PRACTICE OF ASSURANCE BY THE ROMANS.--SAXON APPROXIMATION TO
FRIENDLY SOCIETIES.--MARINE ASSURANCE.--DANGER OF NAVIGATION, AND
ITS EFFECT ON LIFE ASSURANCE.--ASSURANCE FOR PALMERS AND PILGRIMS
TO THE HOLY LAND.--BULMER’S OFFICE OF ASSURANCE.--ASSURANCE OF
NAVIGATORS, MERCHANTS, AND CORPORATIONS.--ASSURERS.--UNCERTAINTY
OF LIFE.--ANNUITIES.--AUDLEY THE USURER--HIS HISTORY--ANECDOTES
CONCERNING HIM.--THE USURER’S WIDOW.
It has been the endeavour of most writers to trace the practice, if not
the principle, of assurance as far back as possible; but in doing this,
trifles have been exaggerated into matters of importance. Some authors
contend, on the authority of Livy, that it was in use during the Second
Punic War: others, arguing from a passage in Suetonius, refer to the
Emperor Claudius, as the first insurer; because, in order to encourage
the importation of corn, he took all the loss or damage it might
sustain upon himself.
These cases are, however, entirely exceptional, and certainly indicate
no settled plan, as the very fact that the Emperor guaranteed the
contractor against damage, is a proof that there was no other mode of
doing so. Cicero is also quoted, because, in one of his epistles, he
expresses a hope of finding at Laodicea, security by which he could
remit the money of the republic without being exposed to danger in its
passage.
If, however, the assertion that marine assurance was known to the
ancients is not demonstrable, there is no doubt that life assurance
was unknown and unpractised, although the Romans had some wise
regulations in connection with the economy of the people. From Servius
Tullius downwards, they took a census every fifth year, and the right
of citizenship was involved in any one failing to comply with the
requirements of his age, name, residence, the age of his wife, the
number of his children, slaves, and cattle, together with the value
of his property. They do not seem to have kept any exact mortuary
register, as the chief object of their census was to levy men and money
for the purpose of conquest. One of the commentators on the Justinian
Code also gave a calculation of the worth of annuities, which, if it
may be accepted as an expectation of life, gives far more correct views
of its comparative value at various ages, than was known in Europe
until the time of De Witt.
Turning from these vague theories of an antique age to our own
country, we find that associations founded on social principles, in
which union for good or for ill, and in which provision was made for
contingencies, were the prominent features, are to be found in our
Saxon annals. The axiom, that “Union is Strength,” the necessity
of providing for casualties by mutual assistance, in other words,
assurance on its broadest and most rational basis, was practised in
the Saxon guild, the origin of which was very simple: Every freeman
of fourteen being bound to find sureties to keep the peace, certain
neighbours, composed of ten families, became bound for one another,
either to produce any one of the number who should offend against the
Norman law, or to make pecuniary satisfaction for the offence. To do
this, they raised a fund by mutual payments, which they placed in one
common stock. This was pure mutual assurance. From this arose other
fraternities. The uncertain state of society, the fines which were
arbitrarily levied, the liability to loss of life and property in a
country divided against itself, rendered association a necessity. And
if it was necessary before the Conquest, it became doubly so after
it. The mailed hand of the Norman knight was ever ready to grasp the
goods of the Saxon serf; and the Norman noble trod the ground he had
aided to subdue, with the pride of a conqueror, at the same time that
he exercised the rapacity of an Eastern vizier. To meet the pecuniary
exigencies which were perpetually arising from fines and forfeitures,
and to aid one another in burials, legal exactions, penal mulcts,
payments, and compensation,--ancient friendly societies, somewhat
similar to those of the present day, were established; and the rules of
one which existed at Cambridge prove its approximation to the modern
mutual friendly association. The following extracts will satisfy the
reader of the truth of this assertion:--
“1. It is ordained, that all the members shall swear by the holy
reliques that they will be faithful to each of their fellow-members, as
well as in religious as in worldly matters; and that, in all disputes,
they will always take part with him that has justice on his side.
