The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1855-12-18 00:00:00

[DECEMBER 18, 18bb.

Insurance Notices.

AGE ASSURANCE COMPANY'
64, CHANCERY LANE, LONDON.

CHAIRMAN.—The Rev. George Roberts.
DEPUTY-CHAIRMAN.—OOI. Faris, R. E.

The first declaretlon of Profits will be made immediately aftet
the 31st of December next, in which all persons assured before
that date will participate. • Deed if
AGE—never disputed a claim and are by their
Settlement prohibited from doing so.
Probate, Administration and Legacy Duties are saved by the
peculiar plan adopted by this Office.
.

Fractional parts of a year are allowed in calculating age.
Branch Offices are established in Livit apooL,—Blßm mon AP.
—BRADFORD, SHEFFIELD, MANCHESTER,— NEWCASTI.
UPON-TYNE,—SUNDERLAND,—ABERDEEN,— SUNDERLAND,—ABERDEEN,—DUNDEE,
EELS. EDWARD ROBINSON, See*

LOCAL MANAGER FOR LIVERPOOL:
R. R. HUTCHINSON, Esq., 9, Eden Chambers,

South JOhniireet,

INDISPITTABILITY THE ONLY COMPLETE
SECURITY IN LIFE ASSURANCE.

(Extracted from " The Register.")
What is meant by an indisputable policy? In the first plact,t
is unlike other policies; the adjective being used to imply 5°"1;.
thing to mark and distinguish such a policy from all other PL,
des. In the second place, it means much more—it implies toot
the policy to which the epithet " Indisputable" is given cawn„°(
be disputed, except upon grounds beyond the reach and power sc
the contracting parties to control. In other words, the policY
represented as being as indisputable as man can make it.
Nothing can be more embarrassing than the situation of for tie
who, after making payments to an Insurance Company for 1e,7
twelve, or twenty years, on the supposition that by such F. 4.,;
ments'be has purchased for his family the absolute properil is
reversionary estate, is then told that at his death his survir°,.,
may receive such property, but that there is a great chance-IP4t
sibility—amounting to a probability, that they may not ; Root"
the contingency depends upon circumstances which he can9cl).,
foresee. Yet such is the position of those who are held as whe,,i,
responsible for the precise and literal accuracy of every statertlF:„
in numerous documents and schedules which precede the issu.e7,
of a policy. Take one of these schedules as an instance of sv of
meats, upon the accuracy of each of which the whole valtiet,
the policy will ultimately be made to depend :—"I do berici.A
declare that my age does not exceed years; that I have 10
ot
cow-pox or small-pox (state which); that I have (or have n) .0
the gout; that I have not been afflicted with any fit or fits,,j
convulsions, nor with asthma, insanity, or spitting of blood
that I am not afflicted with habitual cough, diseases of the Intl.!
norwith any other disease or disorder tending to shorten uoi
and that the foregoing proposal contains a true statercet.no
every matter and thing thereby required to be set forth ; and 1",,.
I am now in good health ; and I do declare that I have not c 0..,
tooled or withheld any matter or circumstance touching tnYro
or present state of health, habits of life, or condition which 'ot
Tender an insurance on my life more than usually hazardoti%,,,
with, which the Directors of this society ought to be made,'tp,
quainted; and that my private referees are well acquainted 10_,
and fatly competent to give, the requisite information as to
habits of life: And Ido declare that this declaration shall be wt
basis of the contract between me and the said society; and
,co-
if any true allegation or statement be contained in the said be
posal, or in this declaration, or if any material informatiqio
omitted which ought to be contained therein, all moneys w.,"t of
shall have beer: or shall be paid to the said society, on accOu" ty,
such insurance, shall be forfeited to the use of the saidsocie
and the policy beabsolutely null and void." mej,
Now, looking at the wording oft his clause, it may be aior:non
without much exaggeration, that there is no human being "4-scl
earth who, looking on it as the literal condition of his coll'•liii
with a company, can possess a certainty that the event ed in
death will place his family in possession of the sum specise „0,
the agreement. It is ir professional notoriety that there sre„rer
merous diseases which may be in active play long before the' tie
istence is suspected by The patient or any one eise. Yet, by
contrivance of making the proposer warratir the literal aecte
of numerous statements, the clause above quoted would v;foe
and nullify the policy, if it could•be proved that the invisible:,ns
had commenced his ravages-at the period when the instiro
was issued. The responsibilitysof the party effecting the 9,y
ance is unconditiona, and wholly. irrespective of the oontiPgf.ers
whether the "omission" of any fact, material or immaterial,
wilful or not. dee.°
The person who makes the• statement must not 00lftb
that he makes no wilful mis-statement—that he has not " /ire
held any matter or circumstance," and observe, notdeliberatefe
of design, but that he has not done so at all. The declaratiop;gr
qpired is absolute as to circumstanceror possibilities beyond la:
sphere of human knowledge; and the responsibily of the oyot,
rant is equally absolute, no matter' howinnocently he Mar
•

