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A Proposal for the Amendment of the Law relating to the Assignment of Policies of Life Assurance
Published online by Cambridge University Press: 18 August 2016
Extract
“The Institute has now fairly started on its new career of usefulness as an incorporated society.” Usefulness, then, in the admirable words of the Council on the 5th June last, is to be the ruling principle of the Institute's new and corporate life, as few, who are acquainted with what has been done with hut small opportunity, will deny it has been of its action in the past. But for its usefulness to be thorough, the Institute must be concerned with both the theoretical and practical sides of our profession in all its branches—recollecting as well its commercial basis as its mathematical speculations, considering its connection with medical and legal specialties, collecting data, comparing methods, proving uncertainties, destroying chimæras, teaching students and testing their acquirements, not to mention accumulating a library for reference and instruction—always advancing, suggesting, restraining, reforming.
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- Copyright © Institute and Faculty of Actuaries 1887
References
page 328 note * Probably there are other Acts than those mentioned dealing with the matter, but It has not been my good fortune to light upon them. In our own country, too, Mr. Scratchley and others in 1863 petitioned the House of Commons that policies should, inter alia, be made assignable by simple endorsement like bills of exchange: and in 1864 he published the draft of a Bill which contained a scheme for nominating, by endorsement on the policy to be acknowledged by the company, certain relatives, when desired, to receive the sum assured; as also provisions for recording at the office, and noting on the policy, the particulars of assignments thereof, which were then to be legally and equitably efficacious. Copies of both Petition and Bill will be found in Tracts, Vol. 18, in our library.
page 330 note * It is desirable that the intention should be shown in one word, the Act making it equivalent to the “as settlor and as beneficial owner”, “as mortgagor and as beneficial owner”, or “as mortgagee and according to his estate” which are, I believe, now considered better, “Mortgagor” will also have to include the grantor of a further charge.
page 331 note * To what extent (if any) the premiums on sold policies are permitted to procure return of tax, on production of an official certificate of renewal, cannot be known, but an additional reason is given for the requirement by the Department of the actual renewal voucher.
page 349 note * [Since Mr. Higham's paper was read, we have learned that a Bill (House of Commons, No. 121) has been prepared and brought before Parliament, the object of which is to provide for the appointment of a Public Trustee, The explanatory memorandum which prefaces the Bill is as follows:—
“The object of this Bill is to meet the difficulty which both public bodies and private individuals frequently experience in finding suitable trustees. The choice of an executor is frequently not less embarrassing. In some of the States of America, and some of the British Colonies, notably in New Zealand, a public functionary and a public office exist for the purpose.
“The Bill provides for the payment of fees on a regulated scale upon all receipts of income under a trust, or on realizing property under a will, as for other duties connected with the administration of a trust, or the execution of a will. The Public Trust Office will therefore be not only self-supporting, but in all probability a profitable source of public revenue.
“The Bill constitutes the Public Trustee as a corporation sole, with perpetual succession. The public would thus be able to appoint a trustee or executor who would never die, never leave the country, and never become incapacitated. The State would, under certain reservations, guarantee the fulfilment of all trusts placed in the Public Trust Office, and the execution of wills accepted by the Board of Advice.”—ED. J.I.A.]