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Zfojjs.T3 Bzyissotj Of Pbopits. Clerical...
ZFOJJS . T 3 BZYISSOTJ OF PBOPITS . CLERICAL , MEDICAL , AND GENERAL LIFEA§S¥MAICJESOCIETY. REPORT OF THE DIRECTORS TO THE PROPRIETORS AND ASSURED ,
Read at an Extraordinary General Meeting , held at the- Society ' s Office , on the 7 th January , 1847 . In accordance with the provisions of the deed of constitution , the Directors have called the present meeting , for the purpose of laying before the Proprietors and the Assured the result of an investigation ofthe Society ' s affairs for the ( ive years ending June 30 , 1 S 40 . On that day the Society had been in existence twenty-two years . An investigation of its affairs was made first in 1831 . being seven years from the commencement ; a second time in
1836 ; a third time in 1841 . The fourth investigation having been just completed , the Directors have now the gratification of communicating the result to the meeting . In order to present a clear view ot the progress of tbe Society , the Directors will proceed to exhibit the present amount of its funds , together witii their state at the last Quinquennial Division . I . The Society ' s income for the yewr ending with June , 1841 , was 97 , 900 / . ; that for the year ending with June , 1846 , £ 116 , 300 . Thus , notwithstanding the many deductions which are constantly taking pbicu . on account of Policies terminated b y death , or discontinued from
other causes , there is an incrca ? e in the annual income of the Society to the extent of 18 , 400 / . II . The amount of the property of the Society , accumulated from the excess of receipts above payments , was , in 1841 , -418 , 903 / ., and , in 1846 , has reached 639 , 797 / . Under the head of payments , are included considerable sum- paid for the purchase of Policies , and also to annuitants , besides the amount which has become due from deaths and every other demand . III . After deducting the sum required to meet the liabilities of the Society , there remains a surplus of 155 , 242 / . ; while iu 1841 , the corresponding surplus was only 89 , 400 / . This sum of 155 , 242 / . has now to be dealt with , being the amount of profit realized by the Societv .
In conformity with the provisions ofthe deed , one-half of the profits is to he divided among the Assured for Life , and one-sixth part among the Proprietors ; but , in order to avoid inconvenient fractions , the Directors have resolved to recommend to this meeting to divide the sum of 154 , 500 / . This will apportion to the Assured for Life 77 , 250 / .. and to the Proprietors 25 , 750 / ., leaving one-third of the said profit , amounting to 51 , 500 / ., to be laid by , and to accumulate as a reserved fund . This division will give to the Proprietors a bonus of ol . 3 s . per Share , and to the Assured a sum of 114 , 031 / ., being tbe equivalent in reversion lo tbe above amount of 77 , 250 / .
This sum of 114 , 031 / .. will be added to the Policies , and be payable at the death of the respective parties , and will form an addition equal , on an average , to more than 36 per cent , on the Premiums received during the last five years . It may he desirable , however , to remind the Assured that they have tbe option of having any one or more of the bonuses to which they are entitled applied in reduction of their future payments of premium . For the further information of the Proprietors , it may be mentioned , that by the deed of constitution , the Proprietors' fund is not to accumulate by the addition of bonuses beyond
50 , 000 / . ; all subsequent bonuses being paid over to the Proprietors . The effect of that provision on the present occasion will be , that of the above sum of 25 , 750 / ., 17 . 000 / . will have to be added to the Proprietors' Fund , which will then have reached its limit , and the remaining 8 . 750 / ., being 1 / . 15 s . per share , will be paid to the Proprietors in cash at the end of March next . Ii \ estimating the amount of liabilities , it is important to observe that every Policy , together with all other risks , has been valued separately , and with great care : that there has been no encroachment upon future profits ; but that a mode of valuation has been adopted whereby a larger sum is retained to meet such claims as may arise than is usual with most other Offices . This will appear bv the following examples : —
£ 7 hl \ lf , ! 1 By the mode Difference in Sums set aside as the value of a Policv for £ 1000 . W „ VJL ™„ , ™ i adopted by this favour of this JNortnampton J , office offlrp per cent . Table . ; »"'« =. mnce . ~~ £ s . . \ ~ £ s . d . £ s . d . Effected at the age of 40 , after 10 years 152 3 7 , 158 8 5 6 4 10 Do . Do . 50 , after 10 years 197 17 3 : 215 2 0 17 4 9 Do . Do . 60 , after 10 years 282 7 5 i 320 3 0 43 15 7
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
Zfojjs.T3 Bzyissotj Of Pbopits. Clerical...
