John F. Dryden, ‘The Social Economy of Industrial Insurance: A Lecture Delivered before the Senior Class of Yale University, 1904’ (1909)
Pages 11

Industrial insurance is of comparatively modern origin in this country. All forms of life insurance are the result of slow development in theory and practice, but for Industrial insurance it may be claimed that it is the outgrowth of ages of experiments to provide, by an effective and absolutely certain method, for the financial needs of the mass of the population at the hour of bereavement. The mass of the people are confronted by the fact that death means a large expense – often a burdensome debt – to meet the cost of burial, or a heavy draft on slender savings, the result of years of abstinence and foresight, or the alternative of state or private charity. However remote the chance of death may appear at times, it is an ever-present contingency, for which an effective provision has become a necessity in civilized life.