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AND DIVIDENDS-Continued.

CASH DIVIDEND

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1876 1877 1878. 1879. 1880. 1881. 1882. 1883. 1884. 1885. 1886. 1887. 1888. 1889. Date. Pr. Ct

DEND-PER CENT.

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It is a sign of the times in England and of the progress toward the equalization of the sexes that the life assurance offices are paying more attention to the insurance of female lives, and that this branch of their business is increasing. The Married Women's Property act, which secures them in the enjoyment of their own property, and under which they can dispose of the sums payable at death as they please, has done a good deal to develop the insurance of female lives, and the increase in the number of women who earn their own living and have gone in for an independent career without regard to matrimony, has also helped the movement.

age.

The latter class specially favor endowment policies payable either at death or at a certain Women who have undertaken the laborious profession of nursing, for instance, look forward to a time when they will be set aside, and when a few hundred pounds may be very acceptable, and so they arrange for the payment to fall due at fifty or fifty-five years of age. Actuaries of the old school do not relish these new-fangled notions, as they regard them, being a clear departure from the principle of insurance against death; but insurance against life in the years of decay is in actual experience quite as great a necessity. Endowment policies are a need of the age and life offices do well to supply it. Certainly women who are their own breadwinners appreciate the system.

If the extension of insurance among ladies indicates progress toward equality, the difference in the premiums charged proves the continued existence of inequality. It is not to be supposed that insurance offices are influenced by sentiment in making a distinction, but are led to do so by the cold calculations of their actuaries. They hold that a woman's life is less certain in the married state than the man's, and this conclusion is reflected in their table of premiums. The practice of the office varies, but some charge women five shillings additional per annum for every £100 assured until they attain fifty years of age. No rebate is made for the unmarried, the assumption being that almost every healthy girl will enter the wedded state. If the number of women who go in for an independent vocation, however, increases materially, it will only be fair to modify the rule, as the risks represented by the extra premium are not then run by the insured. The fact that the additional levy of 10 per cent or so is not made after fifty is an admission that the sexes are under the same conditions when on equal terms. Indeed, the female life is really held to be the best, apart from the period of special risk.

Taking the annuity table of the Scottish Widows' Fund as an illustration, we find that the

AND DIVIDENDS-Continued.

DEND-PER CENT.

CASH
DIVIDEND
DECLARED

DURING -1890
TO DATE.

1876. 1877. 1878. 1879. 1880. 1881. 1882. 1883. 1884. 1885. 1886. 1887. 1888. 1889. Date. Pr. Ct

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rate of annuity per cent is slightly greater on the female life up to thirty-four, and then falls below the male life, the assumption being that having passed that period the woman's life is the longer, and more annual payments will have to be made by the office. A few comparative figures bring this out very clearly:

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Years ago one office quoted lower rates of premium for women than men, in the belief that all through the female life was the best, but their experience was against their theory and they gave it up. The special risks being passed, the woman's life is, however, admitted to be the best. One circumstance which weighs with the offices in the distinctions they draw is this, that the medical advisers can speak with more certainty, from various causes, as to what is or is not a good life in the case of men than of woman, and this no doubt is taken into consideration in that leveling system of averages which actuaries delight to work out.—Pall Mall Gazette.

Viewed in a purely commercial light, the assurance of life is sound finance. As a business arrangement, it is judicious to expend a certain annual sum for the sake of securing a much larger sum at death. In the first principle of sound finance-safety-it stands unexcelled. The money involved is absolutely secure. There is no appreciable risk, adventure or doubt about it. The next consideration is profitableness. Only in very rare instances an insurer pays the amount of his policy, in all other cases he pays less; in many the premiums are an infinitesimal proportion of the amount receivable.

The difference is made up of compound interest. But this could not be realized by individuals, as it would be impossible to invest and re-invest trifling sums.

FIRE LOSSES IN THE UNITED STATES.

The following tables relating to losses of property by fire we copy, by permission of the proprietors, from The Chronicle Fire Tables for 1890:

LOSSES BY FIRE IN EACH STATE AND TERRITORY FOR FOURTEEN YEARS, 1876-1889. [1875 NOT REPORTED BY STATES.]

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FIRE LOSSES IN THE UNITED STATES-Continued.

TOTAL MONTHLY LOSSES BY FIre in the United States for FIFTEEN YEARS, 1875-1889.

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NUMBER OF FIRES EACH MONTH FOR FOURTEEN YEARS IN THE UNITED STATES

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