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I. (43 pages), showing the net values per one thousand dollars of whole life pol. with equal annual prem., for December 31st of each year, interpolated for months, with a side table giving the monthly and daily difference and the values at the beginning and end of each policy year.

II. (one p.), showing the net values per one thousand dollars of whole-life pol. prem. paid by a single payment; serving also for the valuation of additions or reversionary dividends and all wholelife pol. fully paid up, whether by a single payment, or by five, ten, or any other number of payments; table interpolated for months, with the same side-table as in No. I.

III. (5 p.), showing the net values per thousand dollars of whole-life pol. by equal annual prem. for five years or till previous death, interpolated for months, with the same side-table as in No. I.

IV. (10 p.), showing the net values per one thousand dollars of whole-life pol. by equal annual prem. for ten years or till previous death, interpolated for months, with the same side-table as in No. I. V. (3 p.), showing the net values per one thousand dollars of whole-life pol. by equal annual prem. for fifteen years or till previous death; giving values at the beginning and end of each policy year, with the monthly difference.

VI. (4 p.), showing the net values for one thousand dollars of whole-life pol. by equal annual prem. for twenty years or till previous death; giving the values at the beginning and end of each policy year, and the monthly difference.

VII. (28 p.), showing the net values per one thousand dollars of endowment assu. pol. maturing at age 65, with equal annual prem. till maturity or previous death, interpolated for months, with the same side-table as in No. I.

In 1870 part 2 of the same work was issued, and contained the following Tables: Nos. VII.A, VII.B, VII.c, and No. VIII. (25 p.), showing net values per one thousand dollars of endow. assu. pol., maturing at ages 25 and 60, by payments as specified in each table.

Nos. VIII.A, VIII.B. VIII.C, VIII.D, and VIII.E (29 p.), showing net values per one thousand dollars of endow. assu. pol., maturing at age 60, by payments as specified in each table.

Nos. IX., IX.A, IX.в, IX.c, IX.D, and No. X. (23 p.), showing net values per one thousand dollars of endow. assu. pol., maturing at ages 30 and 55, by payments as specified in each table.

Nos. X.A, X.B, X.C, X.D, and X.E (21 p.), showing the net values for one thousand dollars of endow. assu. pol. maturing at age 55, by prem. as specified in each table.

Nos. XI., XI.A, XI.B, XI.C, XI.D, XI.E, and No. XII. (26 p.), showing net values per one thousand dollars of endow. assu. pol. maturing at ages 35 and 50, by payments as specified in each table.

Nos. XII.A, XII.B, XII.C, XII.D, and XII.E (18 p.), showing net values per one thousand dollars of endow. assu. pol. maturing at age 50, by payments as specified in each table.

Nos. XIII., XIII.A, XIII.B, XIII.c, XIII.D, XIII.E, and No. XIV. (27 p.), showing net values per one thousand dollars of endow. assu. pol., maturing at ages 40 and 45, by payments as specified in each table.

Nos. XIV.A, XIV.B, XIV.C, XIV.D, and XIV.E (15 p.), showing net values per one thousand dollars of endow. assu. pol., maturing at age 45, by payments as specified in each table.

No. XV. (28 p.), showing net values per one thousand dollars of endow. assu. pol., maturing at age 65, by equal ann. prem. till mortality or previous death.

Nos. XV.A, XV.B, XV.C, XV.D, and XV.E (26 p.), showing values per one thousand dollars of endow. assu. pol. maturing at age 65, by payments as specified in each table.

Part 3 of the work will be very soon completed. The cost of the 3 parts, £42. The typography appears perfect.

In 1871 was pub. in Boston, U.S., 2nd ed. of Prof. E. Wright's Valuation Tables on the combined experience of actuaries (17 offices) rate of Mort., revised and enlarged. The author says:

These tables, so far as they give the net values of ordinary policies, with ann. prems. payable during life, were printed for the use of a few subscribing Cos. in 1853. Very few other than whole-life, or short-term policies were then issued. At the present moment it will create some surprise that some of the Cos. for which these tables were prepared, insisted on maintaining a 3 p.c. reserve, on which account they were cast at both 3 and 4 p.c... Since 1853, and especially since 1858, different forms of policy, or modes of paying prem., have been greatly multiplied, requiring not only many new tables for convenience in valuing for reserve, but for settling other important questions of equity necessarily arising out of the great diversities in the conditions of the policies. To this reprint of old tables, a good many new ones that seemed most needed have been added, and a number of others the purpose of which will be presently explained.


