Εικόνες σελίδας
PDF
Ηλεκτρ. έκδοση

4. The premium for insuring a school-house, at the rate of 11 per cent., was $ 50. For what sum was it insured ?

Ans. $ 4000. 5. If a policy covering property and premium be taken for $ 600, at 10 per cent., what is the value of the property covered ?

Ans. $ 540. 6. A merchant adventured $ 1000 from Boston to New Orleans, at 3 per cent. ; thence to Chili, at 5 per cent. ; thence to Canton, at 6 per cent. ; and thence to Boston, at 7 per cent. For what sum must he take out a policy, to cover his adventure the voyage round?

Ans. $ 1241.348.

LIFE INSURANCE.

447. Insurance on life a contract which stipulates for the payment of a certain sum of money on the death of one or more individuals, in consideration of an immediate payment, or an annual premium, being made by the insured.

A temporary insurance on life is a contract to pay a certain sum in case a given individual dies within a given number of years.

448. The amount of premium required of the insured as a security for the payment of a certain sum at his death by the insurer, is based upon the expectation of life of the insured, and on the rate of interest or net profit the insurer may be able to make by investing the premium.

449. By expectation of life is meant the average number of years

of life that remains, to any individual of a given age, as determined by the rates of mortality.

450. The Carlisle Table of the Expectation of Life, which is in general use in England, has also been taken as a guide by some American companies in fixing their rates of insurance.

Other companies have been guided in fixing their premiums by a table prepared by Dr. Wigglesworth, with a special reference to mortality in this country, and which the Supreme Court of Massachusetts has adopted as a rule in estimating the value of life estates. 451. The expectation of life, according to the Carlisle Table and according to that prepared by Dr. Wigglesworth, is shown in the following

TABLE.

[blocks in formation]

0 38.72 28.15 1 44 68 36.78 2 47.55 38.74 3 49.82 40.01

50.76 40.73 5 51.25 40.88 6 51.17 40.69 7 50.80 40.47 8 50.24 40.14 9 49.57 39.72 10 48.82 39.23 11 48.04 38.64 12 47.27 38.02 13 46.51 37.41 14 45.75 36.79 15 45.00 36.17 16 44.27 35.76 17

43.57 35.37 18

42 87 34.98 19 42.17 34.59 20

41.46 34.22 21 40.75 33.84 22 40.04 33.46 23 39.31 33.08

24 38.59 32.70
25 37.86 32.33
26 37.14 31.93
27 36.41 31.50
28 35.69 31.08
29 35.00 30.66
30 34.34 30.25

33.68 29.83
32 33.03 29.43
33 32.36 29.02
34 31.68 28.62
31
36 30.32 27.78
37 29.64 27.34
38 28.96 26.91
39 28.28 26.47
40 27.61 26.04
41 26.97 25.61
42 26.34 25.19
43 25.71 24.77
44 25.09 24.35
45 24.46 23.92
46 23.82 23.37
47 23.17 22.83

48 22.80' 22.27
49 21.81 21.72
50 21.11 21.17
51 20.39 20.61
52 19.68 20.05
53 18.97 19.49
54 18 28 18.92
55 17.58 18.35
56 16.89 17.78
57 16.21 17.20
58 15.55 16.63
59 14.92 16.04
60 14.34 15.45
61 13.82 14.86
62 13.31 14.26
63 12.81 13.66
64 12.30 13.05
65 11.79 12.43
66 11.27 11.96
67 10.75 11.48
68 10.23 11.01
69 9.70 10.50
70 9.18 10.06
71 8.65 9.60

72 8.16 9.14 73 7.72 8.69 74 7.33 8.25 75 7.01 7.83 76 6 69 7.40 77 6.40 6.99 78 6.12

6.59 79 5.80 6.21 SO 5.51 5.85 81 5.21 5.50 82 4.93 5.16 83 4.65 4.87 84 4.394.66 85 4.12 4.57 86 3.90 4.21 87 3.71 3.90 88 3.59 3.67 89 3.47 3.56 90 3.28 3.73 91 3.26 3.32 92 3.37 3.12 93 3.48 2.40 94 3.53

1.98 95 3.53 1.62

Against any age given in the table may be found the expectation of age corresponding to it.

452. The transactions of life insurance companies extending as they do over a term of years, the value of money

and the average rates of interest, no less than the expectation of life, have an important influence in fixing their rates of insurance.

153. The premiums of life insurance are generally reckoned at a certain sum on $ 100, payable annually in advance.

The rates of annual premium for insuring a healthy life for one year,

for seven years, or for the whole period of life, in the sum of $ 100, by the Massachusetts Hospital Life Insurance Company, of Boston, and by the Girard Life Insurance Annuity and Trust Company, of Philadelphia, are given in the following

[blocks in formation]

.85 .86 .87 .88 .90 .91

15 16 17 18 19 20 21 22 23 24 25 26 27 28

.92

.88 .90 .91 .92 .94 .95 .97 .99 1.03 1.07 1.12 1.17 1.23 1.28 1.35 1.36 1.42 1.46 1.48 1.50 1.53

29

1.57

30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

.83 .84 .85 .86 .87 .88 .89 .90 .91 .92 .93 .95 .96 .98 .99 1.01 1.03 1.05 1.07 1.09 1.11 1.14 1.16 1.19 1.22 1.24 1 27 1.31 1.35 140 1.47 1.54 1.62 1.71 1.81 1.91 2.03 2.15 2.29 2.44 2.60 2.78 2.96 3.17 3.39 3.64

