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Article GENERAL MEETINGS. ← Page 11 of 14 →
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General Meetings.
part thereof , in reduction or extinction of the future premium on such policy , the calculations being made upon the same principle as adopted by the society in cases of ordinary surrenders . " The report was adopted , and a vote of thanks given to the Chairman . EQUITY AND LAW LIFE ASSURANCE SOCIETY . —The Annual General Meeting was held at the offices , 26 , Lincoln ' s Inn-fields , on the 22 d February . Francis Newman RogersEsq . Q . C . in the chair .
, , , The Directors might have made a greater show , and , by splitting their policies , have exhibited a larger number , in proportion to the amount insured ; they might have added four , for four of the one hundred and forty-six proposals made within the year had been since completed—but they would not depart from the literal fact . They might do a great deal that they had not done : they might invite all comers , and by facility of acceptance , acquire the character of an " easy-going
office . " They might then present flaming reports for two or three years , - and in two or three years more might have the house tumbling about their ears—but they pursued a different course . Their medical officers were cautious , and they felt bound to act upon their advice . They consequently declined many proposals , and thus deterred many from coming at all . Since they met the Proprietors last yearthe Directors had been
, enabled to enlist eight gentlemen of the highest professional character at the now great city of Manchester , as members of a Local Board , who spoke with confidence of being able to establish a good business there ; as it was but an experiment , the Directors had not thought it right to burden the funds of the Society with any additional charge , but had agreed to furnish , to the extent of 200 / . per annum , the means of carrying on this Local Board .
Report . — " During the year , the Directors received and considered one hundred and forty-six proposals for Assurance , of which one hundred and seventeen , for 117 , 180 / . 17 * . at annual premiums amounting to 3 , 118 / . 2 * . 3 d ., were completed . "The number of policies existing on 31 st December , 1848 , was four hundred and thirty-five , for 42 , 679 / . 4 * . Id ., at annual premiums amounting to 12 , 373 / . 5 * . lid . " The Directors have continued , in all cases of risk exceeding 3 , 000 / ., to re-assure in some other office of well-ascertained stability , to such an
extent as to reduce the risk to that amount . " The excess of interest received on investments , beyond the amount of that paid to Proprietors , which in the first three years amounted to 1 , 569 / . 12 * . lid ., was in the last year alone 1 , 391 / . 1 * . lOd . ; showing , notwithstanding the payment of interest at three per cent , per annum on the deposits on shares , an . increasing fund from this source . " Although the Society has met with losses amounting to 1 , 800 / . by the death , during the year , of two of the assured , the Directors feel it to
be a subject of congratulation that , -with the exception hereafter referred to , this is the whole amount claimed in respect of losses by death during the four years of the Society ' s existence . " It may be observed that in one of these cases , death happened by an accident ; and in the other , under circumstances showing no want of caution in accepting the risk . " As respects the claim before referred to , it arose out of two policies , amounting together to 900 / . on the life of a person resident in Ireland , which the Directors thought themselves bound to resist : actions were brought , but the plaintiff , after the commencement of the assizes , with-
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
General Meetings.
part thereof , in reduction or extinction of the future premium on such policy , the calculations being made upon the same principle as adopted by the society in cases of ordinary surrenders . " The report was adopted , and a vote of thanks given to the Chairman . EQUITY AND LAW LIFE ASSURANCE SOCIETY . —The Annual General Meeting was held at the offices , 26 , Lincoln ' s Inn-fields , on the 22 d February . Francis Newman RogersEsq . Q . C . in the chair .
, , , The Directors might have made a greater show , and , by splitting their policies , have exhibited a larger number , in proportion to the amount insured ; they might have added four , for four of the one hundred and forty-six proposals made within the year had been since completed—but they would not depart from the literal fact . They might do a great deal that they had not done : they might invite all comers , and by facility of acceptance , acquire the character of an " easy-going
office . " They might then present flaming reports for two or three years , - and in two or three years more might have the house tumbling about their ears—but they pursued a different course . Their medical officers were cautious , and they felt bound to act upon their advice . They consequently declined many proposals , and thus deterred many from coming at all . Since they met the Proprietors last yearthe Directors had been
, enabled to enlist eight gentlemen of the highest professional character at the now great city of Manchester , as members of a Local Board , who spoke with confidence of being able to establish a good business there ; as it was but an experiment , the Directors had not thought it right to burden the funds of the Society with any additional charge , but had agreed to furnish , to the extent of 200 / . per annum , the means of carrying on this Local Board .
Report . — " During the year , the Directors received and considered one hundred and forty-six proposals for Assurance , of which one hundred and seventeen , for 117 , 180 / . 17 * . at annual premiums amounting to 3 , 118 / . 2 * . 3 d ., were completed . "The number of policies existing on 31 st December , 1848 , was four hundred and thirty-five , for 42 , 679 / . 4 * . Id ., at annual premiums amounting to 12 , 373 / . 5 * . lid . " The Directors have continued , in all cases of risk exceeding 3 , 000 / ., to re-assure in some other office of well-ascertained stability , to such an
extent as to reduce the risk to that amount . " The excess of interest received on investments , beyond the amount of that paid to Proprietors , which in the first three years amounted to 1 , 569 / . 12 * . lid ., was in the last year alone 1 , 391 / . 1 * . lOd . ; showing , notwithstanding the payment of interest at three per cent , per annum on the deposits on shares , an . increasing fund from this source . " Although the Society has met with losses amounting to 1 , 800 / . by the death , during the year , of two of the assured , the Directors feel it to
be a subject of congratulation that , -with the exception hereafter referred to , this is the whole amount claimed in respect of losses by death during the four years of the Society ' s existence . " It may be observed that in one of these cases , death happened by an accident ; and in the other , under circumstances showing no want of caution in accepting the risk . " As respects the claim before referred to , it arose out of two policies , amounting together to 900 / . on the life of a person resident in Ireland , which the Directors thought themselves bound to resist : actions were brought , but the plaintiff , after the commencement of the assizes , with-