BONUSES, mode of

ascertaining. VALUATIONS for SURPLUS. ACTUARIES, CONSULTING.-Actuaries of known reputation have frequently a very considerable income from a species of chamber practice, quite apart from the conduct of the business of any particular office with which they may be associated. In the process of legal business all sorts of questions arise regarding the values of life interests, reversions, leaseholds, next presentations, etc., etc.; and the Courts, before making orders for dealing with the same, properly require a valuation to be made by a competent actuary. Then again, vendors as well as purchasers require to know the values of life policies, annuities, life interests, etc., about to be placed in the market for sale. Many books have been pub. professing to give rules and tables to guide in such matters. But the opinion of a man practically conversant with such questions must necessarily stand before all that can be said by rule. He knows the proper deductions and allowances to be made; the proper rate of int. to be assumed; the inclination or otherwise to invest at certain times in certain classes of securities: hence a fee of a few guineas may save as many hundreds. Most persons over-estimate the values of such investments when not acting under competent advice. Some of the problems which come before actuaries in this manner are of great interest. Many of the smaller ins. offices, having no regularly appointed actuary on their staff, fall back upon the services of consulting actuaries, and reap the benefit of their larger experience at a very small comparative cost.

Mr. James Dodson may be regarded as the first who filled the office of Consulting Actuary. He stood in that relation to the founders of the Equitable. De Moivre had

indeed been much consulted in the earlier part of last century; but chiefly as regarded chances at play.

In the US. several of the best known actuaries are entirely consulting, that is, have no fixed engagement with any particular office. ACTUARIES EXPERIENCE. ACTUARIES' TABLE.-The Experience Table, 17 Offices (1843), which we in this work call the OLD EXPERIENCE TABLE, is generally designated by one of the above titles by actuaries and writers in the U.S. The Experience Table of 1869, we in these pages, with a view to the avoidance of confusion, call the NEW EXPERIENCE TABLE. The OLD EXPERIENCE TABLE was some years since adopted by the State of Massachusetts as the standard for its State valuations, and is still retained. ́ [AMERICAN MORT. TABLES.] It is very often called the ACTUARIES' EXPERIENCE. ACTUARIES, FACULTY OF, IN SCOTLAND. See FACULTY OF ACTUARIES. ACTUARIES, INSTITUTE OF (GREAT BRITAIN).—With a view to the especial training of actuaries to the duties of their calling. [ACTUARY.] The Institute of Actuaries was founded in Lond. in 1847. Most of the leading members of the profession have taken a warm interest in it from the beginning. Its successive presidents have been Mr. John Finlaison, Mr. Charles Jellicoe, Mr. Samuel Brown, and the President now is Mr. W. B. Hodge. A president is now elected every third year; the affairs are governed by the President and Council.

The Institute consists of contributing members, viz., Fellows and Associates; and non-contributing members, viz., Honorary Foreign and Corresponding Members. Fellows have the right of attaching to their names F.I.A.; Associates A.I.A. An Associate who, "for a period of three years, may have been Act. to the Government, or Act., Principal Officer, Manager, Sec., or Assistant Act. to any Life Assu., Annuity, or Rev. Interest So., or who has received a certificate of competency, may be at once admitted as Fellow, without ballot."

The first art, of its consti. sets forth its objects as follows:

The Institute of Actuaries of Great Britain and Ireland is an asso. founded for the purpose of elevating the attainments and status, and promoting the general efficiency of all who are engaged in Occupations connected with the pursuits of an Actuary; and for the extension and improvement of the data and methods of the science, which has its origin in the application of the doctrine of prob. to the affairs of life, and from which life assu. annuity, reversionary interest and other analogous institutions derive their principles of operation. It embraces as its peculiar province of inquiry all monetary questions involving a consideration of the separate or combined effects of interest and probability. With a view to the preparation of the younger members for the high duties of their calling, a course of instruction has been indicated by the Council, the completeness of which may be sufficiently judged of by a bare enumeration:

