. The sums periodically retained in a society out of discontinued or forfeited policies, which never become claims ; though this has almost entirely ceased to be a source of profit. 3. The higher rate of interest realized beyond that by which the table of premiums was computed; and, 4. A larger average duration of life among the insured than that assigned in the table of mortality adopted by the office ; in other words, the excess of the premium above the true value of the risk incurred. In the latter particular, VALUE AND SALE OF POLICIES. 27 of course the greatest caution is required, by the selection of the best lives, which will answer the purpose both by securing an office from im- position, and of increasing its profit; for in companies which are purely stock, a party may sometimes pay to the office a sum far greater than his representatives will receive in return. VALUE AND SALE OF POLICIES. It is evident that the value of a policy is equal to the excess of the present value of the expected sum to be paid after the extinction of the life insured, above the product of the annual premium multiplied into the number of years' purchase at which an annuity on such a life is then estimated. It follows, therefore, in conse- quence of the continual increase of the value of the reversion, and the continual decrease in the number of years' purchase which an annuity on the life is worth, as such life grows older, that the above excess must continually become greater, or, in other words, that the policy must every year become more valuable. As a policy 28 VALUE AND SALE OF POLICIES. is assignable property, it often becomes a means by which money is raised by mortgage or sale of it; but to make the assignment effectual in cases of bankruptcy, or insolvency, it is essen- tial that notice of the assignment should be given to the office. In cases of purchase, the holder, or buyer, pays all the future premiums : his advantage being in the possession of such a policy, at a premium less than he must have paid for it at the existing age of the party upon whose life it was granted. Supposing, for in- stance, a policy to have been effected for the payment of $5,000 upon the death of a person aged 38, when the insurance was made, and that it was sold when he was 50; the buyer would then have to pay only $152. 50 annually, the premium for the former age; whereas, if the life were to be insured at the latter age, the premium would $230. For the difference be- tween these two annual payments, therefore, namely, $77.50, an equitable price should be paid. Besides the public sale of these securities, they may also be disposed of to the office by which they were issued; since most of the in- VALUE AND SALE OF POLICIES. 29 surance companies are willing to receive theii own policies again at a fair price, after the pre miums have been paid for a certain number of years : thus redeeming from the insured, the re sponsibility incurred by the contract; which transaction is called the surrender of a policy The prices offered, are, however, generally re- garded by the parties surrendering, as very low, which arises partly from their not making a due allowance for the risk already incurred by the jompany; and for which it ought certainly to be remunerated. It will thus happen, that a person who has been paying an annual premium of $50, for ten years, is surprised at the small sum offered to him for a policy which has cost him $500; but it must be remembered, that during that space of time, the society has been exposed to the risk of death, which, had it oc- curred, the society would have suffered a loss of perhaps $2,000, or must have sustained its regular proportion of losses according to the Tables of Mortality 30 DIFFERENT KINDS OF COMPANIES. ACCOUNT OF DIFFERENT KINDS OF LIFE- INSURANCE COMPANIES. The companies for life-insurance are gen erally divided into three classes, and styled conformably to the principles or systems upon which they are founded, Stock companies, Mu- tual Insurance companies, and Mixed compa- nies. Most of these institutions are intended for insurances on the lives of persons of all ranks and professions; but there are also some com- panies which have been established in England for insuring the lives of particular classes of persons, as of clergymen, school-masters, medi- cal practitioners, officers in the army, &c, the support of whose families is dependent upon their lives, and who thereby secure sums to their widows or their families. In all these com- panies calculations are made according to a general table of mortality, modified by the pe- culiar circumstance of each profession. In some of them the premium remains the same, whilst the sum insured increases with the num- ber of years during which the premium has STOCK COMPANIES. 31 been paid. We shall now notice separately each of the three classes of insurance compa- nies above-mentioned. STOCK COMPANIES. Companies of this kind are formed by parties who raise a capital, which is considered a guar- antee of any policies they may issue. In some companies the stockholders are liable for any deficiency of funds even beyond the amount of capital paid in, while in others, the liability ex- tends only to the amount of capital owned. The insured are guaranteed the amount of the policy taken, but are not allowed participa- tion in any profits arising out of the business, that, being reserved for the stockholders alone. Many of the stock companies have adopted the tables of premiums mostly used by mutual com- panies ; some, however, have reduced these rates 10 or 15 per cent., considering this reduc- tion, together with the guarantee of a paid-up capital, as equivalent to a membership in a mu- tual company 32 mutual insurance companies. MUTUAL INSURANCE COMPANIES. Mutual companies are owned and man- aged by policy holders, and the capital is the result entirely of the contributions, by premiums, of the members. The leading feature of a mu- tual company is accumulation, which enables it to sustain and perpetuate itself, and to pay large sums in the future to the heirs of every contributor. The first resource of a company of this kind, is the premium derived from the issue of its first policies, and does not require that a co-partnership be formed by sharehold- ers, as in stock companies, with whom to divide any profits that may arise from the business; but being an association composed entirely of persons interested in the legitimate benefits, their affairs are so ordered and conducted that equality predominates in every department, and especially as respects its premiums, privileges and profits. Institutions of this kind, properly conducted, are not at variance with stability, as the experi- ence of many offices in Europe has demonstrated MUTUAL INSURANCE COMPANIES. 33 As premiums are always required in advance, if they are calculated for the whole term of life, the total of these premiums will amount to more than double the sum required to pay all claims for several years ; the annual premium for life, being on an average, twice the rate required for one year. Now, as it is improbable that any combination of adverse circumstances could produce a larger amount of losses than twice the probable amount, as is shown by the tables, the accumulation of funds from premiums must be always sufficient to provide for all loses and ex- penses of an office, well conducted and care- fully managed. Most of the companies here, have adopted tables of premiums constructed from the Carlisle tables of mortality, at an in- terest of four per cent., to which has been added a certain per centage to guard against any con- tingency, and to provide for the expenses of the business ; this is wise, for the ruinous effects of too low premiums will be many years develop- ing themselves, owing to the continual acquisi- tion of new members. In mutual companies in the United States, the party insuring is responsible for the amount 2* 34: MIXED INSURANCE COMPANIES. of his annual premium, and for that only so long as he may decide to remain a member; provi- sion is made for the withdrawal, upon equita- ble terms, of any who may desire to do so. At stated periods a mathematical valuation of all policies is made, and the entire surplus is di vided among the members entitled to partici- pate, in such manner as is in accordance with the established plan of business of each compa- ny. The different modes of division now in practice, will be the subject of a future article. MIXED INSURANCE COMPANIES. These companies, as is shown by the name, are a combination of Stock and Mutual com- panies ; Stock, by having a capital paid in ; and Mutual, by allowing the policy holders a certain participation in all dividends declared. Companies of this kind are not numerous in this country. Two or three have recently been established, among which are, the " United States," of New York, and the "Manhattan," also of New York. CAPITAL OF LIFE INSURANCE COMPANIES. 35 CAPITAL OF LIFE-INSURANCE COM- PANIES. A very erroneous impression has become very general in regard to the large published capital of many of the English companies doing business in this country. The capital is not all actually paid up, but the proprietors engage to raise, if it should be required, the amount published as capital. In general, but little more than 10 per cent, is paid up. The real use of the subscribed capital is to show the stability of those by whom the com pany has been founded, and give security to such as propose to become assured in it; as ivell as to equalize those fluctuations to which assurance offices are liable, and which must be expected from time to time to occur. These, however, are in general so inconsiderable, that the common variations in the rate of mortality require but little, if any capital to meet them ; for a disposable fund is constantly arising from the payment of the premiums, which will continue 36 MANNER AND TIME OF MAKING DIVIDENDS. to increase by the interest accruing upon it, even after deducting the claims arising from an average number of deaths, until the sum arising from a diminished number of contributors would exactly pay off the yearly claimants. MANNER AND TIME OF MAKING DIVIDENDS. There are very many different plans of di- vision of profits, all of which have their advan- tages, the insured must be the judge as to which is the best to suit his or her individual case. In Stock companies under the plan of opera- tions, adopted many years ago, the business was conducted for the sole profit of the stock sub- scribers, but, at this time, many such compa- nies have modified their plan of business, so as to allow the insured to participate in the profits to the extent of fifty, sixty, and even eighty per cent, of the declared dividends. A number of offices have of late been put in operation pre- cisely upon this plan. In Mutual Companies, quite a variety of systems are in vogue as to the manner and time of division of profits among the insured; life policies in general are the MANNER AND TIME OF MAKING DIVIDENDS. 37 only ones allowed to participate, they being in fact the guarantors of the short policies. The different methods are—the " Bonus, or addition dividend "—in which they are declared at cer- tain periods, and the amounts are credited to the insured ; this remains with the company un- til the death of the insured takes place, when it is paid to the proper parties, together with the amount of policy. In this case the prospective value of the present amount of profits is calcu- lated. Another method is—"The cash divi- dend," or what is nearly equivalent to that, a dividend which is paid off soon after the decla- ration, or used by the insured in the reduction of their annual premiums. Another is—" The Funded Dividend," which is declared with- out a stipulated time of payment, but which bears interest payable annually; in the course of years the accumulation of interest, makes quite an important reduction in the annual pre- mium ; in the two last mentioned methods of division, the present value of the actual profits is determined by a rigid mathematical valuation of the claims and liabilities upon the policies is- sued by the company. 38 MANNER OF EFFECTING LIFE-INSURANCE. As to the time of making dividends, they are sometimes made annually, and at intervals of three, five, and seven years,—the reason as- signed for the longest period is, that the cal- culations required for ascertaining the value of the liabilities is attended with a great deal of labor and difficulty. But it is maintained by some, based upon the experience of companies in Eu- rope, an annual dividend can be made with sufficient correctness, by assuming the average of former years, even if it was impossible to go through with an accurate examination yearly. MANNER OF EFFECTING LIFE-INSUR- ANCES. Some of the most important principles on which insurances upon life are founded, having been now laid before the reader, the next branch of the subject that naturally suggests itself is, the usual order and manner of proceeding to effect an insurance. The following is the general mode, but there are some peculiarities in the usages of most of the offices among us. MANNER OF EFFECTING LIFE-INSURANCE. 