To creditors intitled to demands larger than their debtors are able to discharge, such debtors may, by a like insurance, secure to their creditors their principal sums at their deaths.
The abovementioned advantages are chiefly with respect to perpetual insurances for life; but temporary insurers may find no less advantage from this Society, as may plainly appear from the following instance, viz. A. B. has agreed for the purchase of an office or employment, but wants 300l. or 400l. to make up the purchase-money: he is willing to assign a share of the profits or income of his office, as a security or pledge for the repayment of the principal with interest, but cannot obtain a loan of that sum without insuring his life till the whole be cleared, which he is enabled to do by the help of this Society. For example; He purchases three numbers, on each of which he insures his life, and thereby his assigns become intitled to three several claims at his death; which claims, by the abovementioned provision, will not be less than 125l. each, and may probably amount to more: he assigns and deposits his policy with the lender: he pays to the Society for the yearly contributions on the three numbers no more than 5l. each, which is considerably less than 5l. per cent. under which rate no other office will insure, and that for one year only; at the end of which such offices are at liberty to refuse any further insurance: whereas in this Society the insurance continues during the life of the insured, unless excluded by the non-payment of the quarterly contributions. And every insurer, or their representatives, at the end of their insurance may in a great measure (if not entirely) reimburse themselves their purchase-money (originally paid by them for their numbers) by disposing of them at a market price, which they may do without any farther trouble than applying to the Society’s office.
The regulations of the Society are as follow:
All persons at the time of their admission are to be between the ages of twelve and forty-five, and must then appear to be in a good state of health.
Persons living in the country may be admitted by certificates and affidavit, forms of which may be had at the office.
Every claimant is impowered to put in a new life in the room of the deceased within twelve calendar months next after the end of the current year, for which his or her claim shall be allowed as often as the same shall happen, upon payment of 10s. entrance.
Any person may have two or three several insurances, or numbers, on one and the same life, whereby such persons will be intitled to a claim on each number so insured.
The affairs of the corporation are managed by a court of twelve directors annually chosen within forty days after every 25th of March; and the majority of the members assembled at a general court, which is never to consist of less than twenty, are impowered to make laws and ordinances for the good government of the corporation. The charter directs one of the members of the Society to be elected their Register, who being also their receiver and accomptant, is therefore required by the by-laws to give good security in the sum of 2000l. at least.
Five members of the Society are annually elected auditors, who are by their office to inspect every transaction of the Society, to examine all vouchers for receipts and payments, and upon oath to lay before the quarterly and annual general courts, the quarterly and annual accounts of the Society: and on the day before the holding each court of directors, the auditors are to state and enter in the directors minute book a balance of the cash of the Society.
Attendance is daily given at the Society’s office from nine in the morning, till two in the afternoon, holidays excepted. From the proposals printed by the Society.