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THE

INSURANCE CYCLOPÆDIA:

BEING

A DICTIONARY
OF THE DEFINITION OF TERMS USED IN CONNEXION WITH THE THEORY

AND PRACTICE OF INSURANCE IN ALL ITS BRANCHES :

A BIOGRAPHICAL SUMMARY
OF THE LIVES OF ALL THOSE WHO HAVE CONTRIBUTED TO THE
DEVELOPMENT AND IMPROVEMENT OF THE THEORY AND PRACTICE
OF INSURANCE: WHETHER AS AUTHOR, MANAGER, ACTUARY,

SECRETARY, AGENCY SUPERINTENDENT, OR OTHERWISE.

A BIBLIOGRAPHICAL REPERTORY
OF ALL WORKS WRITTEN UPON THE SUBJECT OF INSURANCE AND ITS

ASSOCIATED SCIENCES :

AN HISTORICAL TREASURY
OF EVENTS AND CIRCUMSTANCES CONNECTED WITH THE ORIGIN AND
PROGRESS OF INSURANCE, INCLUDING A HISTORY OF ALL KNOWN
OFFICES OF INSURANCE FOUNDED IN GREAT BRITAIN,

FROM THE BEGINNING.

AND ALSO CONTAINING A DETAILED

ACCOUNT OF THE RISE AND PROGRESS OF INSURANCE

IN EUROPE AND IN AMERICA.

AND A

COMPENDIUM OF VITAL STATISTICS.

BY

CORNELIUS WALFORD, F.I.A., F.S.S.,

BARRISTER-AT-LAW;
INSURANCE GUIDE AND HAND-BOOK," "INSURANCE YEAR-BOOK," ETC. ETC.

AUTHOR OF

VOLUME IV.

LONDON:
CHARLES AND EDWIN LAYTON, FLEET STREET.

1876.

[All Rights of Translation and Reproduction are reserved to the Author.]

[Entered according to Act of Congress, in the year 1871, by J. H. & C. M. Goodsell,

in the Clerk's Office in the District Court of the United States for the Southern
District of New York.]

LONDON:

PRINTED BY CHARLES AND EDWIN LAYTON,

FLEET STREET AND GOUGH SQUARE.

MANY OF WHICH ARE SPECIALLY ADAPTED TO ITS PAGES :

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EXPLANATION TO THE READER.

The design of this work is that it shall be, as far as possible, self-interpreting. All technical terms used in its pages are explained in its pages, in their alphabetical order.

The arrangement of subjects is strictly Alphabetical.

The arrangement of articles is, as far as possible, Chronological. Dates are given whenever possible. Writers on Insurance subjects generally have a great disregard for chronological exactitude.

Words in Small Capitals placed in brackets, as [Usury), mean that the subject will be further treated of under that head.

When Small Capitals are used in the text without the brackets, it signifies that the subject is, or will be, treated as a separate article.

Offices founded in London or books published there, are not individually so designated in the following pages. The rule we have followed is to state all the exceptions. Therefore, where it is not specifically stated otherwise, London is to be assumed.

We are especially desirous of noticing all INSURANCE PAMPHLETS. Many of these are privately printed, or only accessible through their authors. Our thanks will be due for any contributions of this description.

A Table of the principal Abbreviations used in the work is given on the preceding page.

THE

ENCYCLOPÆDIA OF INSURANCE.

FIRE PROTECTION NOTE.-A form of voucher issued by fire offices, under which they

hold protected to an agreed amount goods or merchandize for a certain number of days or hours, pending removal into warehouses, or shipment, or otherwise. [DEPOSIT

RECEIPTS.) FIRE PUMPS. -See HAND ENGINES. FIRE RAISING.-See ARSON, and Fires CAUSED WILFULLY. FIRE RE-INSURANCE.-See RE-INSURANCE, FIRE. FIRE RE-INSURANCE CORP., Lim.-Founded in 1874, with an authorized cap. of £200,000,

in 20,000 shares of £10. First issue 10,000 shares. The main object of the Co. is to undertake and effect with, or take over from any co., so., corp., partnership, or person, by or for the purposes of re-insurance, fire ins. pol., and every description of contract of ins. against loss by fire. The prosp. says :

The field for the operations of a soundly constituted re-ins. co. is practically inexhaustible : for whilst the total number of cos. estab. for the transaction of re-insurance bus. is less than 20, there were in Gt. Brit, and her colonies alone, in the year 1872, more than 100 fire ins. cos. transacting bus., possessing prem. incomes ranging between £10,000 and £1,100,000 p.a.; on the Continent there were about 150 similar cos.; and more than 300 in the U.S. These cos. re-insure on an average about onesixth of the bus. they accept; and their aggregate incomes prob. exceed £60,000,000 stg. p.a.

The remunerative nature of the bus. of carefully managed fire ins. cos. is well known to their share. holders. The Parl. returns made by those of the Brit. Cos. which come under the provisions of the Act of 1870 (Life Assu. Cos. Act), and the official returns of an equal number of Continental and other cos., show that their aggregate ann. prem. income always exceeds by a large amount the sum paid for claims; and as the bus. of this Corp. is to “take over or re-insure a portion of the transactions of such cos. (for doing which it will receive from them an ann. prem. income exactly proportionate to the amount of bus. re-insured), it will share proportionately in their profitable working

A later prosp. said : The increasing magnitude of ins. transactions, and the need of further facilities for effecting re-insurances, has secured to the Corp. a sound and rapidly augmenting bus.; no less than 8 cos., some of the oldest connected with the Tariff Asso., having opened accounts with the Corp. during the past quarter; and arrangements are being made with several others of similar standing.

The prosp. contained a number of statistics regarding fire ins. cos. at home and abroad. Some of these will be noticed under other heads.

The first ann. meeting was held in Feb. 1876, when the prem. income was reported as being £31,000. The guaranteed fund was stated to be £52,000, for which a commission was paid by the Co. A div. of 6 p.c. was declared.

Among the orig. promoters of the Co. were Mr. Josephus Bailey, “Supt. of Agents ;'' Mr. Joseph Freeman, "Ins. Manager;” Mr. F. Richard Harold, “Ins. Manager ;” Mr. Henry Nuthall, “Ins. Agent ;" and Mr. Charles W. Pearce, “Ins. Manager.

Mr. Freeman and Mr. Pearce became the Man. of the Co. FIRE RISK UNDER MARINE INS. Pol.-See SHIPS, INS. OF AGAINST Fire Risks. FIRE SALVAGE CORPS.- See SALVAGE CORPS (Fire). FIRE-SHIPS.—These are used in maritime warfare, sometimes with very destructive effect.

The first use of them by the Brit. Navy is said to have been in the engagement with the Spanish Armada in 1588. In 1585 a fire-ship with torpedo combined was employed

to destroy a bridge of boats at Antwerp. FIRE SHUTTERS. - See FIREPROOF SHUTTERS. FIRE STATIONS.-Stations where firemen, fire engines, and all necessary appliances for the

extinguishment of fires are kept in readiness for service in the particular districts in which they are situated. The number of fire stations in the metropolis has been considerably

increased of late years. [FIRE BRIGADES.) [FIRE PROTECTION.] FIRE SYRINGE.-See FIRE ENGINES-HAND.

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