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Richard Morgan, Familiar Observations on Life Insurance (1841), Chapter 4
Pages 10

Two different modes of conducting an establishment for insurance naturally present themselves to the mind. The one, that the risk should be taken by a distinct body of individuals, raising a capital for protection, and enjoying any surplus which might accrue from the premiums paid by the assured, after discharging the claims arising by death. The other, that the assured should be mutual guarantees, dividing the responsibility, and depending on the sufficiency of the premiums for covering it.