The Sun.
London, England, 1839-03-29 00:00:00

EVENING EDITION.

LONDON AND WESTMINSTER
MUTUAL LIFE ASSURANCE SOCIETY, for
Assurance on Lives and Survivorships, for Granting Annuities,
Loans, Endowments to Children, and for the purchase of Re-
versionary and other Interests.

PATRON'
The Most Noble the MARQUIS of WESTMINSTER.
DIRECTORS.
R. Vauhanßarnewall, Esq. 'Thomas Huxley, Esq.
Henry John Beare, Esq. ;Colonel Jourdain
Joseph Bennett, Esq. !Henry M. Kemshead, Esq.
Major Wm. Bird Bleamire. ;Taverner John Miller, Esq.
Jos. Blunt, sen., Esq. Sir Harris Nicholas,K. C. M. GR. Edwards Broughton, Esq. ;Captain Rattray, R.N.
David Caldwell, Esq. IP. Salomons, Esq.
Hy Chas. Moreton-Dyer, Esq. ;Admiral Shippard
William Ewart, Esq.
;Pearson Th9mson, Esq.
John Welstead, Esq., F. R. S.
David Salomons, Es TRUSTEES.
q. I Sir Harris Nicolas, K. C. M. G
Taverner John Miller, Esq.
AUDITORS.
Sydney S. Bell, Esq. I Frederick W. Caldwell, Esq.
George Robinson, Esq.
PHYSICIANS.
A. Todd Thompson, M.D. F. L. S., 3, liin !e-stree', Man-
chester-square.
Robert Willis, 111. D., )5, Dover-street.
Arthur
SURGEONS.
Cocke, Esq., Holies-street, Cavendish-square.
Joseph Freeman, Esq., Spring-gardens.
STANDING COU NIEL.
William Fraser, Esq., 10, King's Bench Walk, Temple.
,
cOLICITORS.
Messrs.
Olfessrs. Roy Blunt Dr ttrn .and Johnson, 42, Lothbury.
G. and C. Kempson, 31, Abingdon-street,Westminster.
BANKERS.
• The Lando Westminster Bank, Lothbury and Waterloo-
place, and its branches.
SECRETARY—Francis Ewart.
IA present this Prospectus to the public, it is unnecessary to
sdwell upon the utility and importance. of Life Assurance: the
srprising increase of Life Assurance Offices at once shows that as
it has become better enderstoocl, it has been more generally adopted;
Eot Merely as a prudent provision in the case of sudden or prema.
fare death but also as a convenient and necessary step in various
2tansactions of life.
The great object of those who adopt Life Assurance is to combine
4°lnPlete security with moderate expense, and in considering this
"Object it is of the utmost importance to examine the principles
%Pon which Institutions of this kind are founded. The existing
C°olPenies may be classed under three heads, via. Proprietary
emnPanies which appropriate all the profits to the Shareholders, to
the complete exclusion of the Assured; Proprietary Companies
Which divide the profits between the Shareholders and the Assured;
and Mutual Assurance. Companies which distribute the whole of the
preits amongst the Assured, who are mutual assurers to each other
Without the intervention of a subscribed capital.
Before Life Assurance was so well understood as it is at present,
;ilt was considered requisite, in order to afford solid security for the
e Payment of losses, to have a permanent subscribed capital ; and
'4.1°1.4 being the first consideration, the public, for the most
tPahrt. preferred Proprietary Companies, although no share of
'*pe Profits Issas allotted to the assured. Undoubtedly a subscribed
iths all paid up and safely invested, is a security as far as it goes;
eh real and enduring security consists in the rate of Premium
arged
bein being correctly graduated with respect to the age, and
13 a trifling degree higher than what the actual mortality re.
nquires. So long as this is the case the security of a permanent
ecribed capital will remain merely nominal ; in proof of which,
.._" Is a fact worthy of notice, that in all the Proprietary Companies,
wtth scarcely an exception, only a fraction of their subscribed
e_:pitals is paid up, they never having had occasion to make a call
thelr more than the first instalment; and for this nominal security
old Proprietary Companies appropriate the whole of the surplus
arising hem the premiums, exceeding the risks, to the Proprietors.
