The Winslow mail., 1924-11-14
man.
INSURANCE

INSURANCE is the community re-
sponsibility of a loss too acute for
! the individual to bear. Every person,
! of whatever age, should be indemni-
fed by some form of life, accident
or health insurance, not only for the
protection of himself, or herself,
which of course, would be the Actual
ing motive, but for the protection OF
others as well.
Insurance is not gamble. The
stockholders of the enormous insur-
ance companies are not taking risks
for sport or the chance of quick pro-
fit, for Of all scientific business, that
of insurance is by far the most scien-
tific. 1t is known to the fourth deci-
NAL what proportion of thirty year
old people will die during the COM
ing year; it is known to the day just
how much longer fifty-year old peo-
pie will live-tbat is on the average,
and these averages remain constant
year in and year out. Neither is it
gamble with the person accepting the
policy. He is investing a portion of
his income in cooperation with thou
sands of others, not with the expecta-
ton of dying soon, Or being deprived
of his income by illness or accident,
however in that event, being in a posi-
ton to realize on his investment. The
other policy holders together bear the
burden of his loss, as he bears, loss
when another policy holder in the
same company dies or is incapacitat-
ed
Insurance had its origin in the
necessities of commerce and has kept
pace with its progress. It's first prin-
cipleS appear to have been acted upon
at very early period They were
known in the days of the early Roman
emperOrs, and among the Anglo-Sax-
ons the members of sundry guilds,
or social corporations guaranteed each
other from loss from fire, water. rob-
berry or other calamity" 1t was, how
ever, to cover maritime casualties
that insurance, in it's commercial as
pect, seems to have been first under
taken. Marine insurance may there
fore be said to be the oldest type of
the insurance business. AS early as
1875 the magistrates of Barcelona is
sued an ordinance relating to this
class of business, and in the speech
OF Lord Keeper Bacon, on opening
Queen Elizabeth's first parliament is
found the allusion: Doth not the
wise merchant, in every adventure of
danger, give part to have the rest
assured?"
Credit for being the first to employ
mathematical calculations to the valu-
alton of human life belongs to John
De Witt, counsellor of Holland, whose
report to the States-General on the
valuation of life annuities was the
scientific foundation of life insurance
Today the life insurance companies
rank among the greatest financial in
situations, and all forms of property,
as we'll as human life and limb are
protected against loss or damage by
indemnity contracts of insurance.
The losses and the benefits are COM
munal-co-operation in it's highest
stage of perfection. Insurance is
practically indispensable nowadays
Every person with an income more
than sufficient for the bare necessi-
ties of life should carry some-yes,
much - insurance. Every property
owner, especially every home owner,
should carry fire insurance on his
home and furnishings.
Life insurance as a business now
plays an important part in the finan-
cial affairs of~the country, as well as