MATRICULATION EXAMINATION.-Vulgar Fractions; Decimal Fractions; Logarithms; Evolutions; Equations, Simple and Quadratic; Series, Arithmetical and Geometrical; Permutations and Combinations; Binomial Theorem; Finite Differences; Geometry; First Four Books of Euclid. SECOND YEAR'S EXAMINATION.-Theory of Logarithms; Elements and Theory of Probabilities; Compound Int. and Annuities Certain; Tables of Mort.; Construction of Auxiliary Tables; Annuities and Assu. on Lives; Annuities and Assu. on Survivorships; Miscellaneous questions. THIRD YEAR'S EXAMINATION.-Life Assu. Finance: Construction and Graduation of Tables of Mort.; Existing Tables of Mort., the mode of their Construction and their respective Merits; Methods of determining the Surplus in an Assu. Co., and of distributing it amongst the Assured. Legal Principles: Acts of Parl.; Charters of Incorp.; Deeds of Set.; Partnerships, Lim. and Unlim., Powers and Duties of Persons constituting them; Policy considered as a Contract; Probates and Letters of Administration; Assignments; Personal Representatives: Bankruptcies. Statistics: Methods for the Arrangement and Collection of Data; Tests of Accuracy; Preparation of Abstracts and Reports; General System of the Country's Finance; Funded and Unfunded Debt, and Fiscal Arrangements; Taxation. Currency, Banking, and Investment: Currency, metallic and paper; Nature of Banking-Bank of England, Private and Joint Stock Banks; Bills of Exchange; Comparative Value of Securities; High and Low Prices; Fluctuations in the Rate of Interest. Miscellaneous: Book-keeping; Auditing; Valuation of Marketable Securities; and Approximate Calculations.

In the preparation of this work we have kept before us the preceding requirements. Some are of course altogether beyond our range.

The Institute has its own organ: the Journal of the Institute of Actuaries and Assu. Mag. pub. quarterly. [ASSURANCE MAG.]

In 1867 an attempt was made to found an Inst. of Actuaries in the U.S., but it did not proceed. ACTUARIES, LONGEVITY OF.-We think the profession of an actuary is one that should peculiarly conduce to longevity. We do not find that any special records have been kept. We have compiled a few instances of ages at death, at the moment of going to press, only as a nucleus.

Griffith Davies

Professor De Morgan
John Finlaison

Benjamin Gompertz

67 65



Mr. Harris (of the Sun)...... 46

[blocks in formation]

Mr. W. Morgan
Dr. Price..



ACTUARY.-Originally a public officer in the Roman Courts of Justice, who drew up writings, contracts, etc., in presence of the magistrate, whence his name, from Actus, an instrument. Actuarii also kept the military accounts of the Romans. The Clerk who registered the acts and constitutions of the convocation in the assemblies of that body was termed actuary. The officers appointed to keep Savings Bank accounts were formerly termed actuaries. Some dictionaries include short-hand writers and registrars of public

bodies under the term. An actuary, as now understood, is a person who is trained to apply the doctrine of mathematical prob. to the affairs of life. The classes of problems with which he has to deal embrace all monetary questions that involve a consideration of the separate or combined effect of int. and prob.

An actuary is now regarded as a necessary officer of every asso. transacting life, annuity, or rev. bus. He may be either a resident actuary, a term applied to persons holding a fixed appointment with any particular asso.; or he may be a consulting actuary, whose services are at the disposal of any person or asso. requiring the same. [ACTUARIES, CON SULTING.] The title of actuary can scarcely be said to properly belong to any person in Gt. Brit. who is not a member of the Inst. of Actuaries of Gt. Brit. and Ireland, or of the Faculty of Actuaries in Scotland.

Mr. Wm. Morgan was probably the first resident actuary appointed. He became act. of the Equitable in 1774. Dr. Price addressed the following remarks to that So. on the duties and the importance of the office of actuary.

There are no questions the solution of which requires a stricter attention, or greater skill in investigation, than some in the doctrine of assu. Difficult questions are sometimes brought to the So.; and the Directors, not being themselves mathematicians, are under a necessity, in making their demands, of being governed by their Actuary: and should he happen to be unqualified, he must make mistakes, and either the public or the So. will be injured. In short, the So. can scarcely be sensible enough of the importance of both abilities and probity in the servants it employs; nor therefore of the particular reason there is for guarding their places against the applications of candidates who in any future vacancies may endeavour to intrude themselves by their connexions or influence.

It was in 1819 that the profession of the actuary came to be specially recognized by the Government. This came about in two forms. First by the appointment of Mr. John Finlaison to the office of actuary to the Commissioners of the National Debt; and second, by enacting (59 Geo. III. c. 128, sec. 2) that the Tables and Rules of all Friendly Societies should be "approved by two persons at least, known to be professional actuaries, or persons skilled in calculation," as fit and proper, according to the most correct calculation of which the nature of the case would admit. (See 1846.)

