ABSTRACT
We gave in our paper of Saturday a full report of the trial of an action brought against the Argus Insurance Company 1 in consequence of its having refused payment of the sum due upon one of its policies on the death of the assured. The subject is one of considerable importance to all classes of society. Life insurance has now become so general that all are interested in guarding against the abuse of a practice which may de justly regarded as one of the greatest blessings of the age. It enables men, by making comparatively small annual payments out of their earnings, to anticipate the result of years of industry and economy combined. Any prudent person with an income dependent on the continuance of his own life may secure that provision for his family at his death, let it happen when it may, which but for the benefits of life insurance it would require a long career of saving, and frequently of great exertion, to accumulate. If, however, it becomes a common custom with insurance companies to dispute the payment of the sums due on the policies they have issued, there will be an end to all confidence in the system and its greatest advantage – the relief from anxiety it is calculated to afford to an industrious man with a family dependent on his own exertions –will be entirely destroyed. Instead of feeling that by making sacrifice of a part of the fruits of his labour during his lifetime he is securing a provision at his death to those who are dear to him, he will be fearful that he may be only contributing a portion of his hard earnings to leave his family a legacy of expensive litigation with a powerful company, instead of the means of support. Life insurance under such a system as this, which the Argus company has upon more than one occasion pursued, would entail disappointment and loss in place of the blessings which, under proper regulations, it is eminently calculated to confer.
