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Report by Mr. Malcolm and Mr. Hamilton, Assistant Secretaries to the Board of Trade, upon the Accounts and Statements submitted to the Board of Trade, under the “Life Assurance Companies Act, 1870”. (Presented to Parliament by Her Majesty's Command.) Ordered by the House of Commons, to be Printed, 10 July 1874

Published online by Cambridge University Press:  18 August 2016

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Extract

Sir,—In compliance with your instructions, we have the honour to submit to you the following observations upon the Accounts and Statements submitted to the Board of Trade in pursuance of the Life Assurance Companies Act, 1870.

A “company” is defined for the purposes of the Act to mean “any person or persons, corporate or unincorporate, not being registered under the Acts relating to Friendly Societies, who issue, or are liable under policies of assurance upon human life within the United Kingdom, or who grant annuities upon human life within the United Kingdom.”

Type
Research Article
Information
Journal of the Institute of Actuaries , Volume 18 , Issue 6 , January 1875 , pp. 390 - 402
Copyright
Copyright © Institute and Faculty of Actuaries 1875

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References

page 391 note * It has been thought better for various reasons to omit the figures contained in this table.—ED. J. I. A.

page 391 note † Had the consideration money for annuities been included in making this calculation, the percentages would have in a few cases been somewhat reduced. Neither the inclusion nor the exclusion of this item is strictly correct, but the method adopted admits of but a very small margin of error.

page 392 note * Where the companies have returned the net interest received after deduction of income tax, a proportionate addition has been made to the amount for the purpose of this calculation. Allowance has also been made for reversions. The valuation of the fund is necessarily taken as given in the accounts.

page 394 note * In hypothetical tables the mortality is usually such as results from supposing the gross premiums charged by the office to be net premiums, the object being apparently to represent the “loading” by a corresponding increase in the rate of mortality.

page 395 note * This table should be read thus: For every policy issuedfiveyears ago on the lives of persons then aged 25 the Institute of Actuaries (HM) table requires that £5·311 should he under investment at not less than 3 per-cent, and so on, for the other policies, and the other tables of mortality.