:"t, As t nature of Life Assurance became more generally known
..e delsadvanteges of assuring in the old Proprietary Companies be-
'' apparent, and, in corsequence, new Proprietary Companies
Were instituted, whose
te
rietors and Ass
~red ;
plan is to divide the profits between the
Prois
ol
opri but everything that can be said against the
potrdss, to
'in' theetary C
simpanies, which take all the profits, applies, more
ofilest
. new Proprietary Companies,which take a part of the
' e a permanent subscribed capital affords no real or sub-
stantial i '
assure., Jenefit for the enormous expense they entail upon the
es es
.' -Ile great success of the " Equitable Society," is sufficient proof
li at
the principle of Mutual Assurance affords ample security to the
hured. This security consists alone in the rate of premium paid
by the assured being rather higher than the rate necessary to meet
the actual demands upon the Society. The surplus, thus derived,
being ultimately given back to the assured, they in the end only
Pe) the bare amount of premium required by the actual mortality
In the Society.
t ne,
If it were possible to ascertain exactly the mortality of the fu.
liu Life Assurance might be reduced to a simple calculation,
hev°id of doubt or speculation and such a premium might be
ti"erted as would place the stability of the Society beyond all ques.
is", end at the same time leave no surplus to be accumulated.
seta as
1 f such knowledge is unattainable, the only data that are af-
21'i Id are derived from the mortality of the past; the stability of
"I Society therefore requires that the premium shall be higher than
what has been ascertained by expel ience to be requisite, in order to
Provide against any increase of mortality which might occur.
~....It is Most essential in Mutual Assurance, that the Scare of Pre-
,7lurns should be graduated with respect to the different ages, wills
me greatest nicety, to prevent an old life paying too little, and a
young one too much, or vice versa; for if the Scale of Premiums in
1:c l4_ resPect. be properly regulated, it matters little whether such
e be somewhat higher than it should be, since the whole surplus
Is returned to the assured, though on the score of convenience, a
low
.. premium, if a fair and reasonable surplus be preserved, is
'Mlles desirable.
Mutual Assurance possesses this great and prominent advantage
over Proprietary Companies; namely, that the latter, either b. y
advantageous—
tgolitaherate of premium may make Life Assurances dig.
Public, or, by charging too low, may render
uncertain the responsibility of the Society; while, in Mutual
Assurance, the premium will always adjust itself to the actual
char
amount of mortality, and no more nor less, in the end, will be
fled than what the engagements of the Society will warrant.
To all who attentively consider the subject, it must be evident that
kut
anbrual Assurance, both on account of the complete security it
ds, and of the moderate expense it imposes, is the mode most
beneficial to those who may be desirous of adopting Lite Assurance.
A leading feature of this Society, will be to afford to the humbler
tClasses the means of securing to themselves and their families a
t7"i3ion against sickness old age, or death, as well as by profiting
small oans, in the many opportunities of bettering their condi-
°Os Which the use of a little money affords.
„,,illi Neat Societies have held out some resource against such
f
t, '1 i but, unfortunately, the constitution and management o.
tre institutions have in most instances been defective ansclousinnsayll:
%Toatie ; the amount of their several investments has been
to the
sne: the expenses of management have been disproportionate
has
received : so that, on the whole, the result of these Societies
"as been anything but satisfactory.
t Notwithstanding the extent to which Savings Banks are resorted
bO5 the Amounts of Deposits and Grants of Annuities are limited
9 the Act of Parliament.
While the Life Assurance Societies, hitherto established, offer
considerable advantages to the upper classes, there is yet no Society
en a footing which puts its entire benefits within the reach of the
Working man. And these Societies are, fur the most part, confined
one Particular object, which is thus burthened with the expense
of separate management.
It is with the view of supplying this defect, and combining under
°no management all the advantages which are derivable from Benefit
Societies, Savings Banks, and Life Assurance Societies, that the
LONDON and WESTMINSTER MUTUAL LIFE ASSU-
RANCE SOCIETY has been established. The usefulness of Life
Assurance, in all its forms and modifications, will be extended, by
affording every facility and accommodation compatible with the
general interest of the assured, and by avoiding all unnecessary and
arbitrary restrictions in the rules and regulations, which deter so
aaany from assuring their lives. It is not intended to be the means
by which a few may be greatly benefited, as is the case in Proprietary
Companies; but, on the contrary, to offer to the public Life Assu-
rance on the best principle, and on the most beneficial terms, amid it
will be found to embrace all the good features of the few Mutual
Assurance Societies that at present exist.
In the formation of the tables the greatest care will be bestowed
to graduate the rates of premium as to the different ages, according
to data, detived from the best saurces of information ; and while
the convenience of the public is studied by not setting them too
high, the stability of the Society will be constantly kept in view by
not fixing them too low.
a rhis Society will assure for the whole life, or for a limited term,
-,tni,/ snin from 20/. to 5,000/. on a single life, joint lives, or sur.
t.,,,l4thiPs ; will grant immediate, temporary, deferred, and con-
tiatZ Annuities; will purchase Reversionary and other In.
