Reinsurance

“ The provisions of paragraph 17 will extend equally to reinsura.nces existing at the date of the parties becoming enemies of particular risks undertaken by the insurer in a contract of insurance against any risk other than life or marine risks.
19. Reinsurance of life risks effected by particular contracts and not under any general treaty remain in force. ”

“ The formation, acquisition, merger, reconsolidation, dissolution or withdrawal from one or more lines of insurance or reinsurance in all or part of a State by an insurer or reinsurer. “ (ix) The issuance of written evidence of insurance. “ (x) The reinstatement of an insurance policy. “ (B) Solicitation or acceptance of new or renewal insurance risks on behalf of an insurer, reinsurer, or other person engaged in the business of insurance by a person who knows or should know that the insurer or other person responsible for the risk is insolvent at the time of the transaction. ”

“ ARTICLE 161 For the purpose of conserving health and the ability to work, of protecting motherhood, and of guarding against the economic effects of age, invalidity and the vicissitudes of life, the Commonwealth will adopt a comprehensive system of insurance, in the management of which the insured shall predominate. ”

“ They have even undertaken to replace the old-fashioned Providence—and by what? By insurance companies! We insure ourselves against accidents, against risks, against death—indeed a far-sighted wisdom! Why should we not be insured also against fear? ”

“ You see, my business is all connected with insurance; and Mottram was insured with us, and insured heavily.”
“Well, there you are, you see; you have the experience and I haven’t. But doesn’t it seem to you strange that a man in good health, who digests his meals, and has no worries, should take his own life in the hope of benefiting his heirs, whoever they may prove to be? ”

“ INSURANCE AGENT: But if your house burns without insurance it will be a total loss. HOUSE OWNER: Beg your pardon -- by your own actuary's tables I shall probably have saved, when it burns, all the premiums I would otherwise have paid to you -- amounting to more than the face of the policy they would have bought. But suppose it to burn, uninsured, before the time upon which your figures are based. If I could not afford that, how could you if it were insured? INSURANCE AGENT: O, we should make ourselves whole from our luckier ventures with other clients. Virtually, they pay your loss. ”

“ When we would protect ourselves against the chance which gives up our houses to destruction by fire, or when we would secure our dependents against the accident which deprives us of life and them of a protector, we take out an insurance policy on house or life. ”

“ XII. The insurance of any goods, &c. in this society, which shall be insured in any other office at the same time, to be void: And yet such insurer shall be liable to his covenants. Nevertheless a liberty is given to insure in any other office, so as such other insurance is indorsed on this society’s policy, and subscribed by two of the trustees, for which 6d. per cent. is to be paid; and in which case a proportionable part of any loss is to be paid by this society. ”

“ Now, I detest life-insurance agents; they always argue that I shall some day die, which is not so. I have been insured a great many times, for about a month at a time, but have had no luck with it at all. ”

“ He regarded life-insurance simply as a family protection; on the part of the insured, he declared again and again, it was a purely unselfish act. No policy-holder must himself expect to benefit from his policy. ”

“ We insure our lives for the same reason that we insure our houses and our ships. All three things have money value; all stand momentarily in danger of destruction; and all are insured for the purpose of recouping ourselves and our dependents for their loss. ”

“ I only wish that the public at large were equally alive to the great value of insurance against accident. W’y, ma’am, it’s a duty, a positive duty,” (here he addressed himself to Mrs Marrot) “to insure one’s life against accident.” ”

“ Insurance companies restore no value, repair no loss; they can only distribute the loss throughout the community. Careless, ignorant, annihilative, is the term to be applied to 75% of [Pg 31] the fire losses. ”

“ Keep your face Zionward every day and every night and all the time that shall be allotted to you; and when you will all do this, what will be done? Why, we shall secure an insurance against the destruction of the comforts that are around us and desolating our country. ”

“ The ‘social insurance’ principle is entirely different from that of either ‘liability’ or ‘compensation.’ The word ‘compensation’ carries a little of the flavor of the ancient damage suit, while ‘insurance’ is simply an amicable business arrangement to provide in advance for the inevitable average risk of the trade, which may be extended beyond the perils of the shop and mill to all places and conditions of the workman's life. ”

“ He’s insured against employers’ liability. He’s insured against war. He’s insured against loss of business profits. The interest on his mortgage securities is insured. His wretched little automobile is insured. ”

“ The obligation of an insurer in a policy of life insurance is made up of a number of promises, of which one is to pay to the beneficiary the amount of the insurance-the 'proceeds'-and another is to pay the 'surrender value' to the insured upon his demand. ”

“ The savage felt the need of insurance, and he therefore willingly paid his burdensome premiums of fear, superstition, dread, and priest gifts toward his policy of magic insurance against ill luck. Primitive religion was simply the payment of premiums on insurance against the perils of the forests; civilized man pays material premiums against the accidents of industry and the exigencies of modern modes of living. ”

“ We take care to have our property and lives safely insured, but when that great Spiritual Insurance Company — the Church — sends her agent to insure us for eternity, we either neglect or refuse, though the policy she offers is infinitely desirable, her reliability infallible, and the premium ridiculously small. ”

“ The most terrible misfortunes are also the most improbable and remote—the least likely to occur. The rule I am giving is best exemplified in the practice of insurance,—a public sacrifice made on the altar of anxiety. ”