39 Application for Insurance. The first act of a person wishing to effect an insui'ance is, to fill up a printed form called an application, with his name, age, date of birth, residence, occupation, amount, and term of in- surance,—and certain particulars relating to his health, as to whether he is subject to any disorder tending to shorten life, &c. This doc- ument is signed by the party whose life is to be insured. Reference is required to an intimate friend of the party, and also to his usual medical attendant. After the above named papers are completed, the party then goes before the physi- cian employed by the company, called the medi- cal examiner, who examines him by interroga- tions, and by a stethescopic examination of the character of the respiratory organs, and the heart's action—and records the rate and other qualities of the pulse. The examination of fe- males is usually conducted at their own houses. In addition to these precautions, every policy of insurance contains a clause to the effect, that if any untrue statement be contained in the proposal or declaration, relative to the age, state 40 MANNER OF EFFECTING LIFE-INSURANCE. of health, or other circumstances affecting the life insured, the policy shall become void, and all the moneys paid on account thereof forfeited. To this clause, as far as the state of health of the insured is concerned, there can be no possi- ble objection. The company contracts to pay the sum insured, in consideration of a given an- nual or other premium, and on condition of there being no misrepresentation in regard to the state of health of the insured. If the party is accepted by the office, the policy is then made out, dating from the day of acceptance—the annual premium being paya- ble each year upon that date. Payment of the Future or Renewal Premiums. Before the future premiums payable on a policy of insurance become due, a notice is sent to the holder, apprising him of the fact, and in- forming him, that in the event of the premium not being paid within a specified time, the po- licy will become absolutely void. The time allowed for the payment of renewal premiums, MANNER OF EFFECTING LIFE-INSURANCE. 41 after they become due, is generally thirty days; the party, however, takes this time at his own risk, for if he dies or becomes in unsound health in the meantime, his policy is null, because he has not complied with the requisition of the policy ; the importance of this privilege can be explained in a few words ; suppose a person in- sured at the age of 40 for $5,000—premium $160—and upon arriving at the age of 50, by some neglect or omission he passes by the time when his premium should have been paid ; now the time allowed by the company is of great importance to this person, who, if he had to in- sure at the latter age, would have to pay $230, __being $70 more per annum. All offices upon renewing a policy after the specified time of payment, require evidence of the good health of the insured. Companies are no more legally bound to send notices of expiration, than banks are of the time notes are due, yet companies in general, as a matter of courtesy, adopt the plan of sending notices prior to the time the premium will be due 42 MANNER OF EFFECTING LIFE-INSURANCE. Proof of Death of the Insured. Whenever death takes place, all the infor mation relating to the death of the insured, should be sent, as soon as possible, to the office by whom the policy was issued. The proofs required are usually— The " Physician s certificate," who attends nim in his last illness ; this should state clearly the cause of death and all other information of importance connected with the illness of the party; the " Clergyman's certificate," who at- tended the funeral in his ministerial capacity, and the " Undertaker s certificate," who per- formed the last offices of burial upon the body of the deceased. The identification of the de- ceased as the party insured is also required. If a party dies by some sudden accident, the evidence of some person, or persons, as witnesses of the same would then be required, together with the coroner's certificate. The cause of death must always be distinctly stated, as the policy would be void, if the decease took place by suicide, duelling, or the hands of justice all PAYMENT OF AMOUNT INSURED. 43 of which are excepted in most policies. All certificates are required to be sworn to before a magistrate, or other person authorized to take an affidavit. When circumstances occur where these forms cannot be observed, the best testi- mony available should be furnished. PAYMENT OF AMOUNT INSURED. In the time between the death of the insured and the time appointed for the payment of the claim, due investigation into the truth of the various certificates is made, and if the whole have been found satisfactory, the claimant, at the appointed time, upon presenting his policy to the proper officers, and receipting for the money claimed, will at once be paid. Most of the companies agree to pay their losses in sixty or ninety days after satisfactory proofs have been handed in. In some offices, the amount claimed may be received immediately after satisfactory proof has been furnished, upon allowing the usual rate of discount for the unexpired time. The following remarks were prepared by an experienced examiner in New York:— 44 MEDICAL EXAMINATIONS. MEDICAL EXAMINATIONS. BY AN EXPERIENCED EXAMINER. Until the establishment of the present prac- tice of appointing a medical officer to look after the interests of a life-insurance company, great uncertainty existed in relation to the insura- bility of many lives that were taken as good risks. This uncertainty became often the cause of protracted litigation ; and the opinions of learned jurists on the bench, and the decisions of juries were not unfrequently founded upon imperfectly ascertained facts, and loose and careless opinions supplied by an agent or bro- ker : such as, " he believed it to be a good life," or that, " the party was in a reasonably good state of health," and a host of similarly express- ed opinions—as vague as they were unsatisfac tory.* Often these would arise from positive * Stackpole v. Simon. Sitt. at Guildhall Hall. Vac. 1779 Ross v. Bradshaw, 1. Blac. Rep. 312. MEDICAL EXAMINATIONS. 45 ignorance, at other times, from collusion or carelessness on the part of one who was repre- sented as being the usual medical attendant of the party whose life was proposed to be in sured.* A remarkable instance of the effect of an ab- sence of a personal examination by an officer of a company, occurred in England in the year 1824. The Duke of Saxe Wiemar insured his life for £5,000 sterling, and died in a year or two after effecting the insurance. After the amount of the policy had been paid, it was as- certained that he had been wounded in the spine, and that he was both idiotic and para- lytic at the time of effecting the insurance, but had furnished the office with two certificates, tie from a physician and another from a sur- geon, stating that he was at that time in sound health: on which certificates the policy was is- sued. In a suit to recover the money paid, the company was non-suited, as the transaction was in accordance with their method of busi- ness. Had there been a medical examiner at- * Aveson v. Lord Kincaird and others, 6 East, 4b MEDICAL EXAMINATIONS. tached to the company, a policy on such a life never would have been issued. The certificate of the usual medical attend- ant is often of little importance beyond furnish- ing information as to the past state of health of the party, or as to his family predisposition, for the simple reason that he may never have had an opportunity of investigating the condi- tion of his patient in the mode needed for life- insurance. The writer has known instances of physicians giving certificates of good health, and upon having their attention directed to the results of a physical examination, frankly ac knowledge that they were ignorant until that time of any predisposition to disease in their pa- tients. An instance worthy of note occurred to the writer where the physician had been an inti- mate friend of the applicant for twenty years, during which time he had not experienced any indisposition, but had always had the appear- ance of ruddy health. An examination of the chest detected unequivocal symptoms of the ex- istence of incipient phthisis. The attention ol the medical friend, who had accompanied him to the office, was directed to them; he at once MEDICAL EXAMINATIONS. 47 admitted the accuracy of the diagnosis, and ac- knowledged that the case was not an insurable one. He subsequently-reported that this indi- vidual had, about six months after his examina- tion, suffered from severe pulmonary haemor- rhage with every prospect of phthisis. Other instances could be given where the parties died of the same disease—the predisposition being unsuspected by the physician solely from his not having had occasion to investigate the con- dition of his patient with reference to pulmona- ry diseases. The experience of the London Equitable In- surance Company furnishes some very striking facts in illustration of the importance of a per- sonal examination by an officer of the company. At an early period of their business, when the deaths amounted to 331, those caused by con- sumption were 122, at the rate of 7. 7 per thou- sand. In the year 1832, the total number of deaths was 4,095; while the number from con- sumption was 339. In the first period the appli- cations were very carelessly investigated, while during a part of the last mentioned period a careful personal examination was made by a 48 MEDICAL EXAMINATIONS. suitably qualified person appointed by the of- fice. It has happened also that persons have pre« sented themselves for examination who never nave had any medical attendant, and who never suspected the existence of any disease in them- selves, and yet have given evidence of such a state of system, that there existed no reasona- ble presumption that they would ever reach the period of their "expectation." An early death has proved the accuracy of this opinion in many an instance. It was formerly required of the party, in case he had no physician, to procure a certificate from « some other " medical man; but it is evident that but little information of value could be obtained from such a source. The medical officer appointed by the company supplies now any deficiency in the medical tes- timony, and offers the best security both for the insured and the insurers—to the former as fur- nishing to a certain extent a warranty, and to the latter a security that every means has been used to obtain none but good risks. When a person applies for examination he should bring with him, 1st, a declaration signed MEDICAL EXAMINATIONS. 49 by himself; 2d, another signed by a friend; and 3d, one from his medical attendant; all giving an accurate statement of his health. These documents are furnished in blank by the com pany. An error has arisen on the part of some medical gentlemen in supposing that when they fill up the blank that is intended for them, that they are furnishing the information they impart, at the request of the company. This mistake has doubtless arisen from a common practice of the officers and agents, who, in wishing to save the applicant a little trouble, send the blank certificate to the physician; the latter supposing it to come from the company are in some instances unwilling to furnish the required information without a fee. All these docu- ments, however, being the proofs which the ap- plicant is required to supply and to bring with him to be filed in the office, must be obtained by him at his own expense. In addition to these evidences, the agent is supposed to be- come to some extent responsible, and in one company at least, he is required to fill up an of- ficial certificate embracing his knowledge of 3 50 MEDICAL EXAMINATIONS. the party, and his opinion as to the safety of the risk in question. In no case should a person be examined un- less all these papers are submitted, complete, to the medical examiner; for they might contain some important fact necessary to a correct de- cision. With these documents before him he will proceed to a personal examination. The external form and general aspect often convey a vast amount of information to one ac- customed to associate these with health and sickness. The habits of life, which may be as- certained by a few questions, will naturally lead to others ; the trade, occupation, profession, etc., of the applicant come under this head of exam- ination, and will enable the examiner to draw his inference as to their effects on the general health. The condition of the brain and spinal marrow will also be thus learned; for this can be ascertained to a sufficient extent by the gait, manner of speech, and want of control over the muscular system, exhibited in tremor, and other irregular movements, together with questions on these points which may suggest themselves. MEDICAL EXAMINATIONS. 