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"In a little time you will be convinced that he is acting rightly." "I shall be dead!" she snapped. The lawyer lifted his hands with a deprecating smile. "You have no secrets from me, Mrs. Carshaw," he said. "You are ten years my junior, and insurance actuaries give women longer lives than men when they have attained a certain age."
The purpose of the insurer, if he take out the policy in his own name, is to provide in a measure for the care of his family, or other dependents, in the event of his death. After a long experience with the death rates in all lands that keep mortuary statistics, the actuaries of insurance companies can now estimate with surprising accuracy the probable length of life before any man of any age.
It is not necessary to specify any particular society, because the best all proceed upon the same data, the results of extensive observations and experience of health and sickness; and their tables of rates, certified by public actuaries, are very nearly the same. Now, looking at the tables of these Life and Sickness Assurance Societies, let us see what a penny a day can do.
The Board of Actuaries on the retirement act shows by its report, that July 1, 1921 the average salary of the 330,047 employees subject to the act was $1,307, while on June 30, 1927, the average salary of the corresponding 405,263 was $1,969. This was an increase in six years of nearly 53 per cent.
Here the brunt of the payment falls wholly on the employer. He alone pays the premiums for all his work-people; the amount varies according to the man's wage, the risk incidental to the employment. The latter is determined by the actuaries of the Government.
A rabid Tory, in matters of national expenditure, remembers to have heard an old unexploded proverb, "There is that scattereth, and yet increaseth, and there is that withholdeth what is due, but it tendeth to poverty;" and he is by no means sure that a certain mismanaged nation is not immolating her prosperity to what actuaries would call economical principles.
Suppose the Government were to say to this farmer, 'You would not have any objection to become possessed of this farm? 'No, not the slightest, he might answer, 'but how is that to be done? In this way; You may pay 50l. a-year, that is, 5 per cent. on one thousand pounds; the Government can afford to do these transactions for 3-1/2 per cent.; if you will pay 60l. a-year for a given number of years, which any of the actuaries of the insurance offices or any good arithmetician may soon calculate, if you will pay 60l. for your rent, instead of 50l., it may be for perhaps twenty years, at the end of that time the farm will be yours, without any further payment.
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