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Article THE M£k8(DHU(D LIFE ASSURANCE AND SAVING... ← Page 2 of 3 →
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
The M£K8(Dhu(D Life Assurance And Saving...
As in all Assurance Companies the less Capital actually employed the greater the ratio of profit to the Proprietors and the Assured , the Number of Shares will be limited to 25 , 000 , with a Deposit of £ l per share ; but if accumulating business should render an increase of Capital desirable , the Directors shall be empowered to call for Instalments on the Original , or issue Additional Shares , the Premiums upon which will merge into the common Capital . In order that there shall be a bona fide and growing business secured from the very outset , Proprietors will have to effect Assurances on their own lives , or hy substitutes , in the amount of Shares at £ l 0 each in their
standing names respectively ; and whenever existing Shares are cancelled , and new ones issued , such Assurances shall be continued , or others of equal amount effected . Proprietors failing to effect such Assurances shall be mulct of all Bonus or Profits , and shall receive only the interest at £ 4 per cent , payable on their Shares . By the adoption of a similar principle—which in the case of this Association may be made proportionately available to the smallest as well as the largest Proprietors —the Original Shares in one of the most successful Life Assurance Companies which Deposits of £ 2 were paidand call made
, upon , no ever , are now actually worth £ \ A , each . This Association being founded on Masonic Principles , a preference will be given in the Allotment of Shares , to those Lodges or Members of the Craft making application forthwith ; and the remaining shares ( if any ) will be allotted to the Public , giving preference to priority of application . A Deed of Constitution will be prepared , in which the Scale of Votes , according t » o the number of Shares held by each Proprietor , will be set forth , as well as the periods of making any Call , should there be any Call required .
Zii ! : ASSURANCE SUPA ^ SIHEHT . The Life Assurance Department comprises Tables for assuring Single Lives , from the age of 15 to that of 60 years , in sums of from ^ 50 to £ ' 3 , 000 , with or without participation in Profits , at Rates payable annually ,- to embrace the several gradations of moderate and ample Incomes ; and Tables , without participation in profits , to suit small tradesmen and others of comparatively limited means , at rates payable monthly or quarterly . Also Tables for Joint Lives , and Survivorships , at Annual Premiums . out of the Scale of
Assurances Ages given in the Tables , and others of a special nature , effected at rates proportioned to the particular character of the risk . JHaster BSJariners and Others engaged in Maritime or Commercial Affairs in seaworthy vessel-, except on peculiarly hazardous voyages , may have Assurances effected on the r lives at commensurate Premiums , determinable by the Directors . The amount assured will , in every case , be guaranteed by the subscribed capital , as well as the General Fund derivable from Premiums ; and a further Security will be afforded by the Reserved Capital being available to meet any demand . And in further- of the of to the Assured '
ance primary object securing theamount of their Policies , a Trust Deed will be executed between the Trustees and Directors , containing covenants to restrict the Directors from effecting Assurances from time to time , beyond certain aggregate amounts . AB'TAIS'TASSOtrS COWJS 2 TIOKTS . Five Eighths of the declared Profits triennially divided amongst the Assured at the Participation Rates . Wl-. en the Assured has not passed the half- beyond the birth
year preceding -day , a medium premium between the two quotations of years to betaken ; so that a person aged 30 and any thing less than six months , will not be charged the full premium for 31 . The Assured allowed to travel by sea direct to or from any Port of Great Britain " Ireland , Jersey , Guernsey , Alderney , Sark and Man , and , in time of peace , to Foreign Ports at and between the Elbe and Brest , in decked Sailing or Steam Vessels . The Policies of Persons Assured on their own lives will become void , if the Assured shall die by his Own hand , or by the hand of Justice , or in consequence of a Duel . In of suicidethe Board of Directors
case , may pay any sum they may think fit , not exceeding the value of the Policy on the day preceding the decease of the Assured ; but if the Policy shall have been assigned to a bona fide Creditor three Calendar months previously to the decease of the party , the amount to be paid in full . Except where wilful deceit is provable , the age of the Assured will be admitted as expressed on the Policy . Policies effected in this Office will be purchased liberal terms Advances made
on ; or in proportion to their value . Claims settled within three months from date of proof , or at an earlier period on allowance of discount . Facilities afforded for immediate completion of business , by the daily attendance of a Member of the Board of Direction , and a Medical Officer of the Association and no fine or extra charge payable by the proposer of an Assurance for non-attendance at the Office .