“ There is nothing more beneficent than accident insurance. I have seen an entire family lifted out of poverty and into affluence by the simple boon of a broken leg. I have had people come to me on crutches, with tears in their eyes, to bless this beneficent institution. In all my experience of life, I have seen nothing so seraphic as the look that comes into a freshly mutilated man's face when he feels in his vest pocket with his remaining hand and finds his accident ticket all right. ”

“ While its several branches, such as life insurance, casualty insurance and others, have each had an independent and characteristic development, all these together form an institution peculiar to the modern world, the origin and growth of which attest a remarkable change in men’s ideas and habits of thought.
The simplest and most general conception of insurance is a provision made by a group of persons, each singly in danger of some loss, the incidence of which cannot be foreseen, that when such loss shall occur to any of them it shall be distributed over the whole group. ”

“ Not later than five years after the date of the termination of the war as declared by proclamation of the President of the United States, the term insurance shall be converted, without medical examination, into such form or forms of insurance as may be prescribed by regulations and as the insured may request. Regulations shall provide for the right to convert into ordinary life, twenty payment life, endowment maturing at age sixty-two and into other usual forms of insurance. ”

“ Therefore, in view of your circumstances and of your age, I quite understand that you have no need of insurance for yourself; but, Monsieur, you might induce others to insure, either because of their inherent qualities which need development, or for the protection of their families against a precarious future. Now, if you will subscribe to the 'Globe,' and give me your personal assistance in this district on behalf of insurance, especially life-annuity,—for the provinces are much attached to annuities—Well, if you will do this, then we can come to an understanding about the wine. ”

“ The Reich shall, with the controlling participation of the insured, establish a comprehensive scheme of insurance for the conservation of health and of the capacity to work, for the protection of maternity, and for the amelioration of the economic consequences of old age, infirmity, and the changing circumstances of life. ”

“ I look upon life insurance as a great comfort, not only to the beneficiary, but to the insured, who very rarely lives to realize anything pecuniarily from his venture. Twice I have almost raised my wife to affluence and cast a gloom over the community in which I lived, but something happened to the physician for a few days so that he could not attend me, and I recovered. ”

“ Within the past twenty years the business of life-insurance has grown with such wonderful rapidity, and changed so radically in its methods and contracts, that it is to-day as unlike its old self as the railway-car is unlike the stage-coach. ”

“ It is the price we must pay for our insurance, and it is but a moderate price for so important an insurance. I know there are persons who will say, 'Let us run the risk.' Be it so. But, my lords, if the calamity should come, if the conflagration should take place, what words can describe the extent of the calamity, or what imagination can paint the overwhelming ruin that would fall upon us? ”

“ And if the value of an article be partially insured, and receive damage by fire, the society is bound to make restitution only to the extent of the sum for which the premium is paid.
III. For lives: by virtue of which, on the demise of the party insured, a sum of money becomes due to the person for whose benefit the insurance was made. ”

“ It would pay the more powerful life insurance companies alone to provide for this work; even one premium more, upon each insured, would far more than pay for it; and it would mean many more premiums than one. Personal supervision of the work in every school in the State, would, in a few years, do more for the health and vigor of the people, and of their posterity, than any other one step ever taken. ”

“ A certain sect in our population that now have to be charged from 50 to 100% more for insurance than other people, should be stricken from the list of the insured, until they have by personal action abolished this difference in risk. ”

“ It also contemplates a system of life insurance of its members, who, by the payment of certain fees, may secure a certain sum to their families at death sufficient to maintain them in comfort, but not in luxury or idleness. ”

“ Personal insurance is that which indemnifies the beneficiary for loss of income as the result of various happenings to persons, the chief being death, accident, sickness, invalidity, old age, and unemployment. The principle of insurance is being constantly extended to new subjects [2] and it is capable of further development in a variety of directions. ”

“ A special form of life insurance, which has wonderfully developed, is the family insurance of the labouring people by the so-called industrial companies. Until recently this class of people had no satisfactory share in the benefits of insurance, although the friendly societies in Great Industrial Insurance. Britain, and many forms of beneficial associations in the United States, were attempts, often in part successful, to provide for special wants, mainly for maintenance of the sick and for the costs of burial. ”

“ Among the various improvements of these improving times, for we are still improving, notwithstanding complaint, a learned little Devil, inflated with gas, has suggested a plan for the establishment of a Medical Assurance-office, where person and property might be insured at so much per annum, and the advantages to be derived from such an Institution would be, that instead of the insurance increasing with years, it would grow less and less. ”

“ Often, indeed, a man does insure his life, and then in some year of panic or depression is forced to sell the policy or go under. Or he insures in firms that fail. My father insured in three companies and all failed before he died. ”

“ The experiments and proposals in Insurance, whether voluntary or compulsory, against sickness or against unemployment, receive elaborate analysis and criticism; and the experience both of the Friendly Societies and of the German Government is invoked to indicate in what way Insurance may safely be made use of as part of the provision for Old Age, Invalidity, Industrial Accidents, Sickness, and Involuntary Unemployment. ”

“ Policies of life insurance are governed, in some respects, by different rules of construction from those applied by the courts in case of policies against marine risks or policies against loss by fire. ”

“ Duration of Human Life.—The chances of human life form an important subject of inquiry, and on deductions from comparisons of birth and death rates is founded the system of annuities, insurance against loss in sickness, and the insurance of lives. ”

“ Fire insurance is a means of guarding against distress and misery, which they seldom, I may almost say never, resort to; and life insurance is a provision which but few of them make for their families. ”