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Updated: June 27, 2025
An equally important issue involves "risk smoothing". Risks, by nature, are "punctuated" stochastic and catastrophic. Finite insurance involves long term, fixed premium, contracts between a primary insurer and his re-insurer. The contract also stipulates the maximum claim within the life of the arrangement.
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.
But could the gain of the insurer be a doubtful point, there is a certain advantage to the nation by the money paid for commission, brokerage, stamps, and the credit of the premium deposited here.
Though this objection is hardly worth answering to men of business, yet it looks something fair to them that know no better; and for the information of such, I trouble the reader with a few heads: First, they must consider the insurer is out no stock.
Thirdly, if it has been a trading voyage, perhaps the adventurer has paid three or four such premiums, which sometimes make the insurer clear more by a voyage than the merchant. I myself have paid 100 pounds insurances in those small premiums on a voyage I have not gotten 50 pounds by; and I suppose I am not the first that has done so either. Common fame gives the project to Dr.
It had not occurred to me before, that he had led up to the theme for the purpose of clearing it out of our way; but we were so much the lighter and easier for having broached it, that I now perceived this to be the case. We were very gay and sociable, and I asked him, in the course of conversation, what he was? He replied, "A capitalist, an Insurer of Ships."
I pelieve you are der largest holder of Titan stock about one hundred thousand, is it not?" "About that." "I am der heaviest insurer; so Mr. Selfridge, this battle will be largely petween you and myself." "Battle is there to be any difficulty?" asked Mr. Selfridge, anxiously. "Berhaps I do not know.
The practice of insurance, my lords, whether it contributes or not to the number of the captures, undoubtedly increases the clamour which they occasion; for as the loss is extended, the complaint is multiplied, and both the merchant and insurer take the liberty of censuring the conduct of the naval officers, and of condemning the measures of the government.
This maxim of civil law, applied to the State, is good for those who wish to return to the natural equality of labor and wealth; but, from the point of view of the proprietor, and in the mouth of conversionists, it is the language of bankrupts. The State is not only a borrower, it is an insurer and guardian of property; granting the best of security, it assures the most inviolable possession.
I suppose he saw me glancing about the room in search of some tokens of Shipping, or capital, for he added, "In the City." I had grand ideas of the wealth and importance of Insurers of Ships in the City, and I began to think with awe of having laid a young Insurer on his back, blackened his enterprising eye, and cut his responsible head open.
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