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
The M£K8(Dhu(D Life Assurance And Saving...
As in all Assurance Companies the less Capital actually employed the greater the ratio of profit to the Proprietors and the Assured , the Number of Shares will be limited to 25 , 000 , with a Deposit of £ l per share ; but if accumulating business should render an increase of Capital desirable , the Directors shall be empowered to call for Instalments on the Original , or issue Additional Shares , the Premiums upon which will merge into the common Capital . In order that there shall be a bona fide and growing business secured from the very outset , Proprietors will have to effect Assurances on their own lives , or hy substitutes , in the amount of Shares at £ l 0 each in their
standing names respectively ; and whenever existing Shares are cancelled , and new ones issued , such Assurances shall be continued , or others of equal amount effected . Proprietors failing to effect such Assurances shall be mulct of all Bonus or Profits , and shall receive only the interest at £ 4 per cent , payable on their Shares . By the adoption of a similar principle—which in the case of this Association may be made proportionately available to the smallest as well as the largest Proprietors —the Original Shares in one of the most successful Life Assurance Companies which Deposits of £ 2 were paidand call made
, upon , no ever , are now actually worth £ \ A , each . This Association being founded on Masonic Principles , a preference will be given in the Allotment of Shares , to those Lodges or Members of the Craft making application forthwith ; and the remaining shares ( if any ) will be allotted to the Public , giving preference to priority of application . A Deed of Constitution will be prepared , in which the Scale of Votes , according t » o the number of Shares held by each Proprietor , will be set forth , as well as the periods of making any Call , should there be any Call required .
Zii ! : ASSURANCE SUPA ^ SIHEHT . The Life Assurance Department comprises Tables for assuring Single Lives , from the age of 15 to that of 60 years , in sums of from ^ 50 to £ ' 3 , 000 , with or without participation in Profits , at Rates payable annually ,- to embrace the several gradations of moderate and ample Incomes ; and Tables , without participation in profits , to suit small tradesmen and others of comparatively limited means , at rates payable monthly or quarterly . Also Tables for Joint Lives , and Survivorships , at Annual Premiums . out of the Scale of
Assurances Ages given in the Tables , and others of a special nature , effected at rates proportioned to the particular character of the risk . JHaster BSJariners and Others engaged in Maritime or Commercial Affairs in seaworthy vessel-, except on peculiarly hazardous voyages , may have Assurances effected on the r lives at commensurate Premiums , determinable by the Directors . The amount assured will , in every case , be guaranteed by the subscribed capital , as well as the General Fund derivable from Premiums ; and a further Security will be afforded by the Reserved Capital being available to meet any demand . And in further- of the of to the Assured '
ance primary object securing theamount of their Policies , a Trust Deed will be executed between the Trustees and Directors , containing covenants to restrict the Directors from effecting Assurances from time to time , beyond certain aggregate amounts . AB'TAIS'TASSOtrS COWJS 2 TIOKTS . Five Eighths of the declared Profits triennially divided amongst the Assured at the Participation Rates . Wl-. en the Assured has not passed the half- beyond the birth
year preceding -day , a medium premium between the two quotations of years to betaken ; so that a person aged 30 and any thing less than six months , will not be charged the full premium for 31 . The Assured allowed to travel by sea direct to or from any Port of Great Britain " Ireland , Jersey , Guernsey , Alderney , Sark and Man , and , in time of peace , to Foreign Ports at and between the Elbe and Brest , in decked Sailing or Steam Vessels . The Policies of Persons Assured on their own lives will become void , if the Assured shall die by his Own hand , or by the hand of Justice , or in consequence of a Duel . In of suicidethe Board of Directors
case , may pay any sum they may think fit , not exceeding the value of the Policy on the day preceding the decease of the Assured ; but if the Policy shall have been assigned to a bona fide Creditor three Calendar months previously to the decease of the party , the amount to be paid in full . Except where wilful deceit is provable , the age of the Assured will be admitted as expressed on the Policy . Policies effected in this Office will be purchased liberal terms Advances made
on ; or in proportion to their value . Claims settled within three months from date of proof , or at an earlier period on allowance of discount . Facilities afforded for immediate completion of business , by the daily attendance of a Member of the Board of Direction , and a Medical Officer of the Association and no fine or extra charge payable by the proposer of an Assurance for non-attendance at the Office .