Chief Office: 15 ST. JAMES'S SQUARE, LONDON, S.W. THE RESERVES. HE Valuation having been made by the most stringent Tables of Mortality in use (the HM and HM(S) Tables of the Institute of Actuaries), in combination with the very low rate of 21 per cent. interest (a rate employed by two other offices only), and to the high reserves so brought out, viz., £2,533,078, further sums amounting to £90,000 having been added, the total reserves, relatively to the engagements they have to meet, were brought up to an amount in excess, it is believed, of those of any other office whatever. PROFITS. NOTWITHSTANDING these large and exemplary reserves, the condition of prosperity of the Society was such that the divisible surplus in respect of the 5 years was larger by £53,450 than that of any previous quinquennium. The sum remaining for division among the assured, viz., £352,500, which was larger by £40,000 than any previous one, provided a Cash Bonus averaging 35 per cent. on the premiums of the quinquennium, being the largest Cash Bonus ever declared by the Society. Branch Offices:-MANSION HOUSE BUILDINGS, E.C.; THE HE practice of granting Policies on "Invalid" lives— i.e., lives below the average standard, either from personal defect or hereditary taint—was established by the CLERICAL, MEDICAL AND GENERAL LIFE ASSURANCE SOCIETY in 1824, and has been successfully continued to the present time. Much of this success is due to the fact that the Bonus System of the Society as applied to these Policies has been devised and in this respect it stands almost alone-to ameliorate and, should the life be prolonged beyond the estimate, ultimately to nullify the original surcharge. By the aid of the subjoined table of Bonuses actually allotted at the present division this will be made clear. Specimens of Bonuses allotted to Policies of £1000. A man of the real age of 40, for example, if charged the premium for age 50, would be allotted from time to time the larger Bonuses shown in the Table as given at age 50. These, it will be seen, are not only larger in themselves, but each £1 of Bonus produces a larger reduction of premium. On the assumption that like Bonuses will be given in future-about which, of course, no pledge can possibly be given-a man entering at the real age of 40, but charged the rate for age 50, will at the end of 10 years have to pay a smaller premium (viz.: £31:3:4) than the healthy premium at 40 (viz.: £32: 10:0), and thus from that time be more than freed from the original surcharge. In 10 years more he will have to pay an absolutely less premium (viz.: £9:13:4) than if he had been treated at the outset as a healthy life, when the reduced premium would have been £14:13: 4. And, finally, at the end of 25 years, not only will his premium be extinguished, but a Bonus will attach to the Policy,-a condition he would not nearly have reached had he been treated as a healthy life at entry and charged the premium for his real age. The effect is even more striking when the reductions allotted to a man entering at other assumed ages (for example, 60) are compared with those granted to one entering at 50. (See full Prospectus.) 8 EXCHANGE STREET, MANCHESTER; 3 BENNETT'S HILL, BIRMINGHAM. CLERICAL, MEDICAL AND GENERAL LIFE ASSURANCE SOCIETY. ASSURANCE AT PRIME COST. REDUCED ANNUAL For £100 at death. AGE ANNUAL BIRTH PREMIUM. One of the wants of the present day is a table of wholelife premiums, which, while making the least possible demand on the resources of the Assured, shall at the same time admit the Policies to full Bonus advantages. The annexed table of reduced premiums, which are believed to be lower than any hitherto published, has been framed to meet this want. Being below the mathematical premiums for the several risks provided in the Society's full premiums, these reduced premiums may properly be said to supply "assurance at prime cost." They depend on the realization of a certain ratio of profit, and in the event of the profit at any division being insufficient, the sum assured by any particular policy will need to be charged with payment of such a sum as will make good its share of the deficiency, unless the Assured prefer to pay off the balance due to the Society. So large, and so consistent, however, have been the profits of this Society, that there is little likelihood of any such deficiency arising. The new premiums, which are payable annually, are at all ages 75 per cent. only of the ordinary whole-life, with profit rates, the Society advancing the remaining 25 per cent. The 25 per cent. so provided by the Society, accumulated at 5 per cent. interest in advance, will be a charge on the current bonus. If death should occur within the quinquennial bonus period, the interim bonus will exactly meet the current charge, and allow of the sum assured being paid without deduction. If, on the other hand, the Policy should survive the quinquennial period and share in the declared bonus, it may be expected that the cash bonus allotted at cach division will more than meet the current charge. This surplus cash bonus may, on its declaration, either be at once received by the Assured, or, if he prefer it, be converted into an equivalent Reversionary Bonus, payable with the sum assured in the event, and in the event only, of death occurring subsequently to the attainment of an age to be stated in the Policy. DAY. £ s. d. 20 I 7 II 21 I 8 8 22 I 9 5 23 I IO 2 I II 2 I II II I 12 10 1 13 9 Further particulars as to the Prime Cost System will be furnished on application. NEXT BONUS.-The next Division of Profits will take place in January, 1897. 15 ST. JAMES's SQUARE, S. W., January 1892. PRINTERS. C. & E. LAYTON, LONDON. Actuary&Secretary. |