Amicable Society for a Perpetual Assurance Office

Founded in London in 1706 (credited co-founders include William Talbot, Bishop of Oxford, and the financier Sir Thomas Allen), one of the earliest formal life-assurance mutuals in England. Its own 1706 rules admitted members within a coarse age-eligibility band — 12 to 55 at the founding, tightened to 45 by around 1770 — without individually rating risk, and charged every admitted member the same flat contribution of £6. 4s. per annum. Rather than pricing risk it rationed payout: a fixed, pre-set annual fund was divided equally among that year's death-claims, so a nominee's sum depended on how many other members died that year. Walford calls the result "a species of Mortuary Tontine." It is the institution James Dodson was refused membership in for exceeding the age cap, and the age-blind scheme his later age-scaled premiums (the basis of Equitable Life, founded 1762) were built to correct. It did not itself adopt a graduated contribution scale until its 1807 charter, 101 years after founding (claim-amicable-society-adopted-age-graded-premiums-only-in-1807), and was merged into the Norwich Union Life Office in 1866. Its early history includes an embezzlement by its own founder-registrar (claim-amicable-registrar-hartley-absconded-with-6500-in-1713) and what Walford believed was the first sale of a life policy (claim-1711-amicable-policy-sale-possibly-first-life-policy-sale-on-record); its records later yielded the field's first assured-lives mortality data (claim-pensam-1811-amicable-experience-first-assured-lives-mortality-data).

Sits at the centre of moc-early-life-assurance-and-the-age-rating-lag.

References

• claim-amicable-society-1706-charged-flat-premium-not-graded-by-age
• claim-amicable-society-1706-rules-capped-admission-age-at-55
• claim-amicable-society-1706-fixed-dividend-fund-divided-equally-per-death
• claim-dodson-refused-amicable-society-over-age-45
• claim-dodson-built-age-scaled-premiums-founding-equitable-life
• claim-tontine-coffee-house-dividend-proportional-claim-has-no-citation
• claim-walford-1885-essay-freely-hosted-installment-predates-amicable-society-1706
• claim-premature-negative-finding-amicable-dividend-was-an-unlocated-installment
• claim-amicable-society-adopted-age-graded-premiums-only-in-1807
• claim-amicable-registrar-hartley-absconded-with-6500-in-1713
• claim-1711-amicable-policy-sale-possibly-first-life-policy-sale-on-record
• claim-pensam-1811-amicable-experience-first-assured-lives-mortality-data