The law of fire and life insurance / by George Beaumont.

  • Beaumont, George Duckett Barber.
Date:
1833
Catalogue details

Licence: Public Domain Mark

Credit: The law of fire and life insurance / by George Beaumont. Source: Wellcome Collection.

Provider: This material has been provided by Royal College of Physicians, London. The original may be consulted at Royal College of Physicians, London.

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    This court appears to have neglected its duties, and its juris- diction was also contracted by decisions of the Court of West- minster. In a case, 2 Siderf 121, it was decided, that a decision of the Court of Insurance was no bar to an action in the same matter in the Common Law Courts; and in 1 Shoxver, 396, it had been decided, that the jurisdiction of the same Court of Insurance did not extend to actions by the insurers but only to those by the insured. The great delays of this Court or Commission were complained of; but by the statute under which they had jurisdiction, they were com- pelled to act without fee or rew'ard. The above details relate more especially to marine insur- ance. It was ruled that the Commission just mentioned had no jurisdiction in matters of Life Insurance. {Bender v. Oijley Style, 166). When Justice Park published his treatise, he remarked, “ But when insurance in general is spoken of by professional men, it is generally understood to signify marine insurance.” Mr. Babbage, in his recent work on Life In- surance, informs us, that at the first introduction of Life Insurance Associations the common rate w^as 5 per cent., and for middle-aged persons above that rate: that in 1762, the Equitable proceeded on tables' calculated from bills of mor- tality of London, and after nineteen years on the North- ampton tables, adding 15 per cent.; and after five years they used the latter table without the 15 per cent. The further mention of those authors, from Halley to Babbage, who have brought science to the aid of commerce in this par- ticular, cannot find room here.