The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1852-05-04 00:00:00

Directoi:, in the Chair,

The CHAIRMAN, after thanking the Meeting for placing him
in the chair, adverted in terms of congratulation to the details
of the Society's progress. Alluding to the steady increase of
their business, he said—l need not say that the Directors have
taken no undue means to procure it. They have adhered to
those rules of administration which have always received your
cordial approval, and have steadily resisted every inducement
to purchase favour by conforming to practices which they
consider objectionable in principle. At the same time, they
have continued to give the greatest attention to the selection
of lives ; and their care in this respect is apparent from the
rate of mortality experienced, which still continues far below
the rate indicated by the tables, which givethe highest estimate
of life. In illustration of our care, I may refer to the Irish
business, which is generally regarded sti one of a rather hazar-
dous description. But with us—confining ourselves to a few
and selected localities—it has been/fully as good as in the best
districts of Scotland or England/ one agency, established ten
years since, which has sent iniabout x 9,000 of Premiums, has
not yet produced a single claA uponthe_Society. _

Theriis one matter Whi it remains for me to bring under
your notice, and to whit our sanction is to be asked. It has
been always a subject ° anxious consideration with the direc
tors to withdraw (rot he Policies all restrictions and condi
tions of forfeiture w ich are not essential to safety; and you
are aware that a eat deal was done by this Society, a few
years since, to r ove such restrictions. The grounds of for-
feiture in case death by duelling, by the hands of justice, or
by suicide, if eyond six months from the date of the policy,
were then r oved ; and it was further established that no
mere inno nt error, or omission to state what, though impor
tant, might not at the time have been within the knowledge of
the contracting party, should be a ground of future challenge
against the Policy. The exception of a mis-statement of the
age was then retained, in order to check carelessness in regard
to a matter on which the amount of premium depended, and
which, with ordinary care, might be sufficiently determined •,
but the Directors were, at the same time, empowered to correct
the consequences of any accidental or unintentional error in
this respect.

A great advance was thus made in giving to the Policies of
the Institution a character of unquestionable security; hut
more enlarged experience has satisfied the Directors that they
may, with perfect safety, and without a departure from any
great principle, go further in the same direction ; and they
now feel themselves quite prepared cordially to recommend
the adoption of resolntions to which, in concert with other
Scottish Life Assurance Companies, they signified their assent,
anti by which, at a comparatively early period after assurance,
every restriction will, to the great body of the Policyholders,
be removed, and the value of their Policies, as marketable
securities, be placed beyond doubt.

You are aware that, by the existing regulations, a Member
being beyond the limits of Europe, or entering into Naval or
Military service, or dying at sea, except within certain speci-
fied limits, forfeits his Policy, unless ne has previously ob-
tained a license from the Directors. It is part of the reso-
lutions to be submitted for your approval, that the Directors
be empowered, in the case of Members whose circumstances
or prospects in life preclude the possibility of any of these
conditions of the Policy being violated, to grant a certificate to
Members applying for it, that, if these are not infringed
within five years, they shall then prescribe, and shall not
thereafter be a ground of forfeiture. With such a certificate,
and the age be sufficiently proved and admitted, which has
never been found an insurmountable difficulty, the Policy will
become a document of debt absolutely unchallengeable upon
any ground whatever save one, viz., that of fraud or inten-
tional falsehood, in retaining which, as a ground of challenge
which cannot be abandoned, the Directors feel confident that
they will carry with them the feelings and judgment of the
contributors.

To those Members whose circumstances will exclude them
from the benefit of the proposed resolutions, it must be satis-
factory to know that the fundamental laws of the Institution
(as fixed at your meeting three years ago) secure their Policies
challenge on grounds of innocent error; and this is to
nt in view as an advantage which your Society still offers
ry other Scottish Institution.
as it at present stands, with the alterations
❑ placed in your hands. After the reading
will also be read; and it will then rest
whether they shall be adopted.
tsoN laid on the table the Report from the
•-• -'wady and progressive increase
l in the Tabular view now

1r: C. li

REPORT BY THE DIRECTORS

past year is again con-
Tding year.

have been 677, iestuinga sum of

able yearly, for life
s. A considerable
y single payment.

,OCO.

unt of sub

The Accumulated

ch have emerg

'ed last year is

'his is still a very

;e of the Inst

spread
It wi

casualties are

le Contributors that impor-
his Institution thrp. ~.v.

cue removal of many of the
'eh the Policies of Members wera
luent experience has confirmed the
of the soundness of the resolutions
e now the satisfaction of submitting
ions for

s un- extending then, still fur-
r the Directors, in concert with