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Updated: May 21, 2025
In essence it was the same as fire insurance, marine insurance, accident insurance and so forth, with an added offensiveness in that it was a betting on human lives commonly by the policy-holder on lives that should have been held most sacred and altogether immune from the taint of traffic.
A further advantage arising from this plan is, that the policy-holder, at any time after two annual payments have been made, is always entitled to a "paid-up" policy for as many "fifths" or "tenths" of the sum assured as he shall have paid annual premiums.
Are you familiar with the insurance business?" "Not at all." "I had supposed not," said the Judge. "There are some conditions which are not generally known about, but which I may say, to put it mildly, are not altogether satisfactory. My friend is a large policy-holder in several companies, and he is not satisfied with the management of them.
The Deity should forgive them for they know not what they do. They really believe that they are engaged in a work of philanthropy, while devoting their best energies to the promotion of a fraud. The average policy-holder knows little or nothing about life- insurance.
He would get hold of some other policy-holder in the Fidelity, one whom he could trust; he would take the case without pay, and carry it through to the end! He would force the newspapers to talk about it he would force the people to heed what he said! And then, toward evening, he went home, bitter and sore. And there was his brother sitting in his study, waiting for him.
But, on the contrary, when the dividends have been anticipated, as in the note system, by giving a note for part of the premium, the policy-holder insuring in this way, although he may at first receive a larger policy than he has the ability to pay for in cash, may lose the chief benefit of life insurance.
In all cash companies, and in some of the note companies, after the specified number of premiums have been paid, the policy-holder draws an annual dividend in cash.
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