51 [ In the examination of the chest, although it is \ of great importance, yet it is not necessary to 1 ascertain anything more than that there is a de- parture from health ; it is not required that any detail of unfavorable symptoms be recorded, if any appear. The first step in the investigation, is to percuss the chest in all its parts, and then I to apply the Stethescope, or the ear, to ascer- tain whether or not there exists a healthy res- piration. Consider the capacity of the chest, whether narrow or expanded—whether there is any unusual depression in the subclavian re- gions—whether the chest expands equally on inspiration—any Bronchophony, particularly in the subclavian and mammary regions. The action of the heart is also ascertained by aus- cultation : ascertain whether the rythm of the heart is natural, and confined within the natural limits—whether the impulse of the heart is co- incident with the first sound, and of natural in- tensity. When making a report, the state of the heart may be recorded "Normal," or "Ab- normal," as the case may be. The pulse, besides being regular, should never beat over 90 in a minute : if it cannot be re- 52 MEDICAL EXAMINATIONS. duced to this by changing to a recumbent posi- tion, rest, and time being given for the com- posure of the nervous system, and if necessary, two or three examinations, on different days— the applicant is to be rejected. A very careful investigation into the condition of the heart and lungs should be made, whenever the pulse is found to beat uniformly over 80. An habitually rapid pulse is generally indica- tive of some organic affection. The pulse should always be regular in its beats, and never intermitting. Spitting of blood, if it arise in a person of a consumptive family, must be a reason for re- jection. If, however, it arises from a mere congestion of the mueous membrame of the bronchial tubes, it need not be a cause for declin- ing the risk; a sufficient time, however, must elapse to ascertain, together with an examina- tion of the chest, that it is of this nature. Bleed- ing from the lungs from violent straining, need not be a reason for rejecting the applicant__al- lowing, as in the former instance, a long time to pass to prove that it is but a local and tempo- rary affection, and has not produced any disease MEDICAL EXAMINATIONS. 53 If either of these should be followed by cough or occasional difficulty of respiration, the party of course, must be rejected. It is needless to men- tion that more than usual care must be taken in the physical examination of such persons. Occasional difficulty of breathing, or asthma, must always be rejected. The causes of these affections are often obscure, and as they arise from some obstruction in one or other of the vital organs, as the lungs or heart, safety re- quires that such cases should not be received. There is an affection of the bowels which is often suddenly fatal; a person affected with it is by no means a safe risk: it is an obstruction, sometimes known as colic, bilious colic, or spas- modic colic; any person affected with this, ought to be rejected. In making up a report to be transmitted to the parent office, there need be no remark made beyond the conclusions at which the examiner has arrived, a brief statement and expression of opinion, which ought to be unqualified, is all that is required. Whenever there is any state- ment of positive disease, it would be well for 54 MEDICAL EXAMINATIONS. the examiner to refer to it in a note to show that it has received his special attention. The existence of tumors, hernia, hemorrhoids, fistula, &c, should be ascertained, and their condition ascertained by inspection. Fistula is a good reason for rejection. A hernia need not render the party incapable of availing himself of the benefits of life-insurance provided it be properly secured by a truss, and the occupation of the individual be such as not to endanger its protrusion by excessive straining. When inquiring into the usual occupation of the applicant, the questions relating to exposure to insalubrious climates will naturally arise. If the party has been within the tropics, or in any part of the world known to be at times un- healthy, it will be necessary to inquire whether or not he has had any endemic diseases which have prevailed—and if so, if they have left any enlargement of the liver or spleen, or any other permanent effection of an important viscus. Hereditary tendency to disease is an impor- tant part of an examination. There are how- ever, but four that appear to have a bear- ing upon the duration of life; these are con MEDICAL EXAMINATIONS. 55 sumption, disease of the heart, insanity and epilepsy. Although diseases are termed heredi- tary, yet they are, more properly speaking, pre- dispositions. Hence, the actual development of disease requires some co-operating circum- stances, and it is not in every instance of the parent having either of the above named dis- eases that the applicant should be pronounced ineligible to life-insurance. Consumption.—Consumption does not always descend from the parent to the child. But if either parent has been effected with it, and the offspring exhibits a slender form, or has a nar- row or badly formed chest, or an habitually rapid pulse, the predisposition is evidently so strong, that some slight exposure or irregularity of living, or a constrained occupation in a close atmosphere, will almost surely develop the dis- ease. Many persons exhibit no such tendency, and, therefore, ought not to be rejected, because one of the family may have had the disease. It is different, however, if two parents have died of it or one parent and one child. Under these 56 MEDICAL EXAMINATIONS. circumstances the applicant ought not to be in- sured until he has passed the period at which he is likely to be affected with the disease. Now it appears from records carefully made, that more persons die of consumption between the ages of 18 and 35 years than at any other age, the mortality from this cause sinking very rapidly to comparatively a small number after the last mentioned age. Hence, it is advisable that the party should have reached the age of comparative exemption. Forty years, there- fore, is a good age that he should be required to attain before he is examined ; some have lim- ited the period to thirty-five years. It is of course supposed that all symptoms, both rational and physical, which indicate a predisposition to phthisis, be absent. Disease of the Heart—There are many ex- amples on record of this predisposition inherited from parents. One of a family of high rank in Italy, which, for four successive generations, were effected with aneurism, or morbid en' largement of the heart. When a parent has died of this affection, it would be safe to exam MEDICAL EXAMINATIONS. 57 ine an applicant with more than ordinary care ; advancing age in this disease will be more likely to aid in the development, than tend to lessen the predisposition, as is the case in phthisis. Insanity.—The hereditary predisposition in this affection is so strong that it has been dis- tinctly traced in six sevenths of the cases in a lunatic asylum. One instance of insanity in a family must be a cause of rejection. Epilepsy.—Epilepsy in a parent need not be in every instance a cause of rejection. Its ex- istence should lead to a very scrutinizing in- quiry into the present condition of the party and his mode of living and occupation. No positive rule can be laid down ; it must be left to the sound judgment of the examiner. General Indications of Longevity. A well proportioned stature without being too tall, but rather of the middle height, and tolera- bly stout. The complexion not too florid; too much ruddiness, at least in youth, is seldom a sign of longevity. The hair should not be 58 MEDICAL EXAMINATIONS. black, but rather approaching to fair ; the skin strong, but not coarse. The head not too large. He should have prominent veins on the limbs and the shoulders rather round than flat. The neck is neither very long nor short. The stom- ach of such a person does not project—the hands are large, but not too deeply cleft. The foot is rather thick than long, and the inferior limbs are firm and round. The chest is broad and arched—the voice strong, and the faculty of re- taining the breath for a considerable time with- out inconvenience or difficulty, is one of the most marked signs. In general there is a com- plete harmony of proportion among all the parts of the body. ARGUMENTS IN FAVOR OF LIFE INSURANCE. ANSWER TO EXCUSES FOR NOT INSURING. APPLICATION OF LIFE INSURANCE TO DIFFERENT' STATIONS IN LIFE. LIFE INSURANCE CONTRASTED WITH SAVINGS BANKS. OBJECTIONS ANSWERED. 61 Extracts from Lectures on Life-insurance, by an eminent Divine. OBJECTIONS ANSWERED. I shall endeavor to answer and remove an objection of the nature of a prejudice against life-insurance in general, which, as it springs out of the religious nature of man, should be seriously met and respectfully considered. To many, especially to such as habitually take serious views of life, of its shortness and uncertainty, the very suggestion of a proposal to insure one's life appears, at first thought, lit- tle less than impious : like a presumptuous at- tempt to interfere with the counsels of the Su- preme Arbiter of life and death; and the mind of such a person recoils from the thought, as if to entertain it for one moment, would be a sin. This feeling may be met, perhaps, by remarking that, with some it results from a misapprehen- sion of the real nature of life-insurance; as if it were the object of the contract to secure the insured party against death. But this is not the 02 OBJECTIONS ANSWERED. object of the contract. It is not to secure against death, but against the unhappy conse- quences of death, before those who are dear to the insured, and dependent upon him, are placed by his previous labor and prudence beyond the painful feeling that they must be dependent upon the charity of others. Viewed in this light the religious objection vanishes at once and entire- ly ; and not only so, but what at first and indis- tinctly seen appeared a sin, changes its charac- ter and becomes a moral duty. The same objection lies against Marine or Fire Insurances as against Life; for the storms and other perils of the seas, are as much in the hands of the Ruler of the winds and the waves, as is the life of each individual of the human family. And yet no one thinks of raising it as an objection to insuring his ship at sea, that it is an interfering with the counsels of Him that "sitteth upon the floods;" or that it is an at- tempt to take out of His control what properly belongs to him. So, too, have I known those who had superstitious objections to makino- their own will; it looked to them like "tempting providence," and they seemed to feel, thoiH, OBJECTIONS ANSWERED. 63 perhaps they would not say,—that to make a will, would hasten on the time when it would be wanted to govern the administration of the estate. But in the minds of others, who do correctly understand the object of the insurance, it may appear objectionable, not on religious, but on moral grounds, that it looks like a wager, a bet; or. that, appealing to the doctrine of chances, it partakes of the nature of gambling. Perhaps, when this objection is carefully ex- amined, it will be found to rest upon no better foundation than the last. We often speak of chance, as if the part that it acts in the affairs of men, were at once very important, very capricious, and sometimes very wicked. But, as science gains new conquests over the domains of ignorance, chance acts a less and less conspicuous part in the drama of human life. All mere inert matter has its laws ; laws as constant as are its qualities—laws, too, imposed upon it by the All-ruling Spirit of the universe. These are as much the laws of God as are any that have been enunciated by the prophets of God in the Holy Oracles. 64 OBJECTIONS ANSWERED. All life, too, is subject to law. This is true alike in the vegetable and in the animal crea- tion. And it is a part of man's wisdom to in- vestigate the laws of life. This can be effected only by careful observation, extended over a wide surface, and embracing considerable peri- ods of time; for the life of each individual, is generally very uncertain. It has been well re- marked that, after such a series of observations of the phenomena of human life and human ac- tion, man is seen to be an enigma, only as an individual; in the mass, he is a mathematical problem.* This may be said not only of the duration of life, but to a very great extent, to his actions— even those of them that appear most accidental. Mental phenomena—things that appear en- tirely fortuitous when observed in an individ- ual—recur with wonderful regularity in great masses; almost as regularly as do natural phe- nomena. Indeed, " this regularity is exactly of the same kind as that of the weather. No man can say what may be the weather of to-mor- row ; but the quantity of rain which falls in * See Vestiges of Creation, pp 231__232. OBJECTIONS ANSWERED. 