Loa " ; will grant Endowments to Children; and will advance
„ ns upon Policies, or upon good personal security, after the man.
..er Of Scotch Banks.
..,4,n1, °nltst other forms of Life Assurance, Policies will be
—"tea for the amount assured, to be received at the end of
._ terra of
years, although the party assured may be alive,
Itr the assurance to be determined nevertheless by his eath,
a filth it should take place before the expiration of the term;
Lehrat a Person may himself enjoy the fruits of his prudence, and
--seu tie omfortable competency for advanced life.
In
anjo same way the Society will grant a deferred annuity, to be
years Yed after thespayment of a premium for a certain number of
the
at a given age ; and by paying a somewhat higher premium,
:e sarnevvill be granted upon the conditien, that if the party should
lie before he arrive at that age, a proportion, or the whole of the
rilinnents shall be returned by the Society.
eialse, order to make Life Assurance available to the Industrious
,ain els the premiums may be payable Monthly, Quarterly,. Half.
"...--I.IY, or Annually; and to obviate the necessity of allowing poll.
wee to drop in case of temporary inability to pay the premium, the
,aBD,tietY will advance on the security of the policy alone its estimated
lisle
Premiums may also be commuted into a single payment, or
... a limited number of annual payments.
It is ,
atat, highly important, also, from the rapid progress of emi.
-,"°n, and the consequent great increase of Colonial trans.
-°i that Life Assurance should be extended as far as prac...
-table to our foreign settlements. It has been a subject ot
asinlie°l considerationg in what manner and how far such a
esirahl
Zli----e object cansafely be carried into effect. In addition to the
Mited liberty of residing in any part of Europe, this
.Socidety
t • I;
"der certain regulations which appear in the following e-
enlieei ttitc'e‘ Persons to visit and reside in those Colonies beyond the
,eeines of Europe, where the climate is not decidedly unhealthy,
without charging any extra premiums.

DETAILS.
Members of the Society to consist of persons assuring their own
li►ej,
or the lives of others, for the whole term of life.
ot, 'ln-Members to include those who, assuring their own lives,
wis of others, for the
the lives
whole term of life, may not
h
t° become Members, or who assure their own lives, or the
of others, for a limited period, and who shad continue to pay
gPremium without sharing in the profits of the Society.
hee settle of premium for members, who will be entitled to the
Prefits I tife
1 b uch above the ordinary of , a eso m
decrement
th, as `a leave a reasonable surplus to guarantee the claims upon
a 0 so el"). while that for Non-Members, who continue to pay
55 Zed premium without sharing in the profits, shall approximate
piti:earlY to the ordinary decrement of life as to leave a small cur-
nlY to be added to the general fund of the Society.
„oars • profits of the Society, at the expiration of the first five
and every succeeding year, to be estimated, and the average
flour! of one year to be annually distributed by a reduction of the
the :re Premiums, er by a bonus added to the policy, at the option of
assured to those members who shall have paid five annual
Promi„,_
;an s ays leaving in the hands of the Society, as a
4`te fundthu, the average profits of four years,
at
thte eneral meeting of Members and Shareholders shall be holden
to
r_ end of the first three years, and every year afterwards,
to elve a report of the affairs of the Society, and to elect Direc-
t:s ce
and Auditors in the room of those retiring by rotation.
-.erobers Insured to
amount of ZlOO, or Proprietors of 5 shares, to have I vote
250, or 10 shares, to have 2 votes,
500, or 20 shares, to have 3 votes,
1,000, or 30 shares, to have 4 votes,
2,000, or 50 shares, to have 5 votes,
3,000 and upwards, or 100 shares and upwards to
have 6 votes.
fancy,
order to avoid heavy losses, whilst the Society is in 'ts in_
v,",,,cY, the amount to be insured upon any life shall not exceed
during the first three years; after which the Society shall
"v_t liberty to assure any sum not exceeding 50001.
th:Persom
not mariners by profession, whose lives are assured by
ro„_" S° !et
shall be at liberty to reside in any part of Eu-
thn.. and toProceed by sea in time of peace, without a license from
Latin of Directors ; la-without paying any additional pre-
Nur, f
With,' rani any part of Europe to any other part of Europe,
ut invalidating the policy.
4t .e2nbora who have paid five entire annual Premiums shall be
!s„ i,luerty to reside in any part of North America, the British.7ktlenaents Included,) not south of Virginia ; and Members who
ill" Paid ten entire annual premiums shall be at liberty to reside
" atsi part of kustralia, Van Diereenle Land, Cape of Good Hope,
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