Part 1 - Reverse of Life Insurance Receipt

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JCCA/JCAD/2/2/9/1833/5/1

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Reverse of Life Insurance Receipt

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  • 2nd March 1833 (Creation)

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1 item, paper

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Reverse of a Norwich Union Life Insurance receipt. Printed, notes patrons (the Duke of Beaufort, the Earl of Argyle, the Early of Rosebery), notes secretary Samuel Bignold, Esq.

The Association for Life Insurance is founded upon the principle of mutual guarantee - the whole surplus capil, being dividied amongst the representatives of the Members, by additions made to the amount secured by their Policies - Bonusses of £20, £24 and £25 per cent on the Premium paid have been declared upon all Policies issued prior to July 1815 and bonusses of £24 and £25 per cent on Policies issued between July 1815 and July 1822 and July 1829. The Premnums, under 45, are nearly 10 per cent, below most other Offices. - As an instance of the great utility of Life Insurance, it may be remarked, that a person in his 28th year, may, by an annual payment of 2l. 6s. 8d. insure £100 payable to his executors at his decease; or for 23l 6s. 8d. may insure £1000, and thus, at a moderate yearly expense, preserve his family from distress. The rapid progress of this Society is evidenced by the amount of its Preminums, which, at the undermentioned periods, stood as follows: -

Year ending March, 1824 .... £117, 465 5s 11d
Year ending March, 1827.... £137, 304 4s 1d
Year ending March, 1830.... £155, 273 19s 3d

In the last 12 months, upwards of 800 Policies were issued, and the sum insured thereon amounted to about 6000,000l.
The Fire Society and the Life Society are wholly distinct Establishments. Surrey-street, Norwich, March, 1830.

Also a table exhibiting the yearly premium which a person must pay during the whole of his life, to insure 100l. to his family or nominee, independent of the additions which may be made to that sum of the savings of the Office. [Table included].

Written "Hundon Jesus 3. 1 -"

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