65 any particular place, in any five years, is pre- cisely the same as the quantity which falls in any other five years at the same place." From this it would seem that events, appa- rently the most accidental, are regulated; and that even chance itself is subject to law. And it is upon the knowledge of facts like these that fire and marine insurances are effected. Now the statistical observations upon the length of the life of man, and the prospect of life which he enjoys at any particular year of it, have been the work of many individuals. They extend over a large part of two centuries, and embrace hundreds of thousands of lives, and though they do not pretend to affirm of any individual, in health, that he will live one year or ten, they do affirm, and with no little confi- dence, that of a large number of men, at a par- ticular age, so many will die in one year. Upon the basis of such observations is Life-insurance conducted. I trust that sufficient has been now advanced, to remove from the mind of any one any degree of prejudice he may have entertained, either of a religious or moral character, against the idea 60 OBJECTIONS ANSWERED. of insuring one's life ; for, on closer examina- tion, it must be seen that the whole system of Life-Insurance—so far from tempting Provi- dence, by an attempt to interfere with the laws of God—rests, in fact, upon those laws as its only basis ; and that the parties to the insurance recognise those laws as at once divine and im- mutable, and consult their mutual advantage by putting themselves where, and where only, security and well-being can be found for man— under the protection of those laws. And so far from the insurance being an appeal to blind chance, or one form of gambling, it appears to be, and, in fact, is one mode of banishing that blind and capricious goddess, chance, from the world and its great affairs, and of bringing the human mind to recognise all the affairs of men —not only their lives, but even the operations of their minds, and that, too, in their most wild and, apparently, capricious operations—as un- der the control of a high and beneficent law. MOTIVES TO INSURE. 67 Motives to induce Persons to Insure. 1. I begin with that consideration which, in fact, is one of the lowest motives from which a moral being should act, but which, at the same time, I am sorry to be compelled to believe is one of the strongest from which men do act; 1 mean the desire of pecuniary profit. It is one of the best investments that a man can possibly make of his money. I mean that the money which a man pays, as premium on a life-insur- ance, conducted on the mutual system, will yield a better pecuniary return, considering both the rate of increase and the security of payment, than in any other regular business within the limited circle of my knowledge. Another consideration in fav.or of a life policy, and of the same general character—that is, a pe- cuniary character—is this: it operates as a strong and constant motive to economy in the expendi- ture of money. I know not how it may be with others, but I can answer for myself, that the difficulty, in pecuniary matters, has generally been, not in earning money, but in keeping, or 68 MOTIVES TO INSURE. wisely investing it. The gratifications of the present are apt to put out of sight the necessi- ties of the future. The present call we know and feel. The future want we do not know, and cannot feel; and so we live " from hand to mouth," blindly presuming against the whole experience of others—that, " to-morrow shall be as this day, if not still more abundant;" and thus if old age finds us at all, it finds us more or less, often absolutely, dependent upon the earn- ings and savings of those who have been more provident than ourselves. But, when one has put forth one such effort of a provident spirit as he must put forth, to take out a policy on his life, and pay one premium upon it, rather than lose the benefit of the first effort he will make a second ; and every premium that he pays, the motive becomes stronger; and with every new payment the cord is strengthened that binds him to provide for the next; while at the same time, the habit of economy is growing imper- ceptibly upon him, and the effort becomes less and less painful. Still another consideration of the same gen- eral character, that is calculated to recommend MOTIVES TO INSURE. 69 the investment of a portion of each year's earn- ings in a life-insurance is, the security that it furnishes against the fluctuations of fortune. In a country like this of ours, good men, even the excellent of the earth, are subjected to great vicissitudes of fortune, or reverses in business. Prosperous for a series of years—when the lay- ing aside of a few hundred dollars a year would not be felt—they experience perhaps in the very noon of their business day, one of those sudden calamities, which not the wise can always avoid, and their fortunes and even their hopes of ever again rising are completely wrecked. If now he has been so provident as to have seen these "breakers ahead," and made himself a partner in a Life-insurance Company, he will feel that much has been done to diminish the force of the blow, especially as regards his in- terest in those who are sharers in his earthly lot. For there is a dependence, should he then be taken from them. 2. There is another light in which I feel my- self not only justified in presenting this subject, but bound in duty to present it; and that is the light of a moral duty. This is contemplating 70 MOTIVES TO INSURE. the subject before us from a more elevated point of view, than when we regard it as a matter of pecuniary profit. " The cares of the world," are presented by the great Author of our Chris- tian faith, as apt to " choke his word and render it unfruitful." This is one of the natural effects of excessive care concerning our temporal af- fairs. The doubtful character of debts, the se- curity and profit of investments, the rise and fall of stocks, go far to not only deprive a man of that measure of contentment and rest which are indispensable to bodily health, but also to draw away the mind from those moral and re- ligious exercises which are equally indispensa- ble to the highest improvement and happiness of man. It is obvious, therefore, that it is a moral duty to reduce the burden of care so far as is compatible with justice to those who have claims upon us. And much of this burden is thrown off from the heart of a man who has placed himself in a position—as every partner in a Life-Insurance Company does—in which his annual gains, or at least a portion of them, are securely invested, and when all care of them is taken by others, who are one in interest MOTIVES TO INSURE. 71 with himself, and who, in their every act, are overseen and counselled by still others who have the same community of interest. A man who has his dwelling-house insured, feels very differently, on the approach of a con- flagration, from his neighbor, who has been less provident, and whose house is nearly his all. Still more different must be the feelings of two men under the attack of a disease, which will probably be fatal, when one of them feels that he shall leave his family above want, and the other that his will be dependent upon the la- bors or charities of others—especially is this obvious when we consider that the house may never burn down, but that the lamp of life must burn out. It seems to me, therefore, that it is a moral duty a man owes himself, thus to lift himself, while he may, above these cares that so directly war against his peace, and I deem it not too se- rious to say, against the purity and uprightness of his own spirit. 3. And, once more, I regard it a moral duty of—perhaps I ought to say, every man who either is, or expects to become, the head of a 72 MOTIVES TO INSURE, family—to take out a life policy—a moral duty to that family to insure his life, to such an amount as his means will enable him, and their position in life demands. Considering how exceedingly frail is every man's tenure of life, and how absolutely de- pendent upon the father of the family the mother and younger members of it usually are, we can apprehend, though even then we can but inadequately apprehend, the moral obliga- tion by which every father is held to do all in his power to guard those objects from a part of the force of the blow that they must all feel when he is struck down by death. In addition to the overwhelming grief that comes with the dreadful blow, especially in a country like our own, where so small a portion of the young families inherit a competent support—there comes the calamity of want—stern, unpitying want—want, that calls clamorously for the ex- ercise of powers that its victims have not— want, that brings with it sore trials to all, and too often its sore temptations to the female part of the family, mother or daughters, or both— want, that is so often allied to ignorance and MOTIVES TO INSURE. 73 vice, and that is so apt to take away the key of knowledge, and doom the young to those evil associations that cluster around the needy and the exposed. I would respectfully ask, my friends, is it not the duty of all fathers who are not entirely above the fear of this dreadful want, in regard to their children, should they be sud- denly left fatherless, to give them just that pro- tection against this fearful foe to their peace and virtue, which it is the express and special object of life-insurance to furnish ? Can any one visit one of the orphan asylums that are so creditable to the humanity of our large cities, or, still worse, who will see the thousands of the lost ones who congregate in the haunts of vice in those cities because there was no friend to lead them to an Orphan Asylum, and learn how large a proportion of those little ones, or those lost ones, are children of early-widowed and poor mothers, who had been left with neither means to educate their children or even a home to shelter them, and fail to come to the conclu sion that it was the father's duty, as a great point of natural morality, to have guarded these loved, but now lost ones, against this ruin, bv 4 74 MOTIVES TO INSURE. placing them above the reach of the destroyer, by means of a policy of insurance, that would have given the widow a home, and the children support and education ? Can a true man suppose, when in health and prosperity he contemplates the contingency of an early or sudden death, that in his dying hour he will feel that he has done his duty to those whom he must leave behind him, when he sees that they are to be left to the sad inheritance of such want and such exposure ? Can a Chris- tian father contemplate such an hour with such a prospect, without bringing to his mind the declaration of the Apostle, that he who—when he can so easily do it—provideth not for his own, even his own household, has denied his Christian faith, and is practically worse than an unbeliever ? I put these questions to the seri- ous consideration and to the conscience of those who hear me. EXCUSES FOR NOT EFFECTING INSURANCE. 75 ANSWER TO EXCUSES FOR NOT EFFECT ING INSURANCE. Various are the excuses for the omission of this most incumbent duty. Some say they will be their own insurers ; that they will lay aside annually a sum equal to the amount they would be required to pay to an insurance office, and by letting out the money at compound interest, accumulate an amount as rapidly as though it were under the management of an insurance office. This is an impossibility. But admitting that he can, long before his accumulations amount to the desired sum, death knocks at his door, and his accumulations cease ; whereas, had he effected an insurance, the occurence of death instead of interrupting would have ex- pedited the accumulation, by rendering the company liable forthwith for the whole sum in- sured, although only a single year's premium had been paid. Some men will not insure, because they can not insure for a large sum—but promise when 76 EXCUSES FOR NOT EFFECTING INSURANCE, able to pay the premium on a large sum, that they will take a policy. The man's vanity pre- vents his taking a smaller policy upon which he is abundantly able to pay the premium. While waiting to be able to pay a large premium, death steps in and leaves his wife and family penniless, sorrow-stricken, and broken-hearted, thrust on the cold kindness of quasi charitable relations, without a cent to bury him or provide food for themselves—and this, because he, the loving and devoted husband, would not make even a temporary provision, consonant with his circumstances, for the wife who had been his nurse in sickness, his friend in distress, and whom he had sworn to cherish and protect— and by the payment of twenty or thirty dollars annually for seven years, secure tv»o thousand dollars for her use, provided he should die with- in that period! In those solitary hours when woman is left to her own reflections—when the busy and bustling husband is stirring with the world, and floating on the stream of an imaginary prospective af- fluence—how often does the future present it- self to her view, unselfishly as regards herself— EXCUSES FOR NOT EFFECTING INSURANCE. 