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Some Considerations on the Government Life Annuities and Life Assurances Bill

Published online by Cambridge University Press:  18 August 2016

Marcus N. Adler
Marcus N. Adler*
Affiliation:
Institute of Actuaries Statistical Society
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Extract

The measure by which the Chancellor of the Exchequer proposes to extend the benefits of life assurance and annuities to the nation at large has now been before the public some time. Few Bills have of late attracted so much attention, and have been so earnestly discussed by all classes, as this. But beyond what was elicited at an interview that took place between the Chancellor of the Exchequer and the Actuaries of several Offices, and some passing remarks on the subject made at the last meeting of the Institute of Actuaries, when we had the advantage of hearing Mr. Samuel Brown's excellent paper on Friendly Societies, the public have as yet had no opportunity of hearing the opinions of those, who after all are best able to judge. It now appears, that the Chancellor of the Exchequer is opposed to a general inquiry and the calling for “persons, papers and records” by the Select Committee, to whom the Bill has been referred, and it therefore becomes all the more desirable that the merits of the proposition of the Chancellor should be calmly and impartially discussed by the members of this Institute.

Type
Research Article
Information
Journal of the Institute of Actuaries , Volume 12 , Issue 1 , October 1864 , pp. 3 - 32
Copyright
Copyright © Institute and Faculty of Actuaries 1866

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References

page 5 note * Hansard's Debates, 19th February, 1807.Google Scholar

page 9 note * Essay on Probabilities, p. 298.

page 9 note † Principles of Political Economy, book v., chap. 1x.

page 12 note * Properly speaking, only 16s. in the case where the pure premiums are loaded 25 per cent.

page 16 note * From a recent Parliamentary Return it appears that there are 99 old Societies, with a capital of £593,523, enjoying £4. 11s.3d.per cent. per annum interest; and 352 Societies, with a capital of £1,256,308, receiving £3. 16s 0£190,893, receive £3. 0s. 10d. per cent. per annum interest.

page 18 note * Vide Report and Tables by the Actuary of the National Debt Office, on the subject of sickness and mortality among members of Friendly Societies, presented to Parliament 12th August, 1853; and “Observations upon the sickness and mortality experienced in Friendly Societies, by Henry Tompkins” (Assurance Magazine, vol. v., p. 13). Primâ facie it would appear, that the circumstances in which the working population of this country is placed are decidedly opposed to a prolonged duration of life, but observations upon Friendly Societies leave no doubt as to the fact, that the value of Me of the labouring classes is much superior to that of the general community.

page 20 note * Essay on Probabilities, p. 263.

page 21 note * The rates of premiums payable more than once a year were calculated from the annual premiums by the formula

where πx is the annual premium at age x, d the discount for 1 year of £1, m the number of times a year the premium is payable.

It is obtained in the following manner:—The formula for the premium for the mth portion of a year is

page 24 note * From a return dated 31st March, 1864, it appears that the amount of money, principal and interest, due to the Trustees of Savings Banks by the Commissioners of the National Debt, on the 20th November, 1863, was £41,237,932; the value of the securities held by the Commissioners to provide this amount was £38,554,846. 6s. 4d., leaving a deficiency of £2,683,085.13s. 8d.

page 26 note * Appendix to 12th Registrar-General's Report, p. xlv.