Assessment Life Insurance

The subject of assessment life insurance represents the pathological side, if I may so express it, of life insurance.Instead of dwell- ing upon the physiology of life insurance, upon the normal phases of it, I am invited to discuss those phases which are abnormal, and which we hope are now passing away.In order to do so, I find it necessary to make some explanation of how it happened that the disease of assessmentism set in.It is worth while for the young men of the new generation, who scarcely know assessmentism at all, except as connected with another form of insurance, to be made acquainted with that which was well known to their fathers, and but scarcely known to their grandfathers.When I say it was scarcely known to their grandfathers, I mean that there was a time when the pathological side of life insurance, that is insurance of a pathological nature of this particular type at least, did not exist, and when, whatever other diseases life insurance might have been inflicted with, this particular disease known as assessmentism was not to be found.I shall point out to you why assessmentism in this country became prevalent; because diseases or disorders in life insurance, quite as physical diseases, do not originate independently, but grow out of other pathological symptoms.Now, the particular situation which gave rise to assessment life insurance and its great growth in this country was the following: In their early history the regular life insurance companies of the United States addressed themselves to furnishing protection.To- day one will often hear representatives of the fraternal societies dis- tinguishing between insurance and protection, and claiming that their organizations are for the express purpose of furnishing protection

Actuarial science · Business · Life insurance · Insurance and Financial Risk Management · Insurance, Mortality, Demography, Risk Management · Probability and Risk Models