.93 .95 .96 .98 .99 1.01 1.03 1.05 1.07 1.09 1.11 1.14 1.16 1.19 1.21 1.24 1.28 1.31 1.36 1.41 1.47 1.54 1.62 1.71 1.80 1.90 2.02 2.14 2.28 2.42 2.59 2.76 2.95 3.15 3.38 3.62 3.87 4.17 4.50

1.44 1.47 1.51 1.54 1.58 1.62 1.66 1.70 1.74 1.79 1.84 1.89 1.94 2.00 2.06 2.12 2.18 2.25 2.32 2.40 2.48 2.56 2.65 2.75 2.85 2.95 3.07 3.19 3.32 3.45 3.60 3.75 3.92 4.09 4.27 4.46 4.67 4.89 5 12 5.36 5.62 5.89 6.19 6.50 6.83 7.18

.77 .84 .86 .89 .90 .91 .92 .94 .97 .99 1.00 1.07 1.12 1.20 1.28 1.31 1.32 1.33 1.34 1.35 1.36 1.39 1.43 1.48 1.57 1.69 1.78 1.85 1.89 1.90 1.91 1.92 1.93 1.94 1.95 1.96 1.97 2.02 2.10 2.18 2.32 2.47 2.70 3.14 3.67 4.35

1.63 1.70 1.76 1.83 1.88 1.89 1.92 1.94 1.96 1.98 1.99 2.02 2.04 2.09 2.20 2.37 2.59 2.89 3.21 3.56 4.20 4.31 4.63 4.91

1.56
1.60
1.65
1.69
1.73
1.77
1.82
1.88
1 93
1.98
2.04
2.11
2.17
2.24
2.31
2.36
2.43
2.50
2.57
2.64
2.75
2.81
2.90
3.05
3.11
3.20
3.31
3.40
3.51
3.63
3.73
3.87
4.01
4.17
4.49
4.60
4.75
4 90
5.24
5.49
5.78
6.05
6.27
6.50
6.75
7.00

15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59

60

According to the table, a healthy man who is 42 years old next birthday, by paying the Massachusetts Hospital Insurance Company $ 1.31, would secure to his family, heirs, or to whomsoever he desires, $ 100, should he die in one year, and in the same proportion for a larger sum. And if he would obtain a life insurance of the Girard Life Insurance Annuity and Trust Company, he must pay annually $ 3.40. The New York Life Insurance Company has a schedule of rates like that of the Girard Company, given in the table.

454. To compute the premium of life insurance for any given amount.

Ex. 1. What premium will the Massachusetts Hospital Life Insurance Company require for the insurance of a life one year for $1728, the person being thirty years of age next birthday?

Ans. $ 17.45.

By the table we find the $ 17 2 8 x .0101 $ 17.4 5. premium on $100 to be $1.01.

Therefore $ 1:87

$ .0101 the premium on $ 1 for one year, and $ 1728 X .0101 the premium on $ 1728 for the same time. Hence,

Compute the premium on the sum to be insured at a rate proportionate to the given premium on $ 100.

OPERATION

EXAMPLES.

a very

2. What amount of premium must S. C. Kendall pay an. nually to the Massachusetts Hospital Life Insurance Company, to effect an insurance on his life for 7 years for $ 8000, his age being 33 years?

Ans. $ 91.20. 3. Robert Vaux, 60

years

of
age,
wishes to engage

in profitable speculation; and being obliged to borrow the necessary funds, he effects an insurance on his life for 7

years,

for $ 78000, at the office of the Girard Life Insurance Company. Required the amount of the annual premium. Ans. $ 3829.80.

4. What will be the yearly premium for insuring a person's life, who is 15 years old, for $ 2000 for 7 years, at the New York Life Insurance Company ?

5. A gentleman 45 years of age, being bound on a long and dangerous voyage, and wishing to secure a competence for his family, obtains an insurance for life of the Girard Life Insurance Company, for $ 12000. By an act of Providence he dies in the third year. What is the net gain to his family?

Ans. $ 10657.20.

6. Richard Sears, 50 years old, effects an insurance for life for $ 5000, for which he pays an annual premium of $ 4.60 on each $ 100 insured. If he should die at the age of 80 years, how inuch less will be the amount of insurance than the payments, allowing the latter to be without interest ? Ans. $ 1900.

7. A gentleman, 56 years old, gets his life insured for $ 4000, at the office of the Kentucky Mutual Life Insurance Company, by paying an annual premium of $5.20 on each $ 100 insured; and dies at the age of 60 years. Reckoning interest on his payments at simple interest, what is gained by the insurance ?

Ans. $3043.20. 8. Alexander Murray, 28 years

of
age,

effects an insurance on his life for $ 10000, at the office of the Massachusetts Hose pital Life Insurance Company. If the company loan the premium at 6 per cent. compound interest, and he should die at the age of 39 years, just after paying the premium, who will gain by the insurance ? Ans. The insured gains $ 6626.01.

CUSTOM-HOUSE BUSINESS.

455. Duties or customs are sums of money required by government to be paid on imported goods.

Ports of entry are ports into which merchandise may be imported, or from which it may be exported.

At each port of entry is an establishment, called a customhouse, at which certain officers, appointed by government, attend to the collection of the duties.

456. Duties are either specific or ad valorem.

A specific duty is a certain sum paid on a ton, hundredweight, yard, gallon, &c., without regard to the cost of the article.

An ad valorem duty is a certain percentage paid on the actual cost of the goods in the country from which they are imported.

« ΠροηγούμενηΣυνέχεια »