New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-06
INSURANCE ON LIFE. ]
JAMES G. BATTERsON'S ADDRESS AT THE
WORLDS FAIR.

ORIGIN OF LIFE OBSERVATION-DISCLOSURES OF THD
TABLEs-NoT IN THE NATURE OF GAMBLING.
James G. Patterson. president OF the Traveher%
Insurance Company, OF Hartford. Conn.,, one OF inc
abest insurance men in the country and recognized
authority the science underlying the system, read
a paper Insurance. Life and Accident before
the Worlds Congress Auxiliary of the Worlds Coium
bian Exposition at Chicago June 25, 1893, wmcn
attracted much attention among nnderwrters ana
Others The address Just been printed in pamphlet
form, and from 1t the following extracts are taken:
In dealing with the question insurance shall NOT
trespass upon the camp the actuare but In general
and popular way state such principles as every poncy
should know. he would understand the nature
his In its broad sense the manifest purpose
OF insurance company Is 10 lu the Dufdeh of se~s
calamity single family individual which has re-
ceved the blow, and distribute its force upon society
at large-or strictly spanking, upon tne mem'
ers OF an association for that specific purpose
This principle, which orr finally took form In guios.
confraternes, religious orders burial societies ano
lodges Is of great antiquity and is known to nave oeen
practsed about 800 years before Christ The expansions
the principle practical business shape was prompeo
BY great London fire OF 1866, following which ciuos
and societies proposals for underwr
ing against loss damage by fire. but the first regular
not opened for business until 1851 HE en1rs
history OF Insurance. then will be found within the recoos
Of the last 200 years.
THE BEGINNING OF INSURANCE.
Amicable Society which organized January H.
1905 been generally credited with having been the
the business Of life insurance, but IL wss
OF friendly society rather than insurance
company. The Equitable Society undoubtedly the
first put the business OF life insurance scientific
basis, OF tables. which supposed 70 de.
termne the OF mortality for all The obseSva-
ton experience OF the last have been gathered
up in lind the law which governs the mean dura-
ton Of human life The contingencies Of uncertainty
to which the life of every individual living is con-
.tanty exposed are proverbal; and it is the know.
edo OF these which should valu
able life to only protection which IA available
The law then, which draws the line of certainty within
very narrow limits when the last OF. 100000 lives
will surely fail is enough We must know the law
which hNes mortality for between the
ages OF one and hundred inclusive and the prober
by any given life will survive one or any given
Of years. also the converse OF the probability
that any given life Will fail within any given
number OF years. BY long-contnued observation ana
practical experience the law OF mortality been de-
veoped all forms OF life insurance contracts
IL matters not by what ingenuity or device one FORM
policy BIO made better than another for
In due time shall find the string which ties Them one
and all to the supreme law which governs all such esa.
tracts and obeyed Nevertheless. the conditions
Of life and needs insurants various thae
many forms needed meet the numerous exgencies
known TO the present, and possible 10 the future.
Life insurance Is an ever present necessity TO the great
majority Of mankind and yet the percentage Of the fn'
sured o uninsured is miseraOy snail. Very many
/
Others they upon same OF chance, In
which they die II they would win. They look 40
their chance OF winning through end Of the tee
scope, and at the conpany through the other Some
need IL for themselves and Indifferent TO the
necessities Of those who do There are those also who
ambition be Independent Of their neehbors ana
shame that their Will be digged at the exc
pens another Eighteen dollars per annum, or sloo per
month"; provide the OF thirty Win an ih-
surance for OO0 payable death and $40 per annum
will payment Of $780, There can be no good exc
cuse therefore, for In good health VINO mas nov -
leos so much provided his last sickness and burial
INSURANCE Is NOT GAMBLING.
Certain writer's have illustrated propositions from
the standpoint OF gambler. who makes bet with the
company the contingency OF his living or dying a.
the case may The law Of gambling is the law OF un'
certainties IL the game Is fair any element OF uncer'
ainy known to one aud another, Is the same az
loaded dice in the hands of swinder Inc law oil NOR
tallty on the is the product OF reasonably
exact science and is available to all Thefe can Do no
juggling with data; and tine probabilities Oh hIe OF
| death while uncertain in the abstract ere MADE -
nearly in the concrete as human anars can %.
Life does not gamble on the uncertainties OF
single life the contrary, It deals with tpe certainty
| which is demonstrated by the mean mortality OF
hundred lives. 1t deals with monetary vaises
and the life Of individual the death OF another 10
nothing company except as determining eiemen~ -
data and period. OF adjustment.
EVERY ONE SHOULD INSURE.
life insurance policy is evidence OF good citizenship
IL inspires confidence, credit and sefrespect II conf
the possible accumulaons Of lifetime Of honest industry
ar. thus Immediately protected against the everpresens
hazard, Of sudden and unnely death and II by accdent
then in double amount
some men are proyerbially careful Of their own n'
tcrests thoughtful Of others Others VIGOROUSLY care
less a. 10 their own and utterly Indifferent as to the well
fare comfort OF their neehbor' one Is governed oy
a sen.e OF duty and orethought, the other by an I'M
pulse Of present necessity. They stumble through NE
eat drink and die leaving other legacy than their
own lnnrmities half dozen more children who IN
turn transmit the same nhrmes TO aiiother ssnerS'on'
Here We lind who shovel hot ashes Into the wood
nile and upon society largo burden OF FISK eRaiss
which all the insurance the prudent man can se' nos
enough and the imprudent do not insure at ALL winch
lays an additional burden OH those who DO
Bankers merchants, and men Of affairs, who take
nocs for large amounts not the objects OF our eon'
Germ The great danger to society lies WIN inc s'sus
Cling asses, homes, and do not Know no"
10 secure Men who own their homes VIII not 10
found society OF anarchists, VINO "ou'a uesfoy
what other. build Make IL easy, then, FOR all VINO VIII
enjoy the their rootee. and you will PROVIDE
defenders for YOUR home. The Insurance poncy mak's
il safe to buy home, aud also safe 70 seii one
The buyer will not. in the event Vi ues'n'
make forfeit from inability 10 pay; ana the seuen
WILL in event, be sure OF MS money!
II enables the poor Immediately what would
otherwise postponed for many years ana the lessons
OF thrift independence and good citizenship are learned
I'm n day The habit OF saving suppants the habit OF
spendng and takes the place OF unrest ana
mserv Who then viii the inestimable benehts
from purely and educational points OF view when
have been derived from the insurance Companies
/ alone during the past forty or hfN years. anu may
be multiplied aga. and again in the years 70 GOMEZ
who will deny that when, instead OF onetenth, nne'
t.nths Of the inhabitants OF the United States have the
voction OF life insurance the quality OF citizenship wiz
be vastly Improved thereby When every ei'iaeh ss
,ossessor Of little capital or l. provided WIN tos
means n obtaining It, there will be- smaller NUMBER sees'
Ing for the OF destroying it,