77 but painfully absorbing as regards her offspring' How can she bring the subject to her husband's notice without startling his affection, or in many cases without subjecting herself to a bitter and brutal insinuation ? Her delicacy—her affec- tion revolt from the idea of proposing to him the necessity of that which she feels to be his duty, and which he should be the first to sug- gest. She listens to his tale of future wealth and independence, of speculative thousands, and regrets to think that a paltry sum is withheld, which, under a sudden affliction, might be the saving of herself from destruction, her infant from a bleak and dreary childhood. The hus band, if spoken to on the subject, often mistak- ing his wife's delicacy-his wife's diffidence- his wife's dislike to allude to a period which must bring to her so all-absorbing a loss-will declare that he' " has spoken on the subject, and has been requested never to mention it again" Strange that man, who owes to his wife the chief charm of his existence, the every-day comfort of his life, should be able to look heart- lessly to that period when their last parting shall take place-when removed to that world 78 EXCUSES FOR NOT EFFECTING INSURANCE. where, to hhn, all is hope and consolation—he shall have wilfully left her in darkness and deso- lation, steeped in poverty and wretchedness, to struggle with the hard justice of a hard-handed world. Let woman speak for woman—let each urge the other's claim, and make selfish man com- prehend that he has a conscientious course to pursue, a bounden duty to perform, in providing for those who constitute his " home ;" and that, in "resorting to life-insurance, he is risking nothing, but truly securing a certain profit upon that which is at all times an uncertain event." APPLICATION OF LIFE-INSURANCE. 79 APPLICATION OF LIFE-INSURANCE TO DIF- FERENT STATIONS IN LIFE. The nature of a life-insurance is not always understood. It is a contract between a com- pany and an individual, that in consideration of a sum paid down, or of a less sum paid annually by the individual to the company, his heirs or assigns shall receive from the company a larger sum when he dies. An insurance against fire is a contract, that the individual whose house is insured shall receive payment for it, if it is destroyed by fire. A marine insurance is a contract that the individual whose vessel is in- sured shall receive a certain sum if his vessel is lost at sea. In neither case is there, as there has been supposed by some to be in life-insur- ance, an impious attempt to prevent the will of Providence, but a wise and prudent endeavor to render such events as are beyond our control less calamitous than without such caution they would be. The amount to be paid by the com- pany, and the amount to be received by the heirs or assigns, is settled by calculation, and is 80 APPLICATION OF LIFE-INSURANCE. determined by observations made on the dura. tion of life at different ages, and the interest al- lowed for money. An insurance may be made for one year, for several years, or for the whole life. In the former cases, the money is paid by the compa- ny, if the individual insured die within the pe- riod for which he is insured. In the latter case the money is to be paid whenever the insured dies. It would require much time to state all the cases in which life-insurance mayr be employed for the benefit of families and individuals, and to facilitate and make secure operations other- wise hazardous. The most general use made of a life-insurance is, by persons living on in- come, to secure a family, by its means, a com- fortable support after the death of its head or parent. This is accomplished by the payment annually to an insurance office, of such portion of the individual's income as can be spared, and for which payment the office contracts to pay, after the death of the insured, to his heirs or as- signs, a fixed sum, the amount depending on the annual premium paid by the insured. APPLICATION OF LIFE-INSURANCE 81 To secure a family against want, on the death of the parent, is the most general use made of life-insurance; but the cases in which Life. 0) to < 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 a> >< a a O ~i~ 1.58 1.60 1.62 1.64 1.66 1.73 1.80 1.83 1.86 1.94 2.02 2.10 2.24 2.38 2.53 2.70 2.75 2.88 c > m "$~ 1.64 1.68 1.71 1.75 1.80 1.86 1.93 2.01 2.10 2.22 2.33 2.45 2.58 2.71 2.84 2.97 3.08 3.20 Life. 33 " OS 13 X » a >• 3T3 OS T~ 0.69 C.71 0.73 0.76 0.78 0.81 0.84 0.87 0.91 0.95 1.00 1.05 1.10 1.15 1.20 1.25 1.29 1.35 1.42 1.47 1.53 1.58 1.64 8 to 14 15 16 17 18 19 20 21 22 23 24 25 20 27 28 29 30 31 32 33 34 35 36 37 0.76 0.80 0.84 0.88 0.92 0.96 0.97 0.98 1.02 1.03 108 1.09 1.13 1.18 123 1.28 1.29 1.34 1.40 1.41 1.43 1.48 150 1.56 9 0.86 0.90 0.93 0.95 0.98 1.00 1.03 1.06 1.09 1.13 1.16 1.20 1.25 1.29 1.32 1.36 1.39 1.43 1.46 1.49 1.52 1.55 1.58 1.61 $ 1.46 1.50 1.54 1.58 1.62 1.66 1.70 1.73 1.76 1.8D 1.83 1.87 1.90 1.95 1.98 2.03 2.10 2.17 223 2.30 2.35 2.43 2.51 2.60 $ 0.38 0.39 0.40 0.41 0.42 0.43 0.44 0.45 0.46 0.47 0.48 0.49 0.50 0.51 0.52 0.53 0.54 0.56 0.57 059 0.61 0.62 0.64 ' 0.67 2^67 2.75 2.85 2.95 3.05 3.14 3.24 3.36 3.53 3.70 3.91 4.12 430 4.48 4.67 4.83 5.00 5.25 5.51 5.70 5.91 6 14 6.37 $ 1.35 1.39 1.44 1.49 1.54 1.59 1.64 1.70 1.78 1.88 1.98 2.08 2.18 2.27 2.36 2.45 2.53 2.66 2.79 2.89 2.99 3.10 3.23 TABLE II. PARTICIPATION OF PROFITS. Showing the Premium required to Insure the Sum of $100 on a Single Life for the Whole of Life, when the Insurers ate Participators in the Profits, in Annual, Half-Yearly, or Quarterly Payments. 60 Premium. BO Premium. "3 s £3 <*-■£" £•= "3 3 C B S < >> os < >* Qf- 8 to i- *r~" $ $~ 9~ $ 14 1.79 0.90 0.46 38 3.07 155 0.79 15 1.84 0.93 0.47 39 3.15 1.59 0.81 16 1.89 095 0.48 40 3.23 1.63 0 83 17 1-94 0.98 050 41 3.32 1.68 0.85 18 1.98 1.00 0 51 42 3.41 1.72 0.87 19 2.03 1.03 0.52 43 3.52 1.78 0.90 20 2.08 1.05 0.53 44 3.60 1.82 0.92 21 2.12 1.07 0 54 45 3.70 1.88 0.95 22 2.16 1.09 0.55 46 3.85 1.95 0.99 23 2.20 1.11 0.56 47 4.00 2.03 1.03 24 2.24 1.13 0.57 48 417 2.11 1.07 25 2.29 1.16 059 49 435 2.20 1.12 26 2.33 1.18 0.60 50 4.55 2.30 1.17 27 238 1.20 0 61 51 4.78 2.42 1.23 28 2.43 1.23 0.62 52 5.01 2.54 1.29 29 2.49 1.26 0 64 53 5.23 265 1.34 30 2.54 1.28 0.65 54 5.40 2.73 1.39 31 2.60 1.31 0.67 55 5.59 2.83 1.43 32 2.63 133 0.68 56 5.78 2.93 1.48 33 2.72 1.38 0.69 57 599 3.03 1.54 34 2.78 1.41 0.71 53 6.21 3.14 1.59 35 2.85 1.44 0.73 59 6.45 3.26 1.65 36 2.92 1.48 0 75 60 6.69 3.38 1.7-2 37 2.99 1.51 0.77 TABLE I. COMPOUND INTEREST, Showing the Amount of $1 improved at Compound Interest, for any number of years not exceeding 100. Vears. 1 per Ct. \\ per Ct. 2 per Ct. 2J per Ct. 3 per Ct. 3$ per Ct. 1 1.010000 1.015000 1.020000 1.025000 1.030000 1.035000 2 1.020100 1.030225 1.040400 1.050625 1.060900 1.071225 3 1.030301 1.045678 1.061208 1.076891 1.092727 1.108718 4 1.040604 1.061363 1.082432 1.103813 1.125509 1.147523 5 1.051010 1.077284 1.104081 1.131408 1.159274 1.187686 6 1.061520 1.093444 1.126162 1.159693 1.194052 1.229255 7 1.072135 1.109845 1.148686 1.188686 1.229874 1.272279 8 1.082856 1.126492 1.171659 1.218403 1.266770 1.316809 9 1.093685 1.143389 1.195093 1.248863 1.304773 1.362897 10 1.104622 1.160540 1.218994 1.280O85 1.343916 1.410599 11 1.115668 1 177948 1.243374 1.312087 1.384234 1.459970 12 1.126825 1.195616 1.268242 1.341889 1.425761 1.511069 13 1.138093 1.213550 1.293607 1.378511 1.468534 1.563956 14 1.149474 1.231754 1.319479 1.412974 1.512590 1.618695 15 1.160969 1.250231 1.345868 1.448298 1.557967 1.675349 16 1.172579 1.268984 1.372786 1.484506 1.604706 1.733986 17 1.184305 1588019 1.400241 1.521618 1.652848 1.794676 18 1.196148 1.307339 1.428246 1.559659 1.702433 1.857489 19 1.208109 1.326948 1.456811 1.598650 1.753506 1.922501 20 1.220190 1.346851 1.485947 1.638616 1.806111 1.989789 21 1.232392 1.367055 1.515666 1.679582 1.860295 2.059431 22 1244716 1.387562 1.545980 1.721571 1.916103 2.131512 23 1.257163 1.408376 1.576899 1.764611 1.973587 2.206114 24 1.269735 1.429502 1.608137 1.808726 2.032794 2.283328 25 1.282432 1.450945 1.640606 1.853944 2.093778 2.363245 26 1.295256 1.472709 1.673418 1.900293 2.156591 2.443959 27 1.303209 1.491800 1.706886 1.947800 2.221289 2.531567 28 1.321291 1.517222 1.741024 1.996495 2.287928 2620172 29 1.334504 1.539980 1.775845 2.046407 2.356566 2.711878 30 1.347849 1.56308O 1.811362 2.097568 2.427262 2.806794 31 1.361327 1.586527 1.847589 2.150007 2.500080 2905031 32 1.374940 1.610324 1.884541 2.203757 2.575083 3.006708 33 1.388089 1.634479 1.922231 2.258851 2.652335 3.111942 31 1.402576 1.658997 1.960676 2.315322 2.731905 3220860 35 1.416602 1.683832 1.999890 2.373205 2.813862 3.333590 36 1.430768 1.709141 2.039887 2.432535 2.898278 3.4502G6 37 1.445076 1.731777 2.080685 2.493349 2985227 3.571025 33 1.459527 1.760799 2.122299 2555682 3.074783 3.696011 39 1.474122 1.787211 2.164745 2.619574 3.167027 3.825372 40 1.488863 1.814019 2.208040 2.685064 3.262038 3.959260 41 1.503752 1.841229 2 252200 2.752190 3.359899 4.097834 42 1.518790 1.868817 2.297244 2.820995 3.460696 4241258 43 1.533978 1.896879 2.343189 2.891520 3.564517 4.389702 41 1.549318 1.925333 2.390053 2.963808 3.671452 4.543342 45 1.564811 1.954212 2.437854 3.037903 3.781596 4.702359 46 1.580459 1.983525 2.48C611 3.113851 3.895044 4.866941 47 1.596264 2.013277 2.536344 3.391697 4 011895 5.037284 48 1.612227 2 043477 2.587070 3.271490 4.132252 5.213589 49 1.628349 2 074129 2.638812 3.353277 4.250219 5.396065 50 1.644632 2.105240 2 691588 3 4371H9 4.383906 5 581S TABLE I. COMPOUND INTEREST, Showing the Amount of $1 improved at Compound Interest, for any number of years not exceeding 100. Years 1 per Ct. 1J per Ct 2 per Ct. 2{ per Ct 3 per Ct 3J per Ct. 51 1.661078 2.136818 2.745420 3.523036 4515423 5.780399 52 1.677689 2.168870 2.800328 3.611112 4.650886 5.982713 53 1.694466 2.201404 2 8563:15 3.701390 4.790412 6.192108 54 1.711411 2.234425 2.913461 3.793925 4.934125 6.408832 55 1.728525 2.267946 2.971731 3.888773 5.082149 6.633141 56 1.745810 2.301964 3.031165 3.985992 5.234613 6.865301 57 1.763268 2.330494 3.091789 4 085042 5.391651 7.105587 58 1.780901 2.371541 3.153624 4.187783 5553401 7.354282 59 1.798710 2.407114 3.216697 4.292478 5.720003 7.611682 CO 1.816697 2.443220 3.281031 4.399790 5.891603 7.878091 61 1.834864 2.479868 3.346651 4.509784 6.068351 8.153824 62 1.853213 2.517067 3.413584 4.622529 6.250402 8.439208 63 1.871745 2.554823 3.481856 4.738092 6.437914 8 734580 64 1.890462 2.593145 3.551493 4.856545 6.631051 9.040291 65 1.909367 2.632042 3.622523 4.977958 6.829983 9.350701 66 1.928461 2.671522 3.694974 5.102407 7.034882 9.684ia5 67 1.947746 2.711594 3.768873 5.229907 7.245929 10.023132 68 1.967223 2.752267 3.844251 5.360717 7.403307 10.373911 69 1.986895 2.793550 3.921136 5.494734 7.687206 10.737029 70 2.006764 2.835454 3.999558 5.632103 7.917822 11.112825 71 2 026832 2.877986 4.079549 5.772905 8.155357 11.501774 72 2.047)00 2.921156 4.161140 5.917228 8.400017 11.904336 73 2.067571 2.964974 4244363 6 065159 8.652018 12320988 74 2.088247 3.009449 4.329250 6.216788 8 911578 12.752223 75 2.109129 3.054590 4.415835 6.372207 9.178926 13.198550 76 2.130220 3.100409 4.504152 6.531513 9.454293 13.660500 77 2151522 3.146913 4.594235 6.694800 9.737922 14.138617 78 2.173037 3194117 4.686120 6.862170 10.030060 14.633469 79 2.194767 3.242029 4.779842 7.033725 10.330962 15.145640 80 2.216715 3.290659 4.875439 7.209568 10.640891 15675738 81 2.238882 3.340020 4.972948 7.389807 10.960117 16.224388 82 2.261271 3.390120 5.072407 7 574552 11.288921 16.792242 83 2.283884 3.440971 5.173855 7.763916 11.627588 17.379970 84 2.306723 3.492586 5277332 7.958014 11.976416 17.988269 85 2.329790 3.544975 5.382879 8.156964 12.335709 18.617859 8G 2.353088 3.598150 5.490536 8.360888 12.705780 19.269484 87 2 37G6I9 3652123 5.600347 8.509911 13086953 19.943916 88 2400385 3.706905 5.712354 8.784158 13.479562 20.641953 89 2.424389 3.762509 5.826601 9 003762 13.883949 21.364421 90 2.448633 3.818947 5 943133 9.228856 14.300467 22.112176 91 2.473119 3 870231 6.061996 9.459578 14729481 22886102 92 2.497850 3.934374 6.183236 9.696067 15.171366 23.687116 93 2.522828 3 993390 6.306900 9.938409 15.626507 24.516165 94 2.548056 4.053291 6.433038 10.186931 16.095302 25 374230 95 2.573537 4.114090 6.561699 10.441604 16.578161 26.262329 96 2.599272 4.175800 G.692933 10.702644 17.075506 27181510 97 2.625265 4 238437 6.826792 10.970210 17.587771 28.132863 98 99 100 2651518 4302013 6.963328 11.244646 18.115404 29.117513 2.678033 2.704813 4.360543 4.432011 7 102594 7 244646 11.525577 11.813716 8.658866 9 218632 10.136626 11.191408 TABLE I. COMPOUND INTEREST, Showing the Amount of $1 improved at Compound Interest, for any number of years not exceeding 100. Years. 