been led into error.
MI the authorities are of the same opinion as to the sole and, :og:
divided responsibility of the assured: Thus, Lord Eldon'wll
hear-of any distinction as to whetherian omission has neeV°t
terial or immaterial. "If material," his-Lordship observes; ,r`saa
a materiality may be inquired into and shown; but if thereft 0
warranty, it is part of the contract that the matter is suclr
represented to be; therefore materiality.or isimaterialiOtiYinioa
nothing- The only question is as to the--raere fact." This
has been affirmed, to the total ruin of families, by tanner°
sionsof the Courts. bello
It may perhaps be supposed that however close eave
narrow- the meshes which are entwined round the r,i „ wnortant
life is the subject of assurance—however minute WV etlo,
and liable- to error
enc ,awsarireotehf
ltoitleiutietenfadlaaect
yoet
Isra,fberaeainttaudi
boryineee
othfsethritn:gatedn.l itil_pic:ohnneettvollthe.e':
omy tea:
natwdh
,•aaat thernheay esca
etaaeli:
cbaenfonroet
hdee ;hefcoomer there
entitled
it to 9011)/Y'" pot that
elicet more demo% . whicn
racy ivof no avail.. The proposer
the greatest amount of care, and pPrudy—
sitiseodmtoetahing y P 91.1". dal of
a rtsluireine utloinus acctl,-
mustencgei'v mule
rauriPi e
cal attendants and two friends, each of wham.. returns answers so
to a- long. list of questions, and the facts- and statements de
received by the company, although the proposer is not 1130,j,
acquainted with. nisi one of them, are yet as much the subjects ""t
warranty. as his, own declaration, so that a.wilful. or innocee,
s rlijdl-
error in answer, to any of the que;tions put to these referees will
as- effectually vitiate the policy as if had preceded from the
assured•himself.. We can make room for onlyone example of the.
provisions- just noticed, which we select from.' large family 0,
smilar cases, and trent the practice of a highly respectable office,
Wilshere v.. The Law Life. Wilshere resided near London, and
on-several occasionshad consulted a London physician as to his
health, ,besides- having the advice of a country
_gentleman. 118
came to London to effect an assurance on his life,. and. in Aunt%
to the question,, " Who is your ordinary medical atteridwit7,l;se
gave the name an& address of the London phyaician, w.
director of
report and that of their own medical examiner.. washer.
the company were satisfied. Some years nsiost the CO
died,and his-executors were defeated in a c1a1n",,.400 around'
pang for -the sum. misused, merely, and ors n 0
the the physician,
because the name of thesurgeon and not thaso
liC
ought, tohave beeniserted in the proposal. ~ the pub
arose • was
In consequence of thisstate of matters, there ee, which w
mind a general feeling.of insecurity in Life Ass"" in the courts
increased by theperusal of numerous cases occurrinfchern at the
of law- and reported in. the newspapers, most 01
but Many Of
instance-of assured parties against Life ComPinies) _rich other-
them in which Life Companies were arrayed against
t ble, 60 as
The-great desideratum. was to make policies 2ndiaP, _s to the
to remove all doubt, and, dissipate every apprehension due;
certainty_of the sum assured being paid when it heera`sinees
whersby the public generally would be benefited,.and the
of" Lite Assurance much extended.
his .
" The Indisputable Life Policy Company"-undertoolt t task
and inerder most effectually to make the polieies.they
ted the
disputable. and certain, documents of security,.they inser.eatiag.
following clause in their Deed of Settlensant;:there4Y er oy to
an effective and legal obligation, imperative upon.the ComPa
fulfil, and which it is-the right of every assuradaneinber to P'
and inaistruponL—
hall be
Clause-84.. " That every Policy issued bpthe-Gbutpan7l4 ..os
indefensible _ andsindisputable, and the falt'of issuing d it
shat bey couchuive evidence of the validity °Pile. Polley ; nn the
shalt not be lawful for the Company to delay payment or
money assured thereby on the ground off awn ernon,mist"
omission, however important, made by or os-thepart of the
