AN ADDRESS FROM THE PRESIDENT AND DIRECTORS OF THE PENNSYLVANIA COMPANY FOR INSURANCES ON LIVES AND GRANTING ANNUITIES, TO THE INHABITANTS OF THE UNITED STATES, UPON THE SUBJECT OF THE BENEFICIAL OBJECTS OF THAT INSTITUTION.
Philadelphia: Printed by J. Maxwell, for the Company, 1814. 45, [3 blanks] pp. Disbound, lightly foxed, Very Good.
Incorporated in 1812, this was "a pioneer American company" [Stalson, J. O. (1938). The Pioneer in American Life Insurance Marketing. Bulletin of the Business Historical Society, 12(5), 65-66. https://doi.org/10.2307/3111126]. It "became the first company formed to issue life insurance policies and annuities," soon followed by the New York Life Insurance Company [Hillstrom, Kevin. "Life Insurance." ENCYCLOPEDIA OF AMERICAN INDUSTRIES... Detroit: Gale Research, 1994.] This Address remarks that, "The want of a company in the United States, for insurances on lives and granting annuities, has long been experienced, and it is therefore with no small degree of satisfaction, that the existence of such an institution is now announced." Upon its incorporation, "the whole capital stock was in a few days subscribed."
The pamphlet is the earliest explanation by an American company of the nature of its life insurance policies, annuities, reversionary payments, and rates. An Appendix contains the Rules of the Company. Accompanying Tables show life expectancies; the annuity which may be purchased for $100 on a single life, at various ages; and other financial data, with explanations. Forms, and the Act of Incorporation, are also printed. "The truly impressive, truly significant thing about the new company was, of course, the fact that it provided life insurance in a modern form". [Stalson, J. O. (1938). The Pioneer in American Life Insurance Marketing. Bulletin of the Business Historical Society, 12(5), 65-75.]
FIRST EDITION. AI 32471g [5]. Sabin 60315. Not in Rink, Eberstadt, Decker. Item #23622
Price: $450.00