RAILWAY PASSENGERS ASSURANCE COMPANY.
We owe to Mr. Glyn, when chairman of the London and Birmingham Railway, the first light on the subject of railway accidents. He proved that they were far less by the iron road than by the coaching system, and that the loss of life, in proportion to the number which travelled, was incomparably less. When the yearly railway reports were published, it was at once seen that a society like the above would have a fair chance of success. Some of the railway companies have refused their aid, thinking it would cause a decrease in railway travelling. Others, again, have assisted, on the broader principle that such an institution was sound. This company has been severely tried; but it has been productive of an incalculable amount of good, and the character of the directors gives a perfect solidity to the concern. In many cases it has been very effective in mitigating the distress which sudden death so often entails on survivors.
ACCIDENTAL DEATH INSURANCE COMPANY.
There are hundreds of thousands who cannot afford to be run over; to whom a lingering illness would be misery; and whose death would scatter or starve their families. A serious or severe accident would probably deprive a clerk of his situation, and a small tradesman of his business, leaving them with no home but the hospital, and no hope but the grave. The statistics of general accidents are difficult to arrive at, but a small annual premium would be an ample safeguard against such a casualty. There is one point in which both this and the Railway Assurance Company are wanting, and yet it would be scarcely possible to amend the error. There is in neither of them any inquiry as to the health of the party assuring. Now it is obvious that the very life of a confirmed invalid would be shaken out of him where a strong and hale man would receive no injury.
LAW PROPERTY ASSURANCE AND TRUST SOCIETY.
Of a somewhat similar character to the Rent Guarantee is the above; and this is another admirable idea if it can be carried out. Defective titles, being assured, are rendered absolute and perfect by it. The actual repayment of loans and mortgages is guaranteed, while copyholds, lifeholds, and leaseholds are made equal to freeholds for all purposes of sale or mortgage.
THE INDISPUTABLE LIFE COMPANY.
There is a principle involved in the title of this Society which is much too important to be briefly dismissed. The eagerness with which all companies claim indisputability for their policies, is a significant sign of public feeling on the subject. But the term indisputable at present means nothing. To be effectual, it should be absolute; and it is doubtful whether it would not benefit the whole of the offices to adopt indisputability as their motto. There is great evil, and there is often great wrong, in a disputed claim; but it seems sometimes a necessity. Where there is conspiracy, fraud, or concealment, it is manifestly unjust to pay a policy; but it costs far more to resist it: and it is a point worthy mature consideration whether an insurance so effected should not be treated as a fraud, and punished criminally. It might be taken as a rule, that where the policy is in the possession of any one who has assisted in the fraud, it should not be paid; but when it has fairly passed into the hands of a third party, such a course might be honourably avoided. It has been said by its opponents, that at present there is no company which issues policies really indisputable; that which is so called, being only indisputable according as the conditions on the face of the policy are maintained, and that their title is open to dispute.
There is, however, one merit due to this company. It has opened a most important question, and one that will eventually lead to indisputability in its most extended form. It will also render other offices more cautious in entering a court of justice, and it can never hope to enter itself with success.