In 1826, Mr. Babbage said in his Comparative View, speaking of the actuaries of the then offices:

The degree of knowledge possessed by persons so situated at the different Inst. is exceedingly various, passing through all degrees, from the most superficial acquirements, derived merely from the routine of an office, up to the most profound knowledge of the subject.

These differences in degree of attainments are not peculiar to the profession of the actuary.

The requirement of an actuarial certificate to the Tables, etc., of F. Sos. enacted in 1819, was superseded by the law of 1829; but in 1846 there was enacted the 9 & 10 Vict. c. 27, sec. 13 of which provided as follows:

After the passing of this Act, the Reg. of F. Sos. in England and Scotland shall not certify the rules of any F. So, estab. after the passing of this Act, for the purpose of securing any benefit depending on the laws of sickness or mort., unless such So. shall adopt a Table which shall have been certified to be a Table which may be safely and fairly adopted for such purpose under the hand of the actuary to the Commissioners for the Reduction of the National Debt, or of some person who shall have been for at least five years an actuary to some Life Ins. Co. in Lond., Edin., or Dublin, and the name of the actuary by whom any such Table shall have been certified shall be set forth in the rules, and printed at the foot of all copies of such Tables printed for the use of the So. (See 1850.)

By the 13 & 14 Vict. c. 115, the enactments of 1819 and 1846 are modified, and the employment of an actuary in relation to F. Sos. is rendered optional, except that the Reg. is not to grant a "certificate to any So. assu. to any member thereof a certain annuity deferred or immediate, unless the Tables of Contributions payable for such kind of assu. shall have been certified by an actuary as aforesaid, or furnished by the Reg." But if the Rules and Tables were certified by an actuary as provided by the act of 1846, then the So. was to be designated a "certified" So.

By 15 & 16 Vict. c. 80 (1852), an act to abolish the office of master in ordinary of the High Court of Chancery, and to make provision for the more speedy and efficient despatch of the bus. of the said Court, authority is given (sec. 42) to any judge of the Court to obtain the assistance of "actuaries or other scientific persons" the better to enable such Court or judge to determine any matter at issue in any cause or proceeding, and to act upon the certificate of such persons. Under this authority the opinions of actuaries are very constantly required by the Court.

In 1853 a gool deal of attention was drawn to the subject of the training and qualification of actuaries, by reason of the Select Com. on Assu. Asso., which sat in that year, taking some notice of the question.

Mr. Samuel Brown, in a paper read before the Inst. (Assu. Mag. vol. iv., p. 93), took occasion to say :

I apprehend that the real bus, of the actuary is the reasoning on all events to which the mathematics of prob. can be applied, and reducing the conclusions to a form in which they can be practically used for the public benefit. His study is the doctrine of averages; and though his functions have been hitherto confined in a great measure to subjects relating to the assu. of human life, there are evidently many other topics to which in time his attention ought to be directed. The discovery of the mathematical laws of events will eventually be recognized as the sole means of bringing uncertainty to certainty, and out of irregularity deducing order. Whilst men depend wholly on their individual experience and skill, without consulting the laws deduced by mathematics from a large collection of

facts, they will often be astonished, as they frequently are now in Fire and Marine Assu., by fluctuations which upset all their rules of practice, but which the mathematician, if he had been furnished with the previous results of their experience, would have predicted with almost unerring certainty. Dr. Farr, in the Twelfth Ann. Rep. of the Reg.-Gen., pub. that same year, said: The whole commerce of the country turns on contingencies which demand the application of scientific observation and calculation; and as English agriculture has its chemists, English commerce must, to keep pace with it, ultimately employ actuaries to calculate the risks which are now only roughly guessed at; and thus extend the sphere of an important class of scientific men, at present almost peculiar to this country.

And then turning to the present rather than the future, added the following: There is so much of peculiarity in every Assu. So., and such skill required in determining what charge should be laid on the net premium, what reserve should be laid up, what constitutes the safety of a particular Office, what should be sacrificed to extend the transactions, what should be strenuously resisted to save a So. from imminent danger or insolvency, and what should be adopted to give families the greatest benefits, the public the greatest confidence in Ins. Sos.-as demand from the actuary great technical and mathematical skill, besides integrity, consummate judgment, courage and prudence.