“2. When any member shall die, he shall be carried by the whole Society
to whatever place of interment he shall have chosen; and whoever shall
not come to assist in bearing him shall forfeit a sextarium of honey:
the Society making up the rest of the expense, and furnishing each
his quota towards the funeral entertainment; and also, secondly, for
charitable purposes, out of which as much as is meet and convenient is
to be bestowed upon the church of St. Etheldred.
“3. When any member shall stand in need of assistance from his
fellow-members, notice thereof shall be given to the Reeve or Warden
who dwells nearest that member, unless that member be his immediate
neighbour; and the Warden, if he neglect giving him relief, shall
forfeit one pound.[5] In like manner, if the President of the Society
shall neglect coming to his assistance, he shall forfeit one pound,
unless he be detained by the business of his lord or by sickness.
“4. If any one shall take away the life of a member, his reparatory
fine shall not exceed eight pounds; but if he obstinately refuse to
make reparation, then shall he be prosecuted by and at the expense of
the whole Society: and if any individual undertake the prosecution,
then each of the rest shall bear an equal share of the expenses. If,
however, a member who is poor kill any one, and compensation must be
made, then, if the deceased was worth 1200 shillings, each member shall
contribute half a mark[6]; but if the deceased was a hind, each member
shall contribute two oræ[7]; if a Welchman, only one.
“5. If any member shall take away the life of another member, he
shall make reparation to the relations of the deceased, and besides
make atonement for his fellow-member by a fine of eight pounds, or
lose his right of fellowship to the society. And if any member, except
only in the presence of the king, or bishop, or an alderman, shall eat
or drink with him who has taken away the life of a fellow-member, he
shall forfeit one pound, unless he can prove, by the evidence of two
witnesses on oath, that he did not know the person.
“6. If any member shall treat another member in an abusive manner, or
call him names, he shall forfeit a quart of honey; and if he be abusive
to any other person, who is not a member, he shall likewise forfeit a
quart of honey.
“7. If any member, being at a distance from home, shall die or fall
sick, his fellow-members shall send to fetch him, either alive or
dead, to whatever place he may have wished, or be liable to the stated
penalty; but if a member shall die at home, every member who shall not
go to fetch his corpse, and every member who shall absent himself from
his obsequies, shall forfeit a sextarium of honey.”
These rules might have been certified by a Pratt, so simple and so
excellent is their arrangement. But they must not be regarded as
exceptional. The following form a portion of the regulations of
another similar society at Exeter:--
“1. At each meeting every member shall contribute two sextaria of
barley meal, and every knight one, together with his quota of honey.
“2. When any member is about to go abroad, each of his fellow-members
shall contribute five pence; and if any member’s house is burnt, one
penny.
“3. If any one should by chance neglect the stated time of meeting, his
regular contribution to be doubled.”
Well may Mr. Ansell say, “The guilds or social corporations of the
Anglo-Saxons seem, on the whole, to have been friendly associations,
made for mutual aid and contribution, to meet the pecuniary exigencies
which were perpetually arising.” Nor can the reader fail to be struck
with the resemblance these rules bear to those of many of the modern
societies; and, as they were framed 800 years ago, the similitude is
somewhat remarkable. After the Conquest guilds were established for
the express promotion of religion, charity, or trade, and from these
fraternities the various companies and city corporations have arisen.
The following, forming a portion of the rules of St. Catherine’s Guild,
seem like those of some modern fraternity:--
“If a member suffer from fire, water, robbery, or other calamity, the
guild is to lend him a sum of money without interest.
“If sick or infirm, through old age, he is to be supported by his guild
according to his condition.
“If a member falls into bad courses, he is first to be admonished, and
if found to be incorrigible he is to be expelled.
“Those who die poor, and cannot afford themselves burial, are to be
buried at the charge of the guild.”