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HALF-YEARLY PREMIUM FOR AN ASSURANCE OF £100 ON A SINGLE LIFE,

The following table shows the Annual Premiums payable to insure £100 on the death of one of two persons, for the benefit of the survivor.

NON-SURVIVORSHIPS.

The most self-sacrificing life insurance that can be effected is when the life of one person is insured for the sole benefit of another person; thus

A husband, who desires to insure for the sole benefit of his wife, insures his own life for a sum payable at his death to his wife if she is then living, but not payable to anyone else; in this case,

If the wife dies first the policy dies with her, and all the premiums are forfeited to the office; cousequently

Insurances of this kind are taken at much lower premiums than any other kind, as shown in the following table.

Annual premiums payable to insure £100, on the death of A (the husband) provided B (the wife) be living.

EXAMPLE.-A, age 35, may secure to his wife B., aged 30, an insurance of £100 upon his death, she surviving, upon payment of an annual premium of £2 25. 2d.

A widower may advantageously insure in a similar way in favour of his child, should he die before such child, and the system may be made to apply to any other relationship.

The invariable principle of these insurances is that the non-survivorship of the second party is a forfeiture of the insurance, but, the object being to provide for the person who so dies first, the object is attained at a great reduction of expense; thus, on comparing the preceding tables it will be seen that, An ordinary insurance for £500, of a husband aged 35 will cost £12 per annum; but

If the insurance be for the sole benefit of a wife of the same age it will cost only £10 per annum.

FORFEITURE FOR NON-PAYMENT.

All the preceding particulars refer to policies that become void by noncontinuance of the annual premiums; and

The strongest argument against life insurance is that the insured may become incapable of continuing the annual payments, and hence an effort, commenced for the most commendable motives, may lead to the most cruel losses and destitution.

NON-FORFEITURE POLICIES.

The evils arising from the lapse of policies through the inability of the insured to continue the premiums having become flagrant, there has been adopted by some offices a system of Non-forfeiture Policies, under which the number of premiums is restricted to an agreed term of years, and every payment irrevocably insures a relative proportion payable at death, whether subsequent premiums are paid or not, as shown in the following table.

PREMIUMS payable for TWENTY YEARS for an INSURANCE of £100 payable during LIFE at SPECIFIED AGES, or at DEATH.

THE PROPOSAL.

Every person who desires to effect a life insurance is required to make a formal proposal upon a form prepared for the purpose; and

THE DECLARATION.

Every proposal is accompanied by certain questions that have to be answered, and the answers constitute what is called a declaration in writing.

No Invariable Form.-There is no invariable form for the declaration which constitutes the first step towards life insurance; but

Same Character.-There is a certain family likeness between one form and another which stamps them all with pretty much the same character.

USUAL REQUIREMENTS.

The usual questions put to a proposer by a life office include particulars as to the place and date of birth?

Whether married, unmarried, or a widower ?

Whether a portion of the life has been spent abroad, and how long? Whether in the army, or navy, or following any dangerous occupation? Whether ever suffering from fits, gout, asthma, or spitting of blood? Whether vaccinated, and when; or if ever suffering from small-pox? Whether suffering or liable to much cough, or symptoms of diseases of the chest?

Whether any near relation has been or is afflicted with cancer or any pulmonary complaint, or insanity?

Whether there is any circumstance calculated to shorten the life to be insured?

Whether the life proposed is of a person of sober and moderate habit of life? Whether an insurance on the life has ever been declined by another office, and if so, why? And that,

If the statements contained in the answers are untrue, all premiums paid are forfeited to the office, and the policy void.

Essential Care.-When the proposal is to insure the life of the proposer himself, the essence of the proposal should be, not only candour, but care; as, Inadvertences.-The interests of survivors may be sacrificed many years afterwards by a mere inadvertence at the time of the proposal; for,

DESIGN OR ACCIDENT.

Material Facts.—If a material fact be left out, it matters not whether it be designedly or accidentally omitted.

In the opinion of the proposer it may not be a material fact; but
Experience may prove that it is material; and

The fact has to be considered, and not the opinion or motive which caused its concealment ; thus,

LATENT MALADIES.

Experience proves that many persons with a latent malady are too apt to persuade themselves that their general health and vigour will counteract the evil; and, under that impression,

Honest Omission.-A person proposing to insure his life may omit the mention of a peculiar unhealthy tendency, under the honest conviction that it is not of importance; but

Folly of Concealment.-Concealment of any kind, however innocent, is extremely unsafe and unwise; moreover,

MEDICAL OPINIONS.

Too common Course.-A too common course of conduct between a proposer and his regular medical attendant cannot be too much reprehended; thus, Favourable Opinions.-When a man is about to insure his life, it is understood to be not unusual for him to apply to his own doctor, and there is a tacit understanding that as good an account as possible is to be given; on the contrary,

Full Disclosures.-The proper and only safe course for a man to take when about to make a proposal of life insurance, is to induce his usual medical attendant to disclose every suspicious symptom, so as to leave no chance of a charge of concealment; it is true that

OFFICIAL OPINIONS.

Life offices almost invariably instruct their own medical men to report upon each case respectively; and,

EXAMINATIONS.

Diminished Risk.-When a life office submits a proposer to the examination of its own medical man, and the proposer answers truly all the inquiries, there is seldom any risk; for,

Increased Security. The employment of medical men of their own to report upon proposals is, in fact, a security to the insured, and, in the long run, tends against the insurers; as,

Official Ignorance.-Life offices, in common with fire offices, cannot effectually plead ignorance of facts which they are presumed to have discovered; so that

Official Liability.-A medical examination and official report upon a proposal for life insurance places the office in much the same position as a fire office is placed in by a survey and report; thus,

Consumptive Symptoms.—If a proposer is consumptive, and says nothing about it, his silence will make no difference, if it can be proved that the office knew the fact; and

Presumed Knowledge.-When offices avail themselves of formal examination, it is presumed that, in accepting the proposal, their medical men have done their duty and applied every available test, and that therefore they know everything material; notwithstanding,

LITERAL STATEMENTS.

Every statement actually made by the proposer must be not only substantially, but literally, true in the narrowest and broadest sense; for,

Trifling Statements.-It has been judicially decided, more than once, that any statement of the proposer, however trifling it may appear, may render the policy invalid if it prove to be untrue; therefore,

POSITIVE STATEMENTS.

Nothing should be stated positively upon which the proposer is not perfectly and entirely certain; and,