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[CONTINUED FROM BEGINNING OS THIS DIBBCTOEY.]
SCOTTISH AMICABLE SOCIETY'S MINIMUM PREMIUMS.
give up the pi'ofits for which so little deduction was made. By the Minimum
Premiums of this Society the same object is attained, while the Assurers are
secured in the full benefits of the additions, the deduction made for the
assumed rate of 1| per cent, per annum, accumulated septennially in accor-
dance with the regulations of the Society, being calculated on principles not
intended to aftord profit to the Society ; and if the rate should be more than
1^ per cent., the assured get the benefit of it. On the other hand, should
the rate fall short of IJ per cent., a corresponding deduction will be made
from the Policy. It would not be consistent with the well-being of the
Society to establish such a class of Assurances, without some such provision
as this to fall back upon in the event of unexpected mortality from plague,
or otherwise; still, the past history of the Society, and such study as I have
been able to give the subject, permit me to say that I do not see any prob-
able prospect of diminution of the sum assured. You are aware that hitherto
these policies have had additions made to them, the bonus since they were
issued having been at the rate of If per cent, in place of 1|. I would not
wish you, however, to suppose from this statement that I consider an addition
of IJ per cent, per annum, as given by our system — viz., accumulated
septennially — one of small amount; and I view the dissection of our Gross
Premium by the calculation of this Minimum Premium as a very instructive
process, showing us, in a plain and clear manner, what such bonus of IJ
per cent, means and infers. The lowness of the resulting Minimum Premium
does, in my opinion, argue, on the contrary, that so long as a Society can
secure and maintain such a bonus as this, the advantages conferred by it
must be viewed as very great. This, and other information acquired by our own
experience and growing around us, will be most useful as guides to us in securing
a permanent uniform rate. You Avill agree with me that in contrasting so
prominently these Minimum Rates of ours with those of the Government, I
was bound to explain fully their position; and I may here state, that as no
quarterly rates are given in the Government Table, I have taken their rates
for three months (or three times their monthly rate) instead; but there can
be no error of any consequence in this. I may notice, hoAvever, that the
Government Annual Rates are not relatively so unfavourable as the rates
payable at more frequent intervals, by about 9 per cent. The allowances
for surrender of the Government Policies are not yet fixed, but no allowance
is to be made for any Policies discontinued within the next five years; and I
will only add that, with the sanction of the Directors of our Society, it is
proposed in future to make the following allowances for the surrender of our
Minimum Premium Policies, the premiums for which are payable for life in the
ordinary way, viz., 20 per cent, where 3 or 4 premiums have been paid; 25 per
cent, where 5 or 6 premiums have been paid; 30 per cent, where 7 or 8 pre-
miums have been paid; 35 per cent, where 8 or 9 premiums have been paid;
and 40 per cent, where 10 or more premiums have been paid, — these per centages
being calculated upon the Ordinary Annual Premium, exclusive of any extra.
I have to apologise for detaining you so long, but I know many of you feel a
warm interest in the subject, and I am hopeful that the information contained
in the observations I have made may tend to aid the efforts of those who are
anxious to promote the general diffusion of Life Assurance upon such principles
as shall secure its full advantages.
SCOTTISH AMICABLE SOCIETY'S MINIMUM PREMIUMS.
give up the pi'ofits for which so little deduction was made. By the Minimum
Premiums of this Society the same object is attained, while the Assurers are
secured in the full benefits of the additions, the deduction made for the
assumed rate of 1| per cent, per annum, accumulated septennially in accor-
dance with the regulations of the Society, being calculated on principles not
intended to aftord profit to the Society ; and if the rate should be more than
1^ per cent., the assured get the benefit of it. On the other hand, should
the rate fall short of IJ per cent., a corresponding deduction will be made
from the Policy. It would not be consistent with the well-being of the
Society to establish such a class of Assurances, without some such provision
as this to fall back upon in the event of unexpected mortality from plague,
or otherwise; still, the past history of the Society, and such study as I have
been able to give the subject, permit me to say that I do not see any prob-
able prospect of diminution of the sum assured. You are aware that hitherto
these policies have had additions made to them, the bonus since they were
issued having been at the rate of If per cent, in place of 1|. I would not
wish you, however, to suppose from this statement that I consider an addition
of IJ per cent, per annum, as given by our system — viz., accumulated
septennially — one of small amount; and I view the dissection of our Gross
Premium by the calculation of this Minimum Premium as a very instructive
process, showing us, in a plain and clear manner, what such bonus of IJ
per cent, means and infers. The lowness of the resulting Minimum Premium
does, in my opinion, argue, on the contrary, that so long as a Society can
secure and maintain such a bonus as this, the advantages conferred by it
must be viewed as very great. This, and other information acquired by our own
experience and growing around us, will be most useful as guides to us in securing
a permanent uniform rate. You Avill agree with me that in contrasting so
prominently these Minimum Rates of ours with those of the Government, I
was bound to explain fully their position; and I may here state, that as no
quarterly rates are given in the Government Table, I have taken their rates
for three months (or three times their monthly rate) instead; but there can
be no error of any consequence in this. I may notice, hoAvever, that the
Government Annual Rates are not relatively so unfavourable as the rates
payable at more frequent intervals, by about 9 per cent. The allowances
for surrender of the Government Policies are not yet fixed, but no allowance
is to be made for any Policies discontinued within the next five years; and I
will only add that, with the sanction of the Directors of our Society, it is
proposed in future to make the following allowances for the surrender of our
Minimum Premium Policies, the premiums for which are payable for life in the
ordinary way, viz., 20 per cent, where 3 or 4 premiums have been paid; 25 per
cent, where 5 or 6 premiums have been paid; 30 per cent, where 7 or 8 pre-
miums have been paid; 35 per cent, where 8 or 9 premiums have been paid;
and 40 per cent, where 10 or more premiums have been paid, — these per centages
being calculated upon the Ordinary Annual Premium, exclusive of any extra.
I have to apologise for detaining you so long, but I know many of you feel a
warm interest in the subject, and I am hopeful that the information contained
in the observations I have made may tend to aid the efforts of those who are
anxious to promote the general diffusion of Life Assurance upon such principles
as shall secure its full advantages.
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Scottish Post Office Directories > Towns > Glasgow > Post-Office annual Glasgow directory > 1865-1866 > (870) |
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Permanent URL | https://digital.nls.uk/84381800 |
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Description | Directories of individual Scottish towns and their suburbs. |
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Description | Around 700 Scottish directories published annually by the Post Office or private publishers between 1773 and 1911. Most of Scotland covered, with a focus on Edinburgh, Glasgow, Dundee and Aberdeen. Most volumes include a general directory (A-Z by surname), street directory (A-Z by street) and trade directory (A-Z by trade). |
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