VTI. LIFE BUSINESS. THE first action had under the clause of the articles of association permitting Life Insurance was on 20 January, 1794, when Messrs. Fitzsimons, Ball and McMurtrie were appointed "a Committee to consider of a Policy for insuring persons against Capture by Algerines, etc." This was at once formulated, for on 11 February following, they insured Captain John Collet, "on his Per- son against Algerines and other Barbary Corsairs in a Voyage from Philadelphia to London, in the Ship George Barclay, himself Ma.ster, Valuing himself at $5,000," the premium on which was two per cent. On 7 March, Captain Samuel Hubbell, of the ship Eagle, bound from Baltimore to Oporto or Lisbon, was insured in like manner for $4,000 at five per cent. On 13 May following, Thomas Baker, master of the brig Hector at and from Bordeaux to Phila- delphia for $4,000, the premium of which was five per cent. These insurances were "declared to be made upon the person of * * * against the risque of Capture by the Algerines or any of the Barbary Corsairs only, and it is mutually agreed between the Parties to this Policy, that if the said * * * should be killed in any attempts made to defend the said Brig against the said Algerines or Cor- sairs, or should die before or after his Captivity and before he should be Ransomed, the Assurers shall not be bound to INSURANCE COMPANY OF NORTH AMERICA. 73 pay any other Sum or Sums than what may have been expended in attempting the Ransom of the said :!: * :i:" It was not until 9 January, 1795, that it was decided to undertake some plan for insurances on lives, and Messrs. Blodget, Fry and Breck were appointed a committee to form a plan, and the same must have been put into use by the officers without reference to the board, although the individual applications for life policies were in each instance passed upon by the board. But the demand was light, for not until 21 May, 1796, do we find the approval of the first two life insurances, viz., on the life of John Holker from 6 June to 19 September inclusive, for 'p24,000 at one and a half per cent., which, however, appears not to have been accepted; and '"on the natural life of Bon Albert Briois de Beaumez (who attained the age of Forty-one years in the month of December now last past, and is about to sail for India :;: * ::: :;: ), for and during the term and space of Eighteen Calendar months'" for $5,000. A guaranty in this policy as to continuance of the life of the subject is made in the following phrase: "The said President and Directors, therefore and in consideration of Ten per cent. to them paid, do assure, assume and promise that he the said Bon Albert Briois dc Beaumez shall, by the permission of Almighty God, live and continue in this natural Life for and during said Term and space of Eighteen Calendar months :;: :;: ::: :!:." On the 27 September following, .'?8,000 was agreed to be insured on the life of Colonel Tousard for one year at eight per cent., "with permission for him to go and remain in the West Indies during that Period"; but the policy seems not to have been issued. 74 A HISTOR Y OF THE On 15 February, 1803, an insurance for ten thousand dollars was agreed to "on the Life of General dc Noailles (who is now supposed to be in the Havana) for six months at the rate of five per cent., he being prohibited from acting as an officer or soldier in any military expedition, or from return- ing to the West Indies after his arrival here during the continuance of the said Risque." And the last we find agreed to was on 9 April, 1804, on the life of Mr. George Meade; but neither of these policies were issued. The premiums named by the company on the life applications may have prevented in many cases acceptance of its policies, as is shown in the cases now cited. Mr. Hazard in respond- ing 20 November, 1799 to the inquiries of Mr. Henry Remsen, made on behalf of the Manhattan Company of 3STew York, as to the mode of conducting the insurance business in its different branches, stated regarding the life branch: "There have been but few instances of this kind, perhaps half a dozen, in each of which we have gained the premium. Price's tables are those we have used, as far as tables have been recurred to." This branch of the business seemed not to have survived a decade, nor was the company induced afterwards to renew or cultivate it, and not until the incorporation of the Pennsylvania Company for Insur- ances on Lives and Granting Annuities in 1812 was it that the subject of life insurance secured any development and extension in this community.