The History And Development of Personal Accident And Sickness Insurance
The History And Development of Personal Accident And Sickness Insurance
H J Hastings
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Assurance Under the Assurance Companies Act of 1909, no pro- Companies' vision appears to have been made for a reserve fund, as Act, 1909. No distinction has been drawn between permanent contract sickness business and ordinary accident business. Any Com- pany transacting the latter class is not bound to make the usual deposit, or to keep a separate account of such busi- ness, although in the interests of the policyholders such provision is of equal importance as with Life contracts. Surrender T...here is a further similarity to Life assurance, as under certain tables a surrender value is allowed if no claims have been paid, although the method of calculating such surrender value is different. With a Life contract the value increases as the policy reaches maturity, but with sickness contracts it is greater up to about half-way through the term, after which it decreases owing to the larger reserves which have to be made to meet claims. Scientific The above figures also prove the necessity of scientific rating, as it is distinctly shown that a man of 50 is a much worse risk than a man age 30, yet under the annual contract policy, the same rate of premium would be charged for both.
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