The Sun.
London, England, 1869-03-22 00:00:00

to policy-holders to pass the winter or a portion of tho
year out of Europe without imposing a fine of 108, per
cent. on the smn assured.

Mr. T CLLOCII urged the settlement of claims arising
upon policies without the delay of six months, as at pre-
sent.

Mr. LEDGE suggested that the accounts and report
should be circulated two or three days before the meeting.
Mr. BARRON recommended 30 days' grace instead of 15
for payment of premiums, and a more early settlement of
claims.

Mr. SPRAorE preferred that they should remain as they
were, adding that by submitting to the deduction of a
small percentage claims might be received almost as soon
as they arose.
The CHAIRMAN, in answering the questions, said that
the period at whic't the claims were payable after the
death cf the policyholder, was an element in the calcula-
tion of the rate of premium, and if they wore paid imme-
diately without deduction they must either alter the rate
of premium or diminish the reserve, otherwise there
would be a considerable reduction in the profits. When
immediate payment was desired 5 per cent. discount was
charged, which, conz4derin,g that the premium rate was
less than that charged by other offices, was not heavy.
Permission to go abroad for purposes of health might be
obtained on the production of a medical certificate. The
directors thought there was risk in going abroad, but in
order not to he behindhand in liberality they had granted
the privi!ege on an extra payment of 55., if the declaration
Was made when the policy was taken cut; but the first
year they took the ss. it resulted in the society being
called upon to pay £3,000.
A Shareholder asked whether it was an extra risk ?

Mr. DOWNES—Yes, decidedly.
The CHAIRMAN further remarked that the annual re-
ports could always be had a week before the meeting; but
the quinquennial report could not be got ready in time for
circulation prior to the meeting. The extra claims of the
past five years had arisen from a rate of mortality which
they had no right to expect, and by an unfortunate coin-
cidence it had fallen chiefly upon the large policyholders.
As the policyholders grew older the reversionary bonus
necessarily became less, but the cash payment in lieu of
the reversion Ras more. The calculations of the society
were so well based that if they were to wind up to-mor-
row the safety of the office would be in no way impaired,
and they would be able to pay all claims. (Cheers.) He
moved the adoption of the report.
This was seconded by the Eight lion. E. P. BOUTERIB,
M.P.,:and carried unanimously.
The bonus and contingent bonus were declared, and
the retiring directors and auditors having been re-elected
and thanked for their services,
Mr. BowLET said he was quite certain a great labour
had to be encountered in making the quinquennial calcu-
lation, and that the meeting would really feel it a pleasure
to give its thanks to the able actuary for the manner in
which the work had been performed.
A PoLicvnoLDEn begged, as one of the oldest insurers
present, to second the proposition. It was, in truth, a
pleasure and a privilege for him to do so. lie might also
be allowed to compliment the society on the admirable
working staff they possessed.
Mr. DOWNES baid he felt greatly the complimentary 111
way in which his services had been noticed. It was ex-
ceedingly pleasurable when past exertions were so kindly
recognised, and he need hardly say th• success and pro-
sperity of the society was his greatest pride and pleasure.
(Cheers.)
Mr. GRIMES, the secretary, also returned his thanks for
the compliments awarded to himself and the staff.
The proceedings then terminated.