The History of Leith

November 9, 2010

SCOTTISH WIDOWS’ FUND, AND LIFE ASSURANCE SOCIETY. Advert from 1829

(FOUNDED ON THE ORIGINAL MODEL OF THE EQUITABLE SOCIETY
of LONDON,)
No. 5. ST ANDREW’S SQUARE, EDINBURGH.
I This, is the oldest. Scottish establishment for effecting assurances on lives and survivorships. From the nature of its constitution, (which is formed on the original model of the Equitable of London,) it presents advantages which no institution, with which a body of proprietors is connected, can possibly offer. The rates of premiums are lower than those of the Equitable, and THE WHOLE PROFITS belong to, and are divided periodically among the assured. From this, it is evident, that
assurances are effected at this oflice on ihe lowest possible terms; any surplus funds, above what is required to answer the actual
demands against the society from emerged claims, and the expense
of an economical management, being appropriated to the members. The rules of distribution of the surplus funds have been formed upon the most equitable principles, by individuals of great skill and experience in such matters. At the first periodical investigation of the Society, which took place Ist January 1825, in terms of the articles of constitution, there remained, alter setting apart one-third of the free
surplus ascertained at. that date, as a guarantee fund, a divisible
surplus ” sufficient for making additions of TWENTYSIX PER CENT, to the whole benefits assured by policies issued prior to 1st January 1820, and entitled to additions, in terms of the articles of constitution.” A contingent prospective rate of addition to meet the case of members dying between any two periods of investigation, has likewise been provided for. In this way, a policy opened prior to 1st January 1820, for L.I,000, is already increased to the sum of L.I,335. I2s. which will be paid on the decease of the party assured, if the same take place within the current year ; and if the party survive, the addition will increase according to a fixed ratio, until the next period of investigation, which there is reason to think, the retrospective additions then to be declared, may be proportionally equal to those already made-
The office-bearers are chosen by the members of the Society,
and must themselves be members, and of course personally
interested in the Society.

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