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Life Assurance in France
Published online by Cambridge University Press: 18 August 2016
Extract
There is a prevalent but erroneous idea entertained on this side of the Straits of Dover, that the business of the French life assurance companies is mainly composed of annuities and endowments, with but very little of life assurance properly so called. The truth lies much the other way. Indeed, the amount of business transacted in the assurance of human life, by the few French companies that exist—that is to say, for sums payable in the event of death—reaches a yearly aggregate of several millions of pounds sterling. The most successful French company, which at the same time is the oldest, issued, in the year 1874, whole life assurance policies for very nearly £2,000,000 sterling in that class of assurance alone, and in France alone—an amount that exceeds anything yet achieved by any English company whatever, taking, altogether, its business from Great Britain, the Colonies, and India.
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- Copyright © Institute and Faculty of Actuaries 1876
References
page 420 note *
The premium charged to the assureeis the premium, which is the direct result of calculation by Duvillard's table, without loading, except 4 per-cent arising from the rejection of 
in the calculation of the premium. Throughout this paper P′=P×1·04.
page 421 note * It may be useful to point out to our readers that A'x here is equal to 1–iax or to (1 + i)Ax.—ED. J. I. A.
page 434 note * In connection with this suggestion, we believe our readers will be glad to be reminded of Dr. Fair's remarks in his letter appended to the Registrar-General's 12th Report (p. 17, note). If a new term is wanted, to distinguish more clearlybetween thelife insured and the policyholder,we think Dr. Farr's “Insurant”, being so analogous to the recognized “Annuitant”, is well worthy of favorable consideration. We entirely agree with Dr. Farr and Mr. C, Walford in thinking the phrase Life Insurance greatly preferable to Life Assurance.—ED. J. I. A.
“‘Insurance’ is the operation of engaging to pay—and of paying—for a premium—a certain sum of money in the event of a loss. The word is universally written in this form as applied to fire and ship insurance; but for some years ‘Assurance’ has been commonly used in cases where life is concerned, on the ground of the above distinction. But the operations in both cases are fundamentally the same; and as ‘Assurance’ has already a distinct and appropriate meaning, the phrase Life ‘Insurance’ is in every respect preferable to ‘Life Assurance’. Two parties are concerned, the person who grants (Insurer), and the person whose life is in—the policy (Insuree). The Insuree performs two functions; which are separated where a third party (Insurant) procures the policy, and pays the premiums. Under one aspect the same person is the Insuree, under another he is the Insurant.”