4 per Ct. i't per Ct. 5 per Ct. 6 per Ct. 7 per Ct. 8 per Ct. 1 1.040000 1.045000 1.050000 1.060000 1.070000 1.080000 2 1.081000 1.092025 1.102500 1.123000 1.144900 1.166400 3 1.124864 1.141166 1.157625 1.191016 1.225043 1.259712 4 1.169859 1.192519 1.215506 1.262477 1.310796 1.360489 5 1.216653 1.246182 1.276282 1.338226 1.402552 1.469328 6 1.265319 1.302260 1.310096 1.418519 1500730 1.586874 7 1.315932 1.360862 1.407100 1.503630 1.605781 1.713824 8 1.308569 1.422101 1.477455 1593843 1.718186 1.850930 9 1.423312 1.486095 1.551328 1.689479 1.838459 1.999005 10 1.480244 1552969 1.628895 1.790848 1.967151 2.158925 11 1.539454 1.622853 1.710339 1.898299 2.104852 2331639 12 1.601032 1.695881 1.795856 2.012196 2.252192 2518170 13 1665074 1.772196 1.885649 2.132928 2.409845 2-719624 14 1.731676 1.851945 1.979932 2.260904 2.578534 2937194 15 1.800944 1.935282 2.078928 2.396558 2.759032 3.172169 16 1.872981 2.022370 2.182875 2.540352 2.952164 3.425943 17 1.947901 2.113377 2.292018 2.692773 3.158815 3.700018 18 2.025817 2.208479 2.406619 2.854339 3.379932 3.996020 19 2.106849 2.307860 2.526950 3.025600 3.616528 4.315701 20 2.191123 2.411714 2.653298 3207135 3.869684 4.660957 21 2.278768 2.520241 2.785903 3.399564 4.140562 5.033834 22 2.309919 2.633652 2.925261 3.603537 4.430402 5.436540 23 2.464716 2.752166 3.071524 3.819750 4.740530 5.871464 24 2.563304 2.876014 3.225100 4.048935 5.072367 6.341181 25 2.665836 3005434 3.386355 4.291871 5.427433 6.848475 26 2.772470 3.140679 3.555673 4549383 5.807353 7.396353 27 2.883369 3.282010 3.733456 4.822346 6.213868 7.988061 28 2.998703 3.429700 3.920129 5.111687 6.648838 8.627106 29 3.118651 3.584036 4.116136 5.418388 7.114257 9.317275 30 3.243398 3.745318 4.321942 5.743491 7.612255 10.062657 31 3.373133 3.913S57 4.538039 6.088101 8.145113 10.867669 32 3.508059 4.089981 4.764941 6.453387 8.715271 11.737083 33 3 648381 4.274030 5.003189 6.840590 9.325340 12.676050 34 3.794316 4.466362 5.253348 7.251025 9.978114 13.690134 35 3.946089 4.667348 5.516015 7.686087 10.676581 14.785344 36 4.103933 4.877378 5.791816 8147252 11.423942 15.968172 37 4.268090 5.096860 6.081407 8.636087 12.223618 17.245626 38 39 40 4.438«13 4.016366 4.801021 5.326219 5.565899 5.816365 6.385477 6.704751 7.039989 9.154252 9 703507 10.285718 13.079271 13.994820 14.974458 18.625276 20.115298 21.724522 41 42 43 44 45 4.993061 5.192784 5.400495 5.616515 5.841176 6 078101 6.351615 6.637438 6.936123 7548248 7.391988 7.761588 8.149667 8.557150 8.9a5008 10.902861 11.557033 12.250455 12.985482 13.764611 16 022670 17.144257 18.344355 19.628460 21.002452 23.462483 25.339482 27.360640 29.555972 31.920449 46 47 48 49 50 6.074823 6.317816 6 571)528 6833349 7.106683 7.574420 7.915268 8 271456 8 643671 9 032630 9.434258 9.905971 10401270 10.921333 11.467400 14.590487 15.465917 16.393872 17.377504 18 420154 22.472623 24.045707 25.728907 27.529930 29.457025 34.474085 37.232012 40.210573 13.427419 46.901613 TAIJLE I. COMPOUND INTEREST, Showing the Amount of $1 improved at Compound Interest, for any number of years not exceeding 100. Yrs. 4 per Ct. 41; per Ct. 5 per Ct. 6perCt. 7 per Ct 8 per Ct. 51 7.390951 9.439105 12.040770 19.525364 31.519017 50.653742 52 7.0865*9 9.863865 12.642808 20.096885 33.725348 54.706041 53 7.994052 10.307739 13.274949 21.938698 30.086122 59.082524 54 8.313814 10.771587 13.938696 23.255020 38.612151 63.809126 55 8.646367 11556308 14.635631 24.650322 41.315001 68.913856 56 8.992222 11.762842 15.367412 26.129341 44.207052 74.426965 57 9.351910 12.292170 16.135783 27.697101 47.301545 80.381122 58 9.725987 12.845318 16.942572 29.358927 50.612653 86.811612 59 10.115026 13.423357 17.789701 31.120463 54.155539 93.756540 60 10.519627 14.027408 18.679186 32.987691 57.946427 101.257064 61 10.940413 14.658641 19.613145 34.960952 62.002677 109.357629 62 11.378029 15.318280 20.593802 37.064909 66.342864 118.106239 63 11.833150 16.007603 21.623493 39.288868 70.986805 127.554738 64 12.300476 16.727945 22.704667 41.646200 75.955945 137.759117 65 12.798735 17.480702 23.839901 44.144972 81.272861 148.779847 66 13.310685 18.267334 25.031896 46.793670 86.961962 160.C82234 67 13.843112 19.089364 26.283490 49.601290 93.049299 173.530813 63 14.396836 19.948385 27.597665 52.577368 99.502750 187.419758 69 14.972710 20.846003 28.977548 55.732010 106.532142 202.413339 70 15.571618 21.784130 30.426426 59.075930 113.989392 218.606406 71 16.194483 22.764422 31.947747 62.620486 121.968650 236.094918 72 16.842262 23.788821 33.545134 66.377715 130.506455 254.982512 73 17.515953 24.859318 35.222391 70.360378 139.641907 275.381113 74 18.216591 25.977987 36.983510 74.582001 149.416840 297.411602 75 18.945255 27.146996 38.832686 79.056921 159.876019 321.204530 76 19.703065 28.368611 40.774320 83.800336 171.067341 346.900892 77 20.491187 29.645199 42.813036 88.828356 183 042054 374.652964 78 21.310835 30.979233 44.953088 94.158058 195.854998 40-1.625201 79 22.163268 32.373298 47.201372 99.807541 209.564848 436.995217 80 23.049799 33.830096 49.561441 105.795993 224.234388 471.954834 81 23.971791 35.352451 52.039513 112.143753 239.930795 509.711221 82 24.930663 36.943311 54.641489 118.872378 256.725950 550.488119 83 25.927889 38.605760 57.373563 126.004721 274.696767 594.527168 84 26.965005 40.343019 60.242241 133.565004 293.925541 642.089342 85 28.043605 42.158455 63.254353 141.578904 314.500328 693.450489 86 29.165349 44.055586 66.417071 150.073639 336.515351 748.933008 87 30.331963 46.038087 69.737925 159.078057 360.071426 808.847649 88 31.545242 48.109801 73.224821 168.622740 385.276426 873.555461 89 32.807051 50.274742 76880002 178.740105 412.245776 943.439897 90 34.119333 52.537105 80.730365 189.464511 441.102980 1018.91509 91 35.484107 54.901275 84.766883 200.832382 471.980188 1100.42830 92 36.903471 57.371832 89.005227 212.882325 505.018802 1188.46236 93 38.379610 59.953565 93.455489 225.655264 540.370118 1283.53956 94 39.914794 62.651475 98.128263 239.194580 578.196026 1386.22273 95 41.511386 65.470792 103.034676 253.546255 618.669748 1497.12055 96 43.171841 68.416977 108.186410 268.759030 661.976630 161689019 97 44.898715 71.495741 113.595731 284.884572 708.314994 1746.24141 98 46.694664 74.713050 119.275517 301.977646 757.897044 1885.94072 99 4-1.502450 78 075137 125.239293 i320.096305 810.949837 2030.81598 l'K) .-.O50494H 81.588518 131.501258 339.302084 e67.716326 2199.76126 TABLE II. COMPOUND INTEREST. The amount of $1 per annum in any number of Years. Years. 1 4 per Cent. ' i per Cent. 5 per Cent. 6 per Cent. 1 1.000000 1.000000 1.000000 1.000000 2 2.040000 2.045000 2.050000 2.060000 3 3.121600 3.137025 3.152500 3.183600 4 4.246464 4.278191 4.310125 4.374610 5 5.416323 5.470710 5.525031 5.637093 6 6.632975 6.716892 6.801913 6.975319 7 7.898294 8.019152 8.142008 8.393838 8 9.214226 9.380014 9.549109 9.897468 i ■ 10.582795 10 802114 11.026564 11.491316 12.006107 12.288209 12.577893 13.180795 11 13.486351 13 841179 14.206787 14.971643 12 15.025805 15.464032 15 917127 16.869941 13 16.626838 17.159913 17.712983 18.882138 14 18.291911 18.932109 19.598632 21.015060 15 20.023588 20.784054 21.578564 23.275970 16 21.824531 22.719337 23.657492 25.672528 17 23.697512 24.741707 25.840366 28.212880 18 25.645413 26.855084 28.132385 30.905653 19 27.671229 29.063562 30.539004 33.759992 90 29.778079 31.371423 33.065954 36.785591 1 21 31.969202 33.783137 35.719252 39.992727 22 34.247970 36.303378 38.505214 43.392290 23 36.617889 38.937030 41.430475 46.995828 24 39.082604 41.08919ii 44.501999 50.815577 25 41.645908 44.565210 47 727099 54.864512 26 44.311745 47 570645 51.113454 59.156383 27 47.084214 50.711324 54.669126 63.705766 23 49.967583 53.993333 58.402583 68.528112 29 52.966286 57.423033 62.322712 73.639798 30 56.084938 61.007070 66.438848 79058186 31 59.328335 64.752388 70.760790 84.801677 32 62.701469 68.660245 75.298829 90.889778 33 66.209527 72.756226 80.0G3771 97.343165 34 69.857909 77.030256 85.000959 104.183755 35 73.652225 81.496018 90.320307 111.434780 36 37 38 39 40 77.598314 81.702246 85.970336 90.409150 95.025516 86.163966 91.041344 96.138205 101.404424 107.030323 95.836323 101.628139 107.709546 114.095023 120.799774 119120867 127.268J19 135.904206 145.058458 154.701906 41 42 43 44 45 99.826536 104.819598 110.012382 115.412677 121.029392 112.840688 118.924789 125.276404 131.913842 138.849965 127 830763 135.231751 142.993339 151.143006 159.700156 165.047684 175.950545 187.507577 199.7581132 212.743514 46 47 1 48 1 49 | 50 126.870568 132.945390 139.263206 145.833734 | 152.607081 146.098214 153.672633 161.587902 109.859357 ! 178 503028 168.685164 178.119422 188 025393 199.420603 209.347996 226.508125 241.098612 256.504529 272.958401 290.335905 TABLE II. The amount of $1 per annum in any number of Years. Years. 4 per Cent. 4^ per Cent, 5 per Cent. C per Cent. 51 159 773767 187.535005 220.815395 308.756059 52 167.164718 190.974769 232.856165 328.281422 53 174.851306 200.838034 245.498974 348.978308 54 182.845359 217.146373 258.773922 370.917006 55 191.159173 227.917959 272.712618 394.172027 56 199.805540 239.174268 287.348249 418.822318 57 208.797762 250.937110 302.715662 444 951089 58 218.149672 263.229280 318 851445 472.64-790 59 227.875659 276.074597 335.794017 502.007718 GO 237.990685 289.497954 353.583718 533.128181 61 248 510313 303.525362 372.202904 566.115872 62 259 450725 318.181003 391.876049 601.082-21 63 270.828754 333.502283 412.469851 638.147793 64 282.G6I904 349.509886 434.093344 677.136661 65 294.968381 360.237831 456.790011 719.082861 66 307.767116 383.718533 480.637912 703 227832 67 321.077800 401.985867 505.0G9807 810 021502 68 334.920912 421.075231 531.953298 859 622792 69 349.317749 441.023617 559 550903 912 20 1160 70 364.290159 461.869680 588.528511 967.932170 71 379.862077 483.653815 618.954936 1027.008100 72 396.056560 506.416237 650.902083 1089.628586 73 412 81)6623 530.207057 664.447817 1156.006301 74 430.414776 555.066375 719.670208 1220.366679 75 448.031307 581.044362 756.653718 1300.948680 76 467.576621 608.191358 795.486404 1380.005001 77 487 279080 636.559909 836.260725 1463.805937 73 507 770874 666.205168 879.073761 1552.034293 79 529.081708 697.134401 924.027449 1646.792350 80 551.244977 729.557699 971.228821 1746.599891 81 574.291776 763.387795 1020790262 1852.395885 62 598 206567 798740246 1072.829775 1964 539038 83 623.197230 835.083557 1127.471264 20K1.412016 84 649.125119 874.289317 1181.844827 2209.416737 85 676.090124 914.632336 1245.087069 2342.981741 80 704.133728 956.790791 1308.341422 2484 560646 87 733.299078 1000.846377 1374758493 2634.634285 88 763.631041 1046 884464 1444.496418 2793.712342 89 795.170282 1094.994265 1517.721239 2962.335082 90 827.983334 1145.269007 1594 607301 3141.075187 91 862.102667 1197.806112 1675337666 3330 539098 92 897.586774 1252.707:187 1760104549 3531 372080 93 934.490245 1310079219 1849.109777 3744 254405 94 972 809854 1370.032784 1942.505265 3969.909069 95 1012.784649 1432.6-4259 2040.693529 4209.104250 96 1054.296035 1498.155051 2143.728205 4462.650505 97 98 98 1 100 1097.467876 1506.572028 2251.914615 4731.409535 1142.366591 1638.067770 2365.510346 5016.294107 1189 061255 1217 023:115 1 1712.780819 1790 855956 2484.7856.64 2010025157 5518.271753 5638 3fi8(|,",9 TABLE II. COMPOUND INTEREST. The amount of $1 per annum in any number of Years Years. 1 7 per Cent. 8 per Cent. 1 1.000000 1.000000 2 2.070000 2.080000 3 3.214900 3.246400 4 4.439943 4.506112 5 5.750739 5.866601 6 7.153291 7 335929 7 8.654021 8.922803 8 10.259803 10.636628 9 11.977989 12.487558 10 13.816448 14.486562 11 15.783599 16.645487 12 17.888451 18.977126 13 20.140643 21.495297 14 22.550488 24.214920 15 25.129022 27.152114 16 27.888054 30324283 17 30.840217 33.750226 18 33.999033 37.450244 19 37.378965 41.446263 20 40.995492 45.761964 21 44.865177 50.422921 22 49.005739 55.456755 23 53.436141 60.893296 21 58.176671 66.704759 25 63.249033 73.105940 26 68.676470 79.954415 27 74.483823 87.350768 28 80 697691 95.333830 29 87.346529 103 965936 30 94.460786 113.283211 31 102.073041 123.3453G8 32 110.218154 134.213537 33 118.933425 145.950620 34 128.258765 158.626670 35 138.236878 172.316804 36 148.913460 187.102148 37 160.337402 203.070320 38 172.561020 220.315945 39 185.61029-2 238 941221 40 199.635112 259.050519 41 214.609570 280.781040 42 230.632240 304213523 43 247.776496 329.583005 44 206.120851 356.949046 45 285.749311 386.505617 46 306.751763 418.426067 47 329.224386 452.900152 48 353.270093 490.132164 49 378.999000 530.342737 50 400 528929 | 573 770156 9 per Cent. 10 per Cent. 1.000000 1.000009 2.090000 2.100000 3 278100 3.310000 4.573129 4.641000 5.984711 6.105100 7.523335 7.715610 9.200435 9.487171 11.028474 11.435888 13.021036 13.579477 15.192930 15.937425 17.560293 18.531167 20.140720 21 384284 22953385 24.322712 26.019189 27.974983 29.360916 31.772482 33.003399 35.949730 36.973705 40.544703 41.301338 45.599173 46.018458 51.159090 51.160120 57.274999 56.764530 64.002499 62.873338 71.402749 69 531939 79.543024 76.789813 88.497327 84.700896 98.347059 93.323977 109.181765 102.723135 121099912 112.968217 134.209936 124.135356 148.630930 136.307539 164.494023 149.575217 181.943425 164.036987 201.137767 179.800315 222.251544 196.982344 245.476699 215.710755 271.024368 236.124723 299.126805 258.375918 330.039486 282.629783 364.013434 309 060403 401.447778 337.882445 442.292556 369.291865 487.851811 403528133 537 636992 440.845665 592400092 481.521775 652.640761 525.858734 718.904837 574.186021 791.795321 626.862762 871.974853 684.280411 960 172338 746.865618 1057.189572 8l5.f'8.t-.50 nrVV'ni-t529 TABLE II. Tha amount of $1 per annum in any number of Years. Years. 