Towns > Edinburgh > 1805-1834 - Post Office annual directory > 1826-1827

Insurance Companies. 58
LIFE DEPARTMENT.
There are few persons to whom the advantages of Life In-
surance are more applicable than to gentlemen in the learned
professions, or in public offices, and to officers in the army and
navy ; even gentlemen of large landed property, whose estates
are entailed on the eldest son, have, in many instances, of late
years, adopted this mode of making provision for younger
children, or of increasing the income they are desirous of lea-
ving to their wives.
Persons holding lands by lease on lives, may assure the
lives on which the lease depends. A creditor may assure the
life of his debtor for the amount of his debt ; and arrange-
ments in the cases of loans may, by such means, be made i
highly convenient to the borrower, and afford security to the
lender. The line in which estates are to descend often depends I
upon survivorships ; if the person in expectation does not sur-
vive the person in possession, the estate perhaps goes into an-
other family ; in this case it is prudent, in those interested, to
assure the life of the person through whom they may expect to
inherit, against that of the person in possession ; and as this
is generally the case of a young life against an old one, a large
sum, may be secured for a moderate advance.
It can only be from a want of information of the principles
of assurance, that lives on which so much depends should re-
main unassured by the persons interested in their continuance ;
and what removes every difficulty in point of expediency, is
the advantage which the Atlas Company holds out of purcha-
sing the interest of the Assured, at any time, at an equitable
rate. The facility offered of transacting the business through
a Committee of Proprietors acting for the Company, without
applying to a professional agent, or correspondent in London,
must operate as a great inducement for persons not to neglect
so salutary a precaution.
Persons interested in Life Policies for the whole term, will, at
the close of every period of seven years, be entitled to participate
in the surplus Premiums, to be then ascertained by actual valua-
tien ; and the average addition to the sum insured for the last
period was 65 per cent of the premiums paid, which is GREATER
THAN HAS BEEN MADE BY ANY OTHER INSURANCE OFFICE.
As to the Rates charged by the Company, it may suffice
here to say, that the Tables adopted by the Directors were
originally framed upon the sound principles of mathematical
computation ; and the practice of the Equitable Society has
put them to the unerring test of long and extensive expe-
rience.
If any new offices have ventured to reduce these rates, they
may, perhaps, have done so without transgressing the bounds
of bare security ; but their prudence is at lesst questionable ;
and the Atlas has no inclination to follow their example. The
means of accumulating money at compound interest, without
risk, are open alike to all ; and if in the exercise of those
means the Atlas shall be found to have collected greater funds
than their actual engagements require, the security of the As-
sured is placed beyond all question, and the surplus is pre-
served for the future benefit of those who had contributed to
create it; and therefore, constituted as this Company is, it
will be more for the interest of parties having Life Assurances
to effect, to assure a less sum, at premiums which have been
found fully adequate to meet losses, than a larger one at pre-
miums speculatively reduced. In effect, the reduction of pre-
mium is only nominal ; for the comparison to be drawn is not
between the two rates of premium, but between the premium
and the sum ultimately to be obtained in return.