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On the Casualties to which Contracts of Life Assurance are Liable

Published online by Cambridge University Press:  18 August 2016

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Extract

No greater encouragement can probably be given to the practice of life assurance than the making its contracts as secure as the nature of them will admit, and the rendering as light as possible the consequences of any breach of them. How strongly this is felt by those more immediately interested in the extension of the system may be seen in the constant efforts, more or less legitimate, made by them in this direction. Thus, from more than one quarter the public has the offer of “indisputable” policies, and, from others, “unchallengeable” ones; and Companies are not wanting which liberally enough intimate that they hold, for a considerable time, at the disposal of the assured, the value of the assurance which he has accidentally or intentionally altogether abandoned.

Type
Research Article
Information
Journal of the Institute of Actuaries , Volume 8 , Issue 5 , October 1859 , pp. 241 - 248
Copyright
Copyright © Institute and Faculty of Actuaries 1860

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References

page 242 note * We may remark here upon the question mooted recently, as to the insisting on payment of the premium within the days of grace notwithstanding the decease of the life assured whilst they are current. We can hardly think that such a stipulation would be seriously insisted on. By the death of the assured the contract and all its formalities are at an end. The sum assured becomes payable, and is held by the directors of the Company for the legal claimant. They have, therefore, the means of paying the premium themselves; and, as it seems to us, have no one but themselves to blame if they do not.

page 244 note * “It is hereby agreed, that, should the within-named A. B. go, without licence, beyond the limits prescribed by this policy, this assurance shall, nevertheless, remain in full force and effect, provided the assured, o r his representatives, shall, within fourteen days of such event coming to his knowledge, pay the additional premium usually required for the risk incurred.”