7 per Cent. 8 perCent. 9 per Cent. 10 per Cent. 51 435.985955 620.671769 889.441076 1281.299382 52 467.504971 671.325510 970.490773 1410.429320 53 501.230319 726.031551 1058834943 1552.472252 54 537.316442 785.114075 1155.130083 1708.719477 55 575.928593 848.923201 1260.091796 1880.591425 56 617.213504 917.837058 1374.500057 2009.650567 57 661.450646 992.264022 1499.205003 2277.615624 58 708.752191 1072.frl.5144 1635.133518 2506.377186 59 759.364844 1159 456755 1783.295535 2758.014905 60 813.520383 1253.213296 1944.792133 3034.816395 61 871.466810 1354.470360 2120.823425 3339.298035 62 933.469487 1463.827988 2312.697533 3674.227838 63 999812351 1581.934227 2521.840311 4042650622 64 1070.799216 1709.488966 2749.805939 4447.915685 65 1146.755161 1847.248083 2998.288474 4893.707253 66 1228.028022 1996.027929 3269.134436 5384.077978 67 1314.989983 2156.710164 3564.350535 5923.485776 68 1408.039282 2330.246977 3886.148024 6516.834354 69 1507.602032 2517.666735 4230.902000 7169.517789 70 1614.134174 2720.080074 4619.223180 7887.469568 71 1728.123566 2938.680480 5035.953266 8677.216525 72 1850 092216 3174 781398 5490.189060 9545.938177 73 1980.598671 3429.763910 5985.306075 10501.531995 74 2120.240578 3705.145023 6524.983622 11552.685103 75 2269.657419 4002.556624 7113.232148 12703.953714 76 2429.533438 4323.761154 7754.423041 13980.819085 77 2600 600779 4670.662047 8453.321115 15379.933994 78 2783.642833 5045.315011 9215.120015 16918.927393 79 2979.497831 5449 940211 10045.480817 18611.820133 80 3189.062680 5886.935428 10950.574090 20474.002146' 81 3413.297067 6358.890203 11937.125758 22522.402360 82 3653.227862 6868.601484 13012.467077 24775.642596 83 3909 953812 7419.089602 14184.589114 27254.206856 84 4184.650579 8013.616770 15462.202134 29980.627542 85 4478.576120 8655.706112 16854.800326 32979 690296 86 4793.076448 9349.162601 18372732355 36278 659326 87 5129.591799 10098.095609 20027.278267 39907.525258 88 5489.663225 10906.943258 21830.733311 43899.277784 89 5874.939651 11780.498718 23790.499309 48290 203562 90 0287.185427 12723 938616 25939.181247 53120526119 91 6728.288407 13742.853705 28274.710829 58133.248730 92 7200.268595 14843.282002 30820.434804 64277.573603 93 7705.287397 16031.744562 33595.273936 70700.330961 94 8245.657515 17315.284127 36619.848590 77777.964060 95 8823.853541 18701.506857 39916.634964 85556.760466 96 9442.523288 20198.627405 43510.132110 94113 436513 97 10104.499919 21815.517598 47427044000 '03525.780164 98 10812.814913 23501.759006 51696.477960 •13879.358180 99 11570.711957 25147.699726 56350.160977 125208 293998 -JSP 12381661794 27481515704 61422.075465 1377.16 123398 VALUE OF ANNUITIES ON A SINGLE LIFE. {Northampton Table of Mortality.) Age. 4 per cent 5 per cent. 6 per cent 7 per cent. 8 per cent 1 18.4663 11.563 10.107 8.963 8.046 2 15.6336 13.420 1.1.724 10.391 9.321 8 16.4626 14.135 12.348 10.941 9.812 4 17.0109 14.613 12.769 11.815 10.147 5 17.2500 14.827 12.962 11.489 10.304 6 17.4832 15.041 18.156 11.666 10.466 7 17.6122 15.166 13.275 11.777 10.570 8 17.6632 15.226 13.337 11.840 10.631 9 17.6200 15.210 13.335 11.846 10.641 10 17.5248 15.139 13.2S5 11.809 10.614 11 17.3944 15.043 13.212 11.752 10.569 12 17.2524 14.937 13.130 11.687 10.517 13 17.1050 14.826 13.044 11.618 10.461 14 16.9517 14.710 12.953 11.544 10.401 15 16.7923 14.5S8 12.S57 11.467 10.387 16 16.6265 14.460 12.755 11.884 10.268 17 16.4638 14.334 12.655 11.302 10.200 18 16.3111 14.217 12.562 11.226 10.137 19 16.1691 14.108 12.477 11.157 10.081 20 16.0354 14.007 12.398 11.094 10.030 21 15.9141 13.917 12.329 11.042 1 9.986 22 15.7997 13.833 12.265 10.993 9.947 23 15.6827 13.746 12.200 10.942 9.907 24 15.5630 13.658 12.132 10.890 9.865 25 15.4405 13.567 12.063 10.836 9.823 26 15.3152 13.473 11.992 10.780 9.778 27 15.1S70 13.377 11.917 10.723 9.732 2S 15.0557 13.278 11.841 10.663 9.685 29 14.9212 13.17T 11.763 10.602 9.635 80 14.7835 13.072 11.682 10.539 9.584 31 14.6423 12.905 11.598 10.473 9.531 32 14.4977 12.S54 11.512 10.404 9.476 33 14.3494 12.740 11.423 10.333 9.41S 34 14.1953 12.623 11.331 10.260 9.359 35 14.0415 12.502 11.236 10.183 9.296 80 13.SS15 12.377 11.137 10.104 9.231 37 13.7172 12.249 11.035 10.021 9.104 88 13.5486 12.116 10.929 9.935 9.093 39 13.3754 11.979 10.819 9.845 9.019 40 13.1974 11.837 10.705 9.752 8.041 41 13.0184 11.695 10.589 9.657 8. S03 8.7S3 8.703 8.620 8.533 8.443 8.343 42 12.S3S5 11.551 10.473 9.562 43 12.6580 11.407 10.356 9.466 44 12.4G91 1 11.258 10.235 9.866 45 46 47 12.2S35 12.0692 11.SS99 11.105 10.947 10.784 10.110 9.9S0 9.846 9.262 9.154 9.042 VALUE OF ANNUITIES ON A SINGLE LIFB. (Northampton Table of Mortality.) Age. 4 per cent 5 per cent 6 per cent 7 pec cent 8 per cent. 48 11.6866 10.616 9.707 8.925 8.249 49 11.4758 10.443 9.563 8.804 8.140 50 11.2649 10.269 9.417 8.681 8.041 51 11.05S6 10.097 9.273 8.559 7.937 52 10.8497 9.925 9.129 8.437 7.833 53 10.6379 9.748 8.980 8.311 7.725 54 10.4220 9.567 8.827 8.181 7.614 55 10.2011 9.882 8.670 8.047 7.499 56 9.9777 9.193 8.509 7.909 7.879 &7 9.7494 8.999 8 343 7.766 7.256 58 9.5169 8.801 8.173 7.619 7.128 59 9.2804 8.599 7.999 7.468 6.996 60 9.0400 8.392 7.820 7.312 6.860 61 8.7957 8.181 7.637 7.152 6.719 62 8 5478 7.966 7.449 6.983 6.574 63 8.2913 7.742 7.253 6.815 6.421 64 8.0310 7.514 7.052 6.637 6.262 65 7.7616 7.276 6.841 6.449 6.095 66 7.4882 7.034 6.625 6.256 5.922 67 7.2109 6.787 6.405 6.058 5.748 68 6.9301 6.536 6.179 5.855 5.559 69 6.6473 6.281 5.949 5.646 5.870 70 6.3619 6.023 5.716 5.434 5.176 71 6.0758 5.764 5.479 5.218 4.978 72 5.7904 5.504 5.241 5.000 4.778 73 5.5076 5.245 6.004 4.781 4.576 74 5.2304 4.990 4.769 4.565 4.375 75 4.9626 4.744 4.542 4.354 4.180 76 4.7102 4.511 4.826 4.154 8.994 77 4.4574 4.277 4.109 3.952 3.806 78 4.1979 4.035 8.884 3.742 3.609 79 3.9217 8.776 3.641 3.514 8.394 SO 3.6439 3.515 8.894 8.281 3.174 81 3.3777 3.263 3.156 3.055 2.960 62 3.1219 3.020 2.926 2.836 2.751 83 2.8874 2.797 2.713 2.632 2.557 84 2.7084 2.627 2.551 2.479 2.410 85 2.5436 2.471 2.402 2.337 2.275 86 2.3934 2.328 2.266 2.207 2.151 87 2.2516 2.193 2.138 2.085 2.035 88 2.1316 2.080 2.031 1.984 1.939 89 1.9677 1.924 1.882 1.842 1.803 90 1.7582 1.723 1.689 1.656 1.625 91 1.4739 1.447 1.422 1.398 1.374 92 1.1715 1.153 1.186 1.118 1.102 93 .8276 .816 .806 .795 .785 94 .5301 .524 .518 .512 .507 95 .2404 .283 .236 .234 .232 THE PRESENT VALUE OF ONE DOLLAR To be received at the end of the year in which an assigned life may fail, at 4, 5, 6, 7, and 8 per cent interest. (Carlisle rate of Mortality.) Age. 4 per cent 5 per cent 6 per cent Tjjer cent 8 per cent 0 .41224 .87700 .35251 .33421 .82015 1 .82483 .28595 .25974 .24079 .22674 2 .27976 .23891 .21179 .19258 .17867 3 .24173 .19SS6 .17065 .15097 .13696 4 .22187 .17757 .14857 .12347 .11430 5 .20800 .16238 .13255 .11198 .09748 6 .20211 .15548 .12491 .10387 -08904 7 .2003S .152S6 .12163 .10007 .08489 8 .20137 .15305 .12117 .09916 .08363 9 .20419 .15514 .12264 .10021 .08480 10 .20833 .15862 .12558 .10263 .08637 11 .21813 .16281 .12921 .10577 .08919 12 .21739 .16695 .13277 .10891 .09193 13 .22272 .17114 .13640 .11211 .09474 14 .22762 .17543 .14013 .11538 .09763 15 .23249 .17967 .143S1 .11859 .10045 16 .23706 .18362 .14715 .12147 .10289 17 .24150 .18733 .15026 .12408 .10511 18 .24590 .19110 .15343 .12677 .10733 19 .25052 .19505 .15677 .12953 .10970 20 .25532 .19919 .16028 .13259 .11222 21 .26031 .20352 .16402 .13579 .11496 22 .26562 .20819 .16S09 .13933 .11807 23 .27115 .21310 .17240 .14312 .12141 24 .27690 .21S24 .17692 .14711 .12496 25 .28239 .22367 .18174 .15136 .12874 26 .28901 .22919 .18672 .15531 .13267 27 .29533 .23500 .19198 .16052 .13689 28 .30176 .24086 .19725 .16529 .14119 29 .30781 .24633 .20211 .16962 .14504 30 .3133S .25129 .20642 .17335 .14830 31 .31903 .25033 .210S3 .17714 .15155 82 .32491 .20102 .21547 .18120 .15504 83 .33113 .20729 .22051 .18564 .15889 34 .83771 .27333 .22594 .19049 .16319 35 .84457 .27907 .23172 .19565 .16778 86 .35170 .2S633 .23783 .20115 .17274 87 .85901 .29319 .21411 .20684 .17793 88 .36649 .80024 .25062 .21279 .18326 39 .37416 .30752 .25736 .21S94 .18889 40 .88178 .31477 .26404 .22509 .19444 41 .88911 .32167 .27033 .23085 .19963 42 .89636 .32S52 .27666 .23643 .20467 43 .40364 .33533 .28294 .24210 .20971 44 .41120 .34257 .2S957 .24805 .21504 45 .41905 .35010 .29653 .25440 .22074 46 .42734 .85S10 .80400 .26127 .22696 47 .43607 .30662 .81204 .26873 .23378 43 44542 .37586 .32087 .27697 .24141 49 !45565 .38610 .83077 .2S639 .25030 50 51 40658 .H9714 .34164 .29679 .26022 '.47821 .411905 .85347 .80S31 .27126 THE PRESENT VALUE OF ONE DOLLAR To be received at the end of the year in which an assigned life may foil, at 4, 5, 6, 7, and 8 per cent interest. (Carlisle rate of Mortality.) Age. 4 per cent. 5 per cent. 6 per cent. 1 7 per cent 8 per cent 52 .49003 .42124 .36558 .32015 .28207 53 .50211 .43371 .37S04 .33238 .29159 54 .51436 .4464S .89089 .84507 .30090 55 .52694 .45967 .40431 .35842 .32111)7 56 .53977 .47319 .41812 .87229 .33370 57 .55286 .48710 .43243 .88668 .34800 | 58 56591 .50105 .44687 .40121 .30252 59 .57S33 .51433 .46062 .41514 !87644 1 60 .5S987 .52667 .47336 .42803 .3s920 1 61 .00007 .53752 .48445 .43922 .49030 | 62 .01012 .54824 .49549 .45027 .41133 1 63 .62033 .55914 .50076 .46165 .42259 fi 64 .63103 .57007 .51S75 .47369 .434S1 9 65 .64208 .58262 .53126 .48664 .44768 66 .65347 .59510 .54440 .50012 .46133 1 67 .66539 .60824 .55332 .51451 .47593 6S .67770 .02180 .57237 .52909 .49141 8 69 .69043 .63005 .5SS09 .54565 .50793 70 .70349 .05067 .603S9 .56234 .52519 71 .71701 .00595 .02053 .58000 .64371 72 .72979 .08(143 .63633 .59687 .56134 73 .74136 .09357 .65075 .61225 .57748 74 .75161 .70524 .60355 .625S6 .59178 75 .76004 .714S1 .67.396 .63698 .60833 76 .76831 .72419 .68421 .64791 .61481 77 .77597 .73291 .69377 .65805 .62543 78 .78378 .74181 .70351 .66851 .63645 79 79256 .75191 .71472 .68055 .64919 80 .80066 .76119 .72502 .69167 .66096 81 .80950 .77148 .73045 .70410 .67422 82 .81745 .78067 .74075 .71529 .68615 S3 .82561 .79019 .75740 .72693 .69859 84 .83352 .79948 .76781 .73838 .710S9 85 .84173 .80910 .77S74 .75042 .72393 86 .84891 .81702 .78S36 .76108 .73548 87 .85477 .82452 .79628 .76978 .74496 88 .85833 .82S70 .80101 .77502 .75067 89 .8G242 .83357 .80658 .79078 .75733 90 .86861 .84103 .81513 .79196 .76793 91 .86929 .84186 .81615 .78684 .76926 92 .86569 .83752 .81111 .77978 .76311 93 .86156 .83248 .80528 .77633 .75578 94 .85962 .83005 .80234 .77633 .75185 95 .85363 .82376 .80064 .77424 .74941 96 .30047 .83071 .80268 .77626 .75126 97 95 .80569 .37134 .63676 .84391 .80936 .81734 .78352 .79216 .75904 .70-22 99 .8-i127 .85500 .82996 .896n9 .78326 100 101 .89797 ,&15n0 .87505 .S9562 .85300 .870-9 .83193 .86-75 ! 811CJ3 .84133 103 .9:1221 .94921 91653 .93723 .90123 .92562 .88C50 .91417 .37207 .90304 THE PRESENT VALUE OF ONE DOLLAR PER ANNUM, For any numoer of years to 100, at 4, 5, 6, 7, and 8 per cent interest. Yrs. 4 percent 6 per cent 6 per cent. 7 per cent. \ ««. -nn nsnno-t rwoOOfi OQ.4^7Q 8 per cent. THE PRESENT VALUE OF ONE DOLLAR PER ANNUM, For any number of years to 100, at 4, 5, 6, 7 and 8 per cent interest. Yrs. 4 per cent 5 per cent 87 21.617485 21.7475S2 21.S72675 21.992957 22.108612 22.219819 22.326749 22.429567 22.523430 22.623490 22.714394 22.802783 22.887291 22.963549 23 046632 23.121810 23.194043 23 26=3507 23.330296 23.394515 23.456264 23.515639 23.572730 23.627625 23.680408 23.731102 28.779963 23.826S38 28.872008 23.915392 23.95710S 23.997219 24.0357S7 24.072672 24.108531 24.142818 24.175787 24.207487 24.237969 24.267278 24.295459 24.322557 24.346612 24.373666 24.397756 24.420919 24.443191 24 464607 24.435199 24.504999 1S.333977 18.418073 18.493403 18.565146 IS 633472 1 -.696545 ls.769.519 18.819512 1-.675754 18.929290 18.9^11276 19.02>«>34 19.075080 19.119124 19.161070 19 201019 19.239066 19.275301 19.809810 19.342677 19.373978 19.403788 19.432179 19.459218 19.434970 19.509495 19.532S53 19.555093 19.5762S4 19.596460 19.615677 19.633978 19.651407 19 663007 19.683316 19.698873 19.713212 19.726369 19.739375 19.752262 19.764059 19.775294 19.765994 19.796185 19.805391 19.815134 19.823937 19.832321 19.840306 19.847910 6 per cent 15.813076 15 361393 15.906974 15.949976 15.990543 16.023814 16.064919 16.098980 16.131113 16.161428 16.190026 16.217006 16.24245S 16.266470 16.2S9123 16.310493 16.330654 16.349673 16.876617 16.384544 16.400513 16.415578 16.429791 16.443199 16.455348 16.467781 16.479089 16.489659 16.499679 16.509131 16.518048 16.526460 16.534896 16.541888 16.548947 16.555610 16.561,396 16.567827 16.573421 16.578699 16.5S3679 16.538376 16.592808 16.596933 16.600932 16.604653 16.603163 16.611475 16.614599 16.617546 7 per cent 8 per cent 13.632173 13.S62124 13.8S9836 13.915735 13.939939 13.962560 18.983701 14.003459 14.021924 14.039181 14.055309 14.070383 14.084470 14.097635 14.109940 14.121439 14.182186 14.142230 14.151617 14.160889 