In the same year Mr. H. W. Porter read before the Inst. of Actuaries an able paper On some points connected with the Education of an Actuary (Assu. Mag. vol. iv., p. 108). In the preparation of the present work we think it will be found that we certainly have not exceeded the scope of inquiry which the author of that paper considered should form the groundwork of the education of an actuary. We commend the careful study of that paper to all who contemplate entering into the profession. We content ourselves with the following extract here:

The model actuary, then, as a statist, collects and arranges the materials for his mort. table; as a mathematician he constructs, accommodates, and corrects it, according to scientific principles; and from this course he calculates his Tables of annuities and of prems. His knowledge of the nature of diseases, and of their effect upon certain constitutions and under different conditions, enables him to co-operate with the physician; and thus the medical knowledge of that officer is combined with the statistical element in the hands of the actuary, and the knowledge of both is thus made practically useful. His legal knowledge, if sound, may save the Co. much expense-his sphere of usefulness is enlarged, and he becomes a valuable coadjutor of the legal adviser of his Co. As a scholar, the actuary is continually in request. As a man of business his services are invaluable. In the term "business" I include a knowledge of Finance.

Mr. David Maclagan, in his address to the Actuarial So. of Edin., in 1867, said:

I claim for the profession of an actuary a very high place indeed. Measured by the issues which depend upon its accurate details, and still more upon the soundness of the principles on which these details proceed, the importance of our profession may be stated in very strong terms. It deals with enormous figures in finance, and it is entrusted with the interests of generations of men. It concerns itself with the minutiae of apparently trifling matters of routine, with fractional and almost infinitesimal considerations; but it also manipulates and fructifies gigantic sums, and apportions them periodically among thousands of recipients who are literally helpless in its hands.

The charter of incorp. of the Faculty of Actuaries of Scot. granted 1868, thus sets forth the duties of an actuary:

Firstly, to take care that the inst. under his charge, or which may at any time desire his opinion and advice, is founded on a safe basis, both as regards the rate of mort. assumed for any particular country, class, or sex, and the rate of int. at which it may be calculated the money entrusted to the care of such inst. can be safely improved; secondly, to ascertain from time to time, as the inst. makes progress, by appropriate calculations, whether the rate of mort. actually experienced, and the rate of int. realized, are in accordance with the data assumed: for the performance of these duties it is evident that not only a sound knowledge of mathematical principles is required, but also the practical application of financial judgment and experience:... in addition to the requirements of Life Assu. Inst., the profession of Actuary is largely called into requisition, in the same manner as that of advocate or barrister, in advising and directing the public in regard to a great variety of pecuniary interests, frequently involving interests of large amount.

The Life Assu. Cos. Act, 1870, requires an investigation into the affairs of all Asso. transacting Life bus., to be made by "an actuary" periodically; but does not define who shall be regarded as an actuary for such purpose. We believe the attempt once or twice made legally to define an actuary led to a complete failure. This need not be so. short act of Incorp. for the Institute might settle this vexed question.


After what has been already said here, it may seem superfluous to add that an actuary must be something more than simply a mathematician. That he must be a mathematician admits of no question; but with that qualification ever so largely developed, and nothing more than that, he never becomes an actuary in the sense here implied. The other qualifications are sound judgment and enlarged knowledge of business affairs-sagacity. The latter can only be obtained with and from experience; the judgment should be inherent. We will quote from two authorities in point: Mr. Porter said in the paper already quoted : Those who have been in the habit of seeing that class of cases which arise in the private practice of an actuary, and particularly in that of actuaries of Rev. Ins. Cos.,-and which are of a far higher order than ordinary Assu. Office calculations,-must be well aware that in many cases judgment, both as to the treatment of the case, and as to the adoption of results when arrived at by calculation, or the modification of those results, is no unimportant aid to the actuary; indeed, cases may and do arise in practice, the result of which untempered by judgment would be absurd.

Mr. Charles Jellicoe remarked in 1855 (Assu. Mag. vol. vi., p. 66):

From what has been said, it will be apparent that in questions of this kind a great deal of judgment and discretion must always be required from the actuary, and that it is not possible to lay down any general rule which will altogether obviate such requirement.

Hence, and happily, calculating machines can never entirely take the place of men.

ACUTE DISEASES.-Diseases of considerable severity, rapid progress, and short duration, as distinguished from chronic, or long-continued diseases. Diseases were formerly distinguished into morbi acutissimi, very acute, lasting only three or four days; morbi subacutissimi, lasting seven days; and morbi subacuti, lasting from twenty to forty days.— Hoblyn's Dict. of Med. Terms.

ADAMANT FIRE AND LIFE ASSU. Co. projected in 1852, but never attained the honour of comp. regis. The Co. was promoted by Mr. Fred. Lawrence, who first regis. it as the Alleviator. Its proposed cap. was £100,000, in shares of £1.