ZFOJJS . T 3 BZYISSOTJ OF PBOPITS . CLERICAL , MEDICAL , AND GENERAL LIFEA§S¥MAICJESOCIETY. REPORT OF THE DIRECTORS TO THE PROPRIETORS AND ASSURED ,
Read at an Extraordinary General Meeting , held at the- Society ' s Office , on the 7 th January , 1847 . In accordance with the provisions of the deed of constitution , the Directors have called the present meeting , for the purpose of laying before the Proprietors and the Assured the result of an investigation ofthe Society ' s affairs for the ( ive years ending June 30 , 1 S 40 . On that day the Society had been in existence twenty-two years . An investigation of its affairs was made first in 1831 . being seven years from the commencement ; a second time in
1836 ; a third time in 1841 . The fourth investigation having been just completed , the Directors have now the gratification of communicating the result to the meeting . In order to present a clear view ot the progress of tbe Society , the Directors will proceed to exhibit the present amount of its funds , together witii their state at the last Quinquennial Division . I . The Society ' s income for the yewr ending with June , 1841 , was 97 , 900 / . ; that for the year ending with June , 1846 , £ 116 , 300 . Thus , notwithstanding the many deductions which are constantly taking pbicu . on account of Policies terminated b y death , or discontinued from
other causes , there is an incrca ? e in the annual income of the Society to the extent of 18 , 400 / . II . The amount of the property of the Society , accumulated from the excess of receipts above payments , was , in 1841 , -418 , 903 / ., and , in 1846 , has reached 639 , 797 / . Under the head of payments , are included considerable sum- paid for the purchase of Policies , and also to annuitants , besides the amount which has become due from deaths and every other demand . III . After deducting the sum required to meet the liabilities of the Society , there remains a surplus of 155 , 242 / . ; while iu 1841 , the corresponding surplus was only 89 , 400 / . This sum of 155 , 242 / . has now to be dealt with , being the amount of profit realized by the Societv .
In conformity with the provisions ofthe deed , one-half of the profits is to he divided among the Assured for Life , and one-sixth part among the Proprietors ; but , in order to avoid inconvenient fractions , the Directors have resolved to recommend to this meeting to divide the sum of 154 , 500 / . This will apportion to the Assured for Life 77 , 250 / .. and to the Proprietors 25 , 750 / ., leaving one-third of the said profit , amounting to 51 , 500 / ., to be laid by , and to accumulate as a reserved fund . This division will give to the Proprietors a bonus of ol . 3 s . per Share , and to the Assured a sum of 114 , 031 / ., being tbe equivalent in reversion lo tbe above amount of 77 , 250 / .
This sum of 114 , 031 / .. will be added to the Policies , and be payable at the death of the respective parties , and will form an addition equal , on an average , to more than 36 per cent , on the Premiums received during the last five years . It may he desirable , however , to remind the Assured that they have tbe option of having any one or more of the bonuses to which they are entitled applied in reduction of their future payments of premium . For the further information of the Proprietors , it may be mentioned , that by the deed of constitution , the Proprietors' fund is not to accumulate by the addition of bonuses beyond
50 , 000 / . ; all subsequent bonuses being paid over to the Proprietors . The effect of that provision on the present occasion will be , that of the above sum of 25 , 750 / ., 17 . 000 / . will have to be added to the Proprietors' Fund , which will then have reached its limit , and the remaining 8 . 750 / ., being 1 / . 15 s . per share , will be paid to the Proprietors in cash at the end of March next . Ii \ estimating the amount of liabilities , it is important to observe that every Policy , together with all other risks , has been valued separately , and with great care : that there has been no encroachment upon future profits ; but that a mode of valuation has been adopted whereby a larger sum is retained to meet such claims as may arise than is usual with most other Offices . This will appear bv the following examples : —
£ 7 hl \ lf , ! 1 By the mode Difference in Sums set aside as the value of a Policv for £ 1000 . W „ VJL ™„ , ™ i adopted by this favour of this JNortnampton J , office offlrp per cent . Table . ; »"'« =. mnce . ~~ £ s . . \ ~ £ s . d . £ s . d . Effected at the age of 40 , after 10 years 152 3 7 , 158 8 5 6 4 10 Do . Do . 50 , after 10 years 197 17 3 : 215 2 0 17 4 9 Do . Do . 60 , after 10 years 282 7 5 i 320 3 0 43 15 7