The central Presbyterian. [volume] (Richmond, Va.) 1856-1908, 1869-03-17
For THE CENTRAL PRESBYTERIAN.
History of Life Assurance.

Writers on life assurance have wed with eacD
other in attempts to trace its origin up to remote
antiquity; and, no doubt, instances may be found,
in very ancient times of appeal to principles and
modes of action essentially the same with those
now employed in life assurance. 1t is an impulse
of nature, which is sanctic ned by divine authority
that fathers should lay up for their children, and
although the warrant may be, and no doubt often
is used to justify an inordinate graspng and hoard
ing, it is not annulled by the abuse Every happy
household lives under the shadow of the assurance,
that sooner or later, the tie that binds them must
be broken, and the cold grave claim its tribute
and every thoughtful parent realizes the probabil
ity that on him may the stroke first descend This
stern reality of our fallen estate enters into the
plans and susains the tolls of every true husband
and father He plans, and tolls, and gathers, that
loved ones may not want, in the day when the low
ing heart and the toiing arm shall both lie low in
the dust This is the mighty motive power which
has sustained and impelled toiing millions, which
has nerved anew many weary arm, and tasked
to superhuman labors many worn out frame, aud
aroused ingenious intellects to devise some ade
ouate means to render those labors effectual, and
guard as far as may be possible against the disas
trous vicssitudes of business and the uncertainty
of life The idea of mutual relief in cases of ne
cessity is fundamental NV of Christianity. 1t
constitutes conspicuous feature in the policy Of
the Masonic fraternity, and has been adopted by
many other societies. ancient and modern.
But the relief given TO necessitous and bereaved
families by these institutions is of the nature OF
charity, however delicately and freely bestowed
and is designed to compensate as far as possible,
for the absence of provision made by the provi-
dence and forecast of love. The latter is what is
accomplished by life assurance. By its means pro-
vision is made for the necessities of the future in
form more free than any other from dependence
on the uncertainty of life and the Disappointment
and perplexities of business pursuits.
The first company publicly organized for the as
surance of lives of which we have any notice, was
devised by an English clergyman, the Rev. DR..
William Assheton, in the year 1893. His leading
motive was the relief of the families of clergymen
whilst Others we're included in its plans and ad-
mitted to its advantages. 1t was organized in
London under the name of "The MERGERS Com
pany." Two years afterward in 100, another
similar society was organized, the "Society of In
surance of Widows and Orphans" In the early
part of the 18th century, number of other life
assurance societies were established in England
These all conducted their business in very unsafe
and speculative manner, having no tables of NOR
tally nor other bases of intelligent and udciou,
action. 1t was not until 1880, that the Equitable
Life Assurance Society of London, adopted the
Northampton tables Of mortality, and thus began
new era in the business of lite assurance These
tables were based on observations of deaths with.
in very narrow limits, as only some six thousand
lives were involved The results, although valua
BILE as superseding the old system of guess work
we're very inaccurate, showing an average Of
mortality far beyond the truth. They have since
been generally superseded by the Carlisle and other
tables. The Carlisle tables were based,on obser.
vations made in the city of Carlisle, upon some.
what more extended scale than those of North
ampton. Another set of tables has been construct
ed in England from the combined experience Of
seventeen life assurance companies. They are de
signated "The Combined Experience Tables. -
In this country also, the experience of life assur
ance has been reduced to the form of tables of per-
haps even greater accuracy than any Of those here
enumerated These tables constitute, as we shall
hereafter see, the basis of the whole business OF
life assurance and the adoption of those of North
ampton at once relieved the business of its previ
Gus speculative and hazardous character Thence.
forward the theory Of life assurance took rank
among the exact sciences, enlisting the highest
talents in its development and calculation. Since
that date there have been about one hundred COM
panes organized in England, the history of which
however does not enter into the present plan.
The authorities to which | have access concur in
asserting that life assurance was introduced into
this country in 1869, by the clergymen of the
Episcopal Church in Pennsy lvania, who, in that
year. organized an association subsequently known
as 1.-The Protestant Episcopal Association for the
benefit of widows and children Of clergymen of the
Commonwealth of Pennsy lvania. This however
was not the first institution of the kind on this
continent. The Assembly, Digest of our Church,
on page 472, gives the origin and constitution of a
society, formed by the General Synod of the Pres.
byterian Church in 1854, fifteen years before the
action of the Episcopal clergymen above noticed.
The plan provided that each member should pay
at his own choice, two or three pounds annually
into the treasury of the society, to be invested by
certain trustees at interest and that according to
the annual sum thus paid, the widows Of the par
ties should receive an annuity of five or seven
pounds ten shillings. The marriage of the widow
deprived her of two.thirds of the annuity, which