Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1889-11-19

Perhaps no business has undergone
more important changes in the past few
years, NJ made NOR. rapid advances ~ u
science than that of lite aud fire insurance
II has grown up from small beginnings of
the most simple nature. to vast proper
lions embracing man, plans, methods and
schemes of doing business each Of which
have their own peculiartti.- aud merits
Insurance u matter of vital conse-
Iucnee 10 thu people. | Involves the tinan-
ciai interesis IT 40 many citizens, and there
Is 40 much Mt stake in its performance that
II would seem II the aid of sci. ntihe In
quiry and deduction Of facts from such
inquiry could he brought to the discharge
Of Its af'sirs, such should be applied to
insurance rs completely ~ to any other
human business. II Is said that in this
country alone $50. 0oO, 900 of dollars are ex-
pended annually for III. Insurance, to say
nothing Of the still Naster sum Involved
In lire insurance. States have thrown
the safeguards II the most benifi-
cent laws about the business Of
the Insured, and vet there ia little
doubt but In many cases thos. holding
policies are not well informed ss To their
rights, privileges aud liabilities. under the
contracts which they hold; and II not in.
frequently happens. "a litigation growing
out OF such facts prove. that where parties
are called upon TO consult lawyers, they
are sometimes nisguided unless they con
suit an attorne, who has made Insurance
speciality, and these unfortunately
arr oulr found in the larger cities.
Hence there has grown up In con-
nection with insurance department
Ct mathematical experts known ~
"actuaries." These men make special
" Of insurance and monetary interests,
involving separately or in combination
the mathematical doctrine Of probability
and the principles of interest. and In Oh
serving the occurrences Of the past and
calculating thcrefrom the probabilities OF
the future. In Great Britain there are at
present In operation several colleges or
institutes OF actuaries, and under laws
OF Parliament professional sctusries are
appointed rs public vslucrs which. oa
their approval are accepted by the
Courts and Government, rs correct.
Leading insurance men claim that the
business Of insurance In this country has
grown to such proportions that there Is
need OF an sctuary institute here. and plans
are soon To he formed for the establish
ment At Philadelphis Of the american
Faculty of Actuaries, where students can
receive instruction In all matters involved
In the valuation Of policies, Law Of ccn.
stsney, law OF variation. basis Of future
probabilities. and other points relating to
fire and life assurance. Ry some IL |
is also claimed that laws need amend
ments. Al present. any body Of men
can start an insurance company. and
adopt any plan or system they please.
whether sound or unsound II unsouud
the public suffers. Either the COMPANY
fails, to the great injury Of the insured, or.
II this result does not follow It remains
quite certain that the public Is not beue-
nting as 1t might In operations Of in.ur.
surance. From these aud other consider
tions, Il is believed that this plan Of an
Institute Of Actuaries will meet with great
approval from all insurance men and thar
neny will seek it, faculty to become e..
psrt and recognized professional and legal
a9tuarles.