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Article THE GENERAL ASSURANCE ADVOCATE. ← Page 7 of 8 →
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
The General Assurance Advocate.
being partly commercial and partly associative . They have a subscribed capital as a guarantee to the Insured ; but they divide a part of the profits of the business with the Insurers . Of these various kinds of offices the mixed is the oldest , the first of that class bearing date 1696 . The eldest mutual office appeared in 1706 ; and the first proprietary office followed in 1710 . So that there were onl y fourteen years between
the application of the mutual , proprietary , and mixed principles , and at this lapse of time they may be considered as almost contemporaneous in their origin . Until a very recent period we were of opinion that the most ancient office which had survived till the present century was the Amicable , founded on the mutual principle in 1706 ; but it appears , from a list compiled in 1847 by Mr . Hillman , the Actuary of the Star
Office , that the Hand-in-Hand , a mixed office , was founded in 1696 , and consequently has the advantage of its friendly competitor by ten years , although that gentleman , in his " Illustrations of the Theoi-y and Practice of Assurance , " places the Mutual first , stating that it " is the oldest plan of Life Assurance . " It may be , nevertheless , true that the Mutual " is the oldest plan ; " but if so , either the date which he affixes to the Hand-in-Hand is incorrect , or some Mutual office , which is now extinct , was founded previous to 1696 . However that may be , we find that at the expiration of fifty-four
years , that is , in 1750 , seven of the offices in the list we have referred to were established , five of those being carried on on the mixed , one on the mutual , and one on the proprietary system ; of these the proprietary and one of the mixed offices insured against fire only ; two of the mixed had fire , life , and annuity for their objects ; one fire , life , and marine insurances ; the fourth mixed office was for fire , life , annuity
and shipping , and the mutual office insured life only . In the next period of fifty years up to the commencement of the present century , thirteen of the other offices in this list appear ; the mutual principle having the predominance , claiming eight of the new Companies , while the mixed principle has but three , and the proprietary only two . In the next period of ten years , up to 1810 , twenty-four of these offices
were established , the mixed principle having the great predominance , including fourteen of the number , the proprietary six , and the mutual only four . In the succeeding ten years , including 1820 , insurance , if we may judge from the increase of offices , flagged , only eight appearing during that period . This was most probably owing to the excitement , anxietyand lavish expenditure occasioned by the European war , and
, by the want of confidence among capitalists . Indeed this is evidenced by the princip les of the societies ; one only being proprietary , two mixed , and five mutual . In the next ten years , including 1830 , Assurance made great progress . In that period of peace thirty-eight more
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
The General Assurance Advocate.
being partly commercial and partly associative . They have a subscribed capital as a guarantee to the Insured ; but they divide a part of the profits of the business with the Insurers . Of these various kinds of offices the mixed is the oldest , the first of that class bearing date 1696 . The eldest mutual office appeared in 1706 ; and the first proprietary office followed in 1710 . So that there were onl y fourteen years between
the application of the mutual , proprietary , and mixed principles , and at this lapse of time they may be considered as almost contemporaneous in their origin . Until a very recent period we were of opinion that the most ancient office which had survived till the present century was the Amicable , founded on the mutual principle in 1706 ; but it appears , from a list compiled in 1847 by Mr . Hillman , the Actuary of the Star
Office , that the Hand-in-Hand , a mixed office , was founded in 1696 , and consequently has the advantage of its friendly competitor by ten years , although that gentleman , in his " Illustrations of the Theoi-y and Practice of Assurance , " places the Mutual first , stating that it " is the oldest plan of Life Assurance . " It may be , nevertheless , true that the Mutual " is the oldest plan ; " but if so , either the date which he affixes to the Hand-in-Hand is incorrect , or some Mutual office , which is now extinct , was founded previous to 1696 . However that may be , we find that at the expiration of fifty-four
years , that is , in 1750 , seven of the offices in the list we have referred to were established , five of those being carried on on the mixed , one on the mutual , and one on the proprietary system ; of these the proprietary and one of the mixed offices insured against fire only ; two of the mixed had fire , life , and annuity for their objects ; one fire , life , and marine insurances ; the fourth mixed office was for fire , life , annuity
and shipping , and the mutual office insured life only . In the next period of fifty years up to the commencement of the present century , thirteen of the other offices in this list appear ; the mutual principle having the predominance , claiming eight of the new Companies , while the mixed principle has but three , and the proprietary only two . In the next period of ten years , up to 1810 , twenty-four of these offices
were established , the mixed principle having the great predominance , including fourteen of the number , the proprietary six , and the mutual only four . In the succeeding ten years , including 1820 , insurance , if we may judge from the increase of offices , flagged , only eight appearing during that period . This was most probably owing to the excitement , anxietyand lavish expenditure occasioned by the European war , and
, by the want of confidence among capitalists . Indeed this is evidenced by the princip les of the societies ; one only being proprietary , two mixed , and five mutual . In the next ten years , including 1830 , Assurance made great progress . In that period of peace thirty-eight more