ADAMS, JOHN, pub. in 1787 The Mathematician's Companion, or a Table of Logarithms
from 1 to 10,860, with an introduction to Decimal and Logarithmic Arithmetic.
ADAMS, THOMAS, was Sec. of Coal Trade Mut. and several other Marine Clubs at South
Shields, in 1845, and for some years subsequent.

AD INTERIM, in the mean time. As ad interim dividends, pending the declaration of ordinary dividends.

ADDISON, COLONEL H. R., was manager of the Phenix Life during the years 1856-7. ADDITIONS TO BUSINESS.-An Ins. Asso. cannot take up any branch of bus. not orig. provided for in the scheme of its constitution. This was decided in 1824 in the case of Natusch v. Irving, see ALLIANCE F. AND L. In view of this circumstance, it is usual in stating the " 'objects" for which an asso. is founded, which in the case of every modern Co. has to be set out in detail in the Mem. of Asso. [MEMORANDUM OF Asso.], to embrace not only the immediate objects of the Asso., but such as may arise in process of time by amalg. or otherwise. Hence the objects of a Life Asso. frequently comprehend the trans. of Fire and Marine Ins. or Accident and Fidelity Guar. bus., although it is only intended at the time to transact life bus. The objects of the Asso. once fixed cannot be altered. [ALTERATIONS.] [OBJECTS.] ADDITIONS TO POLICY.-Reversionary Bonuses declared upon Life policies are termed "Additions to Policy." Mr. Charles Jellicoe advanced the following important query upon this subject in 1856. Should not the add. to a policy, as well as the sum assu., be charged with extra prem. where extra risk is incurred?—adding the following observations: It is remarkable that this is done in very few offices, even when the add. are actually greater than the sum assu. There can be, of course, no good reason for such a practice; the add. are made on the supposition that the circumstances of the life involved will remain the same. If those circumstances are altered, the office should have compensation for the add. risk incurred by the change, or it must be a loser to the extent of the proper prem. to meet it. Assu. Mag., vi., p. 104. ADELPHI Asso. "for the effecting of mut. and the granting of guaranteed assu. on Lives and Survivorships, and the sale of deferred and contingent Life annu. and Endow." This Asso. was projected some years since. It was to have a capital of £500,000, in 10,000 shares of £50. Its preliminary prospectus said:

The prov. committee of the Adelphi Asso. having well considered the various existing schemes of Life Assu., are satisfied that there are strong reasons for believing that notwithstanding the large number of similar Inst., an asso. embracing, and extending, upon safe and equitable principles, the various conveniencies which have hitherto been projected, is yet requisite to supply the wants of, and would be appreciated and supported by the public.

This belief was not realized; the undertaking never reached maturity; the scheme bore a strong family resemblance to the Abacus. Mr. E. Ryley was its consulting actuary. ADJOINING RISKS.-In Fire Ins. houses, buildings, etc., standing so near to the particular risks being ins. as to be likely to communicate fire. Property insurable in itself at easy rates may by reason of its contiguity to combustible materials be deemed hazardous. In France the person in whose premises a fire originates is primâ facie liable for all damage done to adjoining risks.

ADJUDICATION, giving or pronouncing a judgment, sentence, or decree. As adjudicating upon claims; determining or decreeing the amount to be paid. Claims "waiting for adjudication are those in which all the requirements of the proof have not been complied with.

ADJUST (To).-From the Fr. to make even. To arrange, define, determine, make even,
and "settle" the amount payable under a contract of ins. on the occasion of a loss.
ADJUSTER.-One whose profession or bus. it is to adjust. [ASSESSOR.] [AVERAGE

ADJUSTMENT.-The term is applied in several forms to the business of Ins.
Ideal with it under each head.

We must

In Marine Ins. it signifies the process of ascertaining the amount of the indemnity which the insured, after all allowances and deductions made, is entitled to receive under his policy, and the fixing the proportion which each underwriter is liable to pay. The term "settling," as applied to the adjustment of marine losses, is technical, and sometimes leads to misapprehension; it should be discontinued. Marine losses are usually adjusted by persons specially qualified for the purpose, called average-adjusters, or average-staters, which is indeed a recognized profession. Orginally Marine losses were not payable until one month after adjustment. The Marine Cos. after a time adopted the practice of paying within ten days or a week. The underwriters at Lloyd's adhered to the custom of one month, until June 1870, when a discussion was raised, and on a ballot of members, it was agreed to pay one week after adjustment.

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