poly
son or persons effcting such Assurance; ond Mat. on ths,aied
tram, theamount so- assured shall be paidatt, the time slio,lloo
by the Policy, as if no such error, mistaho, or omission, had
made on cliscovened,''
Deed We have said that the above clause forta:part of the
Settlement• of. the Company, and that deed being reatiste,;„g W
teems.of the Act 'land Vict. c. 110. thereisnothing wan
give itthe fullest effect. It is not merely to be found In a..„' on
spectus-or, °then-circular, which may or may not be obligat°',4o-
the Company,,. according to circumstances,, but it forms
ponent part of the-existence of the corps.rate body. A Mere to
mise.of indisputability is not enough- Such a,cleause as the a re,
is required to. give- legal efficacy. It appears to have beer cav
fully, and anxiously prepared, for the purpose of cutting, to
every grouad and pretext of dispute-as to the validity 0' ..;et.
Policy.;.and.w.e- confess that we cannot find any worthror se',ol
t"
of. sentences. more operative, effective, or compulsory fPt,
pprpose.. In. order the more effectually. to show this, foe
would minute oar readers to compare this clause with 'et
law as. laid, down by Sergeant Marshall in the palsidir
already. quoted from that learned authority. The 'l°Dill
putable clause says—" Every policyL,issued lay the CoinpanY 'off
be indefeasible and indisputable, and the fact of issuing the igr.
shall be conclusive evidence of the validity of the policy."
_die
Sergeant Mazsball, speaking of the..clause ordinarily insert7,,ith
policies,. says, " It is quite immaterial for what purpose or webe
.what view it [a warrant] is made„; .but bet • d/0• ug once inserte 00
policy„ it becomes a binding mujition on the assured, and o
he can show that it has been ,complied with, he can derive °
benefit from the policy." In other words, an indisputable P°
when once issued, declares that, de facto, all precedent questila
are held to have been finally..settled, whereas an ordinary Poi,. to
declares on the face of it that-the Directors retain the poste' ity•
keep rte a
questions ocemte dispute, until they have Rai,.
paid the amount of the policy to the executors. Again, the 10 to
patable clause says, " It shatl not be lawtul for the CompfleY_,,
delay payment of the moaey.assured, on the ground of any errU4
mistake, or omission, however -important, made by or on. the P 5,4
of the person or persons-effecting such insurance." Mr.,Sergea_7..
Marshall, on the other hand, says, "The very meaning of a we,,
rarity is to preclude allqeestion whether it has been suhstantia!2l
complied with or not. Whether the thing warranted was matenrco'e.
or not, whether the breach of it proceeded from fraud, negligsearpe
mis-information, or any other cause, the consequence is Peotsble
—i.e, the policy is void." In the next place, the indl shall
clause says that, *Lon the Gontrary, the amount so ii errOr,
be paid at the time- stipulated by the policy, as if na Ser-
mistake, or omission, had been made or discovered.!" j3ype-
geant Marshall says, "The warranty makes the contract lied
thetical ; that is„,it shall be binding if the warreolYis c°7°P,Atict
with. The qpestion is, has the thing warranted taken ',sea
or not? If not, the asaurer is not answerable for,anY 1055'ear•
though it did not. happen in consequence of the taleaels of Woof of
ranty." Can, anything he more conclusive than this. in Pc.,tstde
the superiority, of the Indisputable Policy? %he ind„l,sl7;ives
Policy settles. all precedent_questions—an ordinal,/ policy
them all unsettled. An Indisputable Policy declares, by the 05t
fact of its Calle, that all questions relating to the health, °3-ecl,
age, &c., of the assured are, as far as the Company is canceroats
set at rest for ever—an ordinary policy leaves . these P,°l
open to dispute, until the claim has actually been discharged' I
•
London Indisputable Life Policy Company.„72, Lorabard-stree
—Manager, ALVaANDER ROBERTSON.

PALMER AND CO.'S

TEA AND COFFEE WAREHOUSE,S,

UNION-COURT, CASTLE-STREET,