Surrender Values.-1772.-5 March.-Ordered, "That for the future the court of directors be empowered to accept the surrender of any member's pol., and to purchase the same upon such terms as shall seem to them reasonable and equitable.” A prosp. of the So. dated 1791 said hereon: Every member of the So. assu. for the whole continuance of life has a rateable interest in the claim which will become due at his death: and this interest increases yearly, till at the extremity of life it amounts to the sum assured; and in case the more immediate purpose of an assurance shall have ceased, and the owner of the pol. should be minded to dispose of the same, rather than to keep it on foot; or if, through unforeseen misfortunes, any person assured by the So. shall himself stand in need of that assistance which was intended for a surviving family, the Society will upon application become the purchasers of such an interest at a fair price. Up to 1809 the sum of £72,600 had been paid to members who had surrendered their policies. 1821. The directors resolved, with the approval of a gen. court, to allow members to surrender any portion of their pol. or bonus add. thereto, and to keep in force the remainder at a correspondingly reduced prem.; also to parti. in present and future surplus in due proportion. 1824-5.-The question of encouraging surrender of pol. was much discussed at the gen. courts. Voting at Gen. Courts.-1762.-In respect of £100 ins. on own life for whole-term. 1770. In respect of ins. for £100 on life of another. 1787.-9 Jan.-£300 ins. for whole of life made the qualification for voting at gen. courts. 1792.-7 June. For new members not less than £500 whole-life. 1807.-3 Sept.-Ditto ditto £1000 1810.-23 Jan.-For members admitted after 21 Dec. 1809, £2000 whole-life; and not eligible until 5 years after entering. 1816.-19 Dec.-Only such of the "privileged 5000" as should be ins. for not less than £2000 whole-term. END OF VOL. II. CHARLES AND EDWIN LAYTON, PRINTERS, FLEET STREET AND GOUGH SQUARE, LONDON, |