14.163588 14.176251 14.183412 14.19(1104 14.19G359 14.202205 14.207663 14.212774 14.217546 14.222005 14.226173 14.230069 14.233709 14.237111 14.240291 14.243262 14.246040 14 24S635 14.251061 14 253328 14.255447 14.257427 14.259277 14.261007 14.262623 14.264134 14.265546 14266865 14.268098 14,269251 12.253227 12.271506 12.2S8482 12.804103 12.818614 12.332050 12.344491 12.356010 12.366676 12.376552 12.885696 12.894168 12.402003 12.409262 12415988 12.422207 12.427969 12.453305 12.436245 12.442820 12.447055 12.450977 12.454608 12.457971 12.461084 12.463967 12.466636 12.469107 12.471396 12.478514 12.475476 12.477293 12.473975 12.480532 12.481974 12.483310 12.484546 12.485691 12.4S6751 12.487732 12.4S8641 12.489432 12.490261 12.490983 12.491951 12.492269 12.492842 12.493872 12.493S68 12.494813 VALUE OF ANNUITIES ON A SINGLE LIFE. (Carlisle Table of Mortality.) Age. 4 per ct. 5 per ct 6 per ct. I 7 per ct. 8 per ct. 9 per ct 10 per c 40 41 42 43 44 45 46 47 48 49 50 L61 16.554 17.726 18.715 19.231 19.592 19.745 19.790 19.764 19.691 19.583 19.45S 19.334 19.209 19.081 18.995 18.836 18.721 18.606 18.436 18.361 18.231 1S.093 17.950 17.800 17.644 17.4S5 17.320 17.154 16.996 16.852 16.705 16.552 16.390 16.219 16.041 15.855 15.665 15.471 15.271 15.073 14.883 14694 14.505 14.308 14.104 13.8S9 13.662 13.419 13.153 12.869 12.565 13.995 14.9S3 35.824 16.271 16.590 16.735 16.790 16.786 16.742 16.669 16.5S1 16.494 16.406 16.316 16.227 16.144 16.066 15.9S7 15.904 15.817 15.726 15.62S 15.525 15.417 15.303 15.187 15.065 14.942 14.827 14723 14.617 14.506 14.3S7 14.260 14.127 13.987 13.843 13.696 13.542 13.390 13.245 13.101 12.957 12.806 12.64S 12.4S0 12.301 12.107 11.S92 11.660 11.410 12.078 10.605 12.925 11.342 13.652 11.978 14042 12.322 14.325 12.574 14.460 12.69S 14.518 12.756 14.526 12.770 14.500 12.754 14.44S 12.717 14.384 12.669 14.321 12.621 14.257 12.572 14.191 12.522 14.126 12.473 14.067 12.429 14.012 12.389 13.956 12.348 13.897 12.305 13.S35 12.259 13.769 12.210 13.697 12.156 13.621 12.098 13.541 12 037 13.456 11.972 13.363 11.904 13.275 11.832 13.182 11.759 13.096 11.693 13.020 11 636 12.942 11.578 12.S60 11.516 12.771 11.448 12.675 11.374 12.573 11.295 12.465 11.211 12.354 11.124 12.239 11.033 12.120 10.939 12.002 10.845 11.890 10.757 11.779 10.671 11.668 10.535 11.551 10.494 11.428 10.397 11.296 10.292 11.154 10178 10.993 10.052 10.823 9.908 10.631 9.749 10.422 9.573 9.439 10.088 10.651 10.957 11.184 11.298 11.354 11.371 11.362 11.334 11.296 11.259 11.221 11.132 11.144 11.111 11.081 11.051 11.019 10.935 10.948 10.906 10.861 10.813 10.762 10.709 10.652 10.594 10.542 10.498 10.454 10.407 10.355 10.297 10.235 10.163 10.098 10.026 9.950 9.875 9.805 9.737 9.669 9.597 9.520 9.436 9.344 9.241 9.121 8.987 8 833 8.502 9.080 9.584 9.S5S 10.064 10.168 10.221 10.240 10.236 10.214 10.183 10.153 10.123 10.091 10.061 10.034 10.011 9.988 9.963 9.937 9.909 9.376 9.841 9.S02 9.761 9.718 9.671 9.624 9.532 9.548 9.514 9.476 9.435 9.3S9 9.339 9.285 9.228 9.169 9.107 9.046 8.991 8.937 8.8^3 S.620 8.704 6.097 8.022 8.537 8.437 8.324 S.197 7.732 8.251 8.705 8.954 9.141 9.237 9.287 9.306 9.304 9.286 9.261 9.238 9.213 9.187 9.161 9.140 9.122 9.104 9.0S5 9.064 9.041 9.015 8.937 8.955 8.921 8.8S6 8.847 8.S0S 8.773 8.747 8.719 8.090 8.657 8.619 8.57S 8.534 8.46S 3 139 8.358 -. ■■•;; 8.292 8.249 8.200 8.100 8.111 S.O50 7.995 7.925 7.S40 7.74-1 7.034 VALUE OF ANNUITIES ON A SINGLE LIFE. (Carlisle Table of Mortality.) Ags 4 per ct. 5 per ct. 0 per ct 7 per ct 8 per ct 9 per c. 10 per c. 52 12.257 11.154 10.208 9.392 8.684 8.064 7.519 58 11.945 10.892 9.93S 9.205 8.523 7.926 7.399 54 11.626 10.624 9.761 9.011 8.856 7.781 7.272 55 11.299 10.347 9.524 8.S07 8.179 7.627 7.137 66 10.966 10.063 9.280 8.595 7.995 7.465 6.994 57 10.625 9.771 9.027 8.375 7.802 7.294 6-843 53 10.2SG 9.478 8.772 8.153 7.606 7.120 6-667 69 9.963 9.199 8.529 7.940 7.418 6.954 6.539 60 9.663 8.940 8.304 7.743 9.245 6.800 6.402 61 9.398 8.712 8.108 7.572 7.095 6669 6.285 62 9.186 8.4S7 7.913 7.403 • 6.947 6.539 6.171 63 8.871 8.25S 7.714 7.229 6.795 6-404 6.052 64 8.593 8.01 G 7.502 7.042 6.630 6.25S 5.922 65 8.307 7.705 7.281 6.S47 6.457 6.104 5 734 66 8.009 7.503 7.049 6.641 6.272 5.938 5.685 67 7.699 7.227 6.S03 6.421 6.075 5.760 5.474 68 7.879 6.941 6.540 6.189 5.S66 5.570 5.301 69 7.048 6.643 6.277 5.945 5.648 5.308 5.115 70 6.709 6.336 5.983 5.690 5.410 5.153 4.918 71 6.357 6.015 5.704 5.420 5.160 4.923 4-704 72 6.025 5.711 5.424 5.162 4.922 4.701 4.496 73 5.724 5.435 5.170 4.927 4.704 4.499 4.309 74 5.458 5.190 4.944 4.719 4.511 4.319 4.142 75 5.239 4.9S9 4.760 4.549 4.355 4.175 4.008 76 5.023 4.792 4.579 4.3S2 4.200 4.081 3.374 77 4.824 4.609 4.410 4.227 4.056 3.898 3.751 78 4.621 4.422 4.238 4.067 3.908 8.760 3.023 79 4.393 4.210 4.040 3.8S3 8.736 8.599 3.471 80 4.182 4.015 3.853 8.713 3.577 8.450 8.331 81 3.953 8.799 8.656 8.523 3.398 3.282 3.172 82 3.746 8.606 8.474 8.852 3.237 8.130 8.029 83 3.534 8.406 8.286 3.174 8.069 2.970 2.877 84 3.328 8.211 8.102 2.999 2.903 2.813 2.728 85 8.115 8.009 2.909 2.815 2.727 2.644 2.567 86 2.928 2.830 2.739 2.652 2.571 2.495 2.423 87 2.775 2.685 2.599 2.519 2.443 2.372 2.304 88 2.683 2.597 2.515 2.439 2.366 2.299 2.234 89 2.577 2.495 2.417 2.344 2.276 2.211 2.150 90 2.416 2.339 2.26C 2.198 2.133 2.072 2.015 91 2.398 2.321 2.248 2.130 2.115 2.054 1.997 92 2.491 2.412 2.337 2.206 2.198 2.135 2.075 93 2.599 2.518 2.440 2.307 2.297 2.232 2.170 94 2.649 2.569 2.492 2.419 2.350 2.284 2.221 95 2.674 2.596 2.522 2.451 2.363 2.319 2.258 96 2.627 2.555 2.486 2.420 2.358 2.298 2.239 97 2.492 2.428 2.368 2.309 2.253 2.199 2.150 98 2.332 2.278 2.227 2.177 2.129 2.083 2.039 99 2.0S7 2.045 2.004 1.904 1.926 1.889 1.856 100 1.652 1.624 1.596 1.509 1.543 1.517 1.498 101 1.210 1.192 1.175 1 159 1.142 1.127 1.112 102 0.761 0.753 0.744 0.735 0.727 0.719 0.713 1108 1 0.320 0.317 0.814 0.812 0.309 0.305 0.304 THE PRESENT VALUE OF ONE DOLLAR Due at the end of any number of years to 100, at 4, 5, 6, 7 and 8 per cent interest. per cent 5 per cent 6 irs. 4 1 2 8 4 5 6 7 8 9 10 11 12 13 14 15 16 18 19 20 21 22 28 24 25 26 27 28 29 30 31 32 33 34 35 30 87 33 89 40 41 42 43 44 45 46 47 46 49 50 .96153846 .92455021 .8S399636 .S54S0419 .82192711 .79n31453 .75991731 .73069020 .70253674 .67556417 .6495S093 .62459705 .60057409 .57747505 .55526450 .53390S18 .51337325 .49362812 .47464242 .456331)95 .43833360 .42195589 .40572633 .39012147 .37511630 .36008923 .34031657 .33347747 .32065141 .30831367 .29646026 .2S505794 .27409417 .26355209 .25341547 .24366S72 .23429685 .2252S543 .21662061 .20828904 .20027792 .19257493 .18516S20 .17804635 .17119341 .16461386 .15S28256 .15219476 .14634112 .14071262 .95238095 .90702943 .863S3760 .82270247 .78352616 .74621540 .71068133 .67683936 .64460892 .61391325 .5S4G7929 .55683742 .53032135 .50506795 .48101710 .45811152 .43629669 .41552065 .39573396 .37638948 .35894236 .34184987 .32557131 .31006791 .29530277 .28124073 .26784832 .25509364 .24294632 .23137745 .22035947 .20986617 .19937254 .19035480 .18129029 .17265741 .16443563 .15660536 .14914797 .14204568 .1352S160 .12S83962 .12270440 .116S6133 .11129651 .10599668 .10094921 .09614211 .09156391 .08720373 per cent. .94339623 .S8999644 .83961928 .79209366 .74725817 .70496054 .66505711 .62741237 .59189846 .55839478 .52678753 .49696936 .46333902 .44230096 .41726506 .39364628 .37136442 .35034379 .33051301 .31180473 .29415540 .27750510 .26179726 .24697855 .23299863 .21981003 .20736795 .19563014 .18455674 .17411013 .16425484 .15495740 .14618622 .13791153 .13010522 .12274077 .11579318 .10923835 .10305552 .09722219 .09171905 .08652740 .08162962 .07700908 .07265007 .06S53781 .06465831 .06099340 .05754566 .05428S36 .93457944 .87343S73 .8162978S .76239521 .7129S618 .60634222 .62274974 .58200910 .54393374 .50834929 .475092S0 .44401196 .41496445 .88781724 .36244602 .33873460 .31657439 .29586392 .27650833 .25841900 .24161309 .22571317 .21094683 .19714662 .18124918 .17219549 .16093037 .15040221 .14056282 .13136712 .12277301 .11474113 .10723470 .10021934 .09366294 .08753546 .08180834 .076456S6 .07145501 .06678038 .06241157 .05832S57 .05451268 .05094643 .04761349 .04449359 .04158747 .038S6679 .03632410 .03394776 .92592593 g .857338S2 J .793S3224 .73502985 .6S058320 .63016963 .5S349040 .54026888 .50024S97 .46319349 .428882S6 .39711376 .36769792 .34046104 .31524171 .29189047 .27026895 .25024903 .23171206 .21454821 .19865575 .18394051 .17031528 .15769934 .14601790 .1352017G .12518682 .11591372 .10732752 .09937733 .09201605 .03520005 .07838393 .07304531 .06763454 .06262458 .05798572 .05369048 .04971341 .04603093 .04262123 .03946411 .03054084 .033S3411 .031327S8 .02900730 .02685861 .02486908 .02302693 .02132123 THE PRESENT VALUE OF ONE DOLLAR Due at the end of any number of years to 100, at 4, 5, 6, 7i and 8 per cent interest. Yrs. 4 per cent 5 per cent. 6 per cent. 7 per cent. 8 per cent 51 .13530059 .08305117 .05121544 .081726S8 .01974183 52 .13009672 .07909635 .04831645 .02965129 .01827952 58 .12509300 .075329S6 .0455S156 .02771148 .01692548 54 .12028173 .07174272 .04300147 .02589853 .01567174 55 .11565551 .06882640 .04056742 .02420428 .01451087 56 .11120722 .06507276 .03827115 .02262083 .01843599 57 .10698002 .06197406 .03610436 .02114096 .01244078 58 .10281733 .05902291 .03406119 .01975791 .01151920 59 .09S862S2 .05621230 .03218320 .01846538 .01066592 60 .09506040 .05353552 .03031434 .01725732 .009S7585 61 .09140423 .0509S621 .02859843 .01612334 .00914431 62 .08788868 .04855830 .02697965 .01507821 .00846696 63 .OS450835 .04624600 .02545250 .0140-711 .00783977 64 .OS125S03 .044043S1 .02401179 .01310553 .00725905 65 .07813272 .0419464S .02265264 .0123(1423 .00672134 66 .07512760 .03994903 .02137041 .01149926 .00622346 67 .07223809 .03S04670 .02016077 .W 074699 .00576247 63 .06945970 .03623495 .01901959 .01004392 .00533562 69 .06678818 03450948 .01794301 .0093-084 .00494039 70 .06421940 .032S6617 .01692737 .00877275 .00457448 71 .06174942 .03130111 .01596921 .00819663 .00423558 72 .05937445 .02981058 .01506530 .00700240 .00392184 73 .05709081 .02839103 .01421254 .00716117 .00363133 74 .054S9501 .02703908 .01340306 .00609269 .00336234 75 .05278367 .02575150 .01264911 .00625485 .00311328 76 .05075353 .02452524 .01193313 .00584565 .00288267 77 .048S0147 .02335787 .01125767 .00546323 .00266914 78 .04692449 .02224512 .01062044 .00510582 .00247142 79 .04511970 .02118582 .01001928 .00477179 .00228335 80 .04338433 .02017698 .00945215 .00445962 .00211885 81 .04171570 .01921017 .00891713 .00416787 .00196190 82 .04011125 .01830111 .00841233 .00389520 .00181657 88 .03856351 .01742963 .00793621 .00364038 .00168201 84 .03708510 .01659965 .00748699 .00340222 .00155742 85 .03565875 .01580919 .00706320 .00317965 .00144205 86 .0342S726 .01505637 .00666340 .00297163 .00133523 87 .03296852 .01433940 .00628622 .00277723 .00123633 83 .03170050 .013G5G57 .00593040 .00259554 .00114475 89 .03048125 .01300626 .00559472 .00242574 .00105995 90 .02930890 .01238691 .00527803 .00226704 .00098144 91 .02818163 .01179706 .00497928 .00211873 .00090874 92 .02709772 .01123530 .00469743 .00193012 .00084142 93 .02605550 .01070028 .00443154 .00185058 .00077910 94 .02505337 .01019074 .00418070 .00172952 .00072188 95 .02408978 .00970547 .00394405 .00161637 .00066795 96 .02316325 .00924331 .00372081 .00151068 . 00061847 97 .02227235 .00880315 .00351019 .00141180 .00057266 98 .02141572 .00838395 .00331150 .00131944 .00053024 99 .02059204 .00798471 .00312406 .00123312 .00049096 100 .01980004 .00760449 .00294723 .00115245 .00045469 CHARTER PERPETXJAL. ' ■{<*' 35 '>> x JOCKYMENCNV. AUGUST 1, 1858 # OFFO©.!, 151 GmMiru" ©TTl^llTTp M1MAKK, , Net Accumulation. August 1,1S58..................$2,877,554 ^M Total Amount of Dividends, paiit to date,......... 1,078,950 Total Amount of Claims by Death, paid,..... .... 1,354,750 This Institution is PURELY MUTUAL, the entire accumulation being from premiums paid by members, eince Hie commencement of its operutions on the 1st of May, 1845. The plan of business adopted by the Company, is such as to afford th« insured all I the aid possible in the payment of premiums, consistent with PERFECT SE- CURITY". The success attending its operations, shows conclusively the pop- ularity of the plan, and tha excellent management of its affairs. This Company offers superior advantages, among which is its system of redemption of dividends, to aid the insured in payment of premiums. Dividends are made annually. The business of the Company is very econo- mically conducted. (A Prospectuses, Statements and Applications will be furnished upon ap- Xl plication at the office; all information will be given by the undersigned. 1 Directors and Officers.—Robert L. Patterson, Charles s. Maoknbt, Lewis C Grover, Josiah O. Low. Henry McFarlan, Isaac H. Frothin«ha.m, Eoward A. Strono, John R. Weeks, Andrew S. Snellimg, Randall U. ,», Grekne, Joel W. Condit. Nehkhiah Psrry. Mil ROBERT L. PATTERSON, President.!! BENJAMIN C. MILLER, Sec'y. JOEL W. CONDIT, Vice-President. JOS. I>. BRADLEY, Mathematician. liEWIS O. GROVER. Attorney and Counsel. _ I JAMKS STEWART, V.IK, Medical Adviser. N. Y. ' JOSEPH II. JAOK40X, M.i>.. Medical Adviser, Newark. -I / JUL 18 1946 [A 1