The Police Mutual Assurance Society
| Author | S. A. Wood |
| Published date | 01 April 1931 |
| Date | 01 April 1931 |
| DOI | http://doi.org/10.1177/0032258X3100400209 |
The
Police Mutual Assurance Society
A NOTABLE ACHIEVEMENT
By
CAPTAIN
S. A. WOOD
Secretary to the Police Mutual Assurance Society
ON the rzth day of September, in the year 1921, an insti-
tution, destined to make insurance history in the police
world, was registered under the Friendly Societies Act, 1896.
Known as the Police Mutual Assurance Society, it was a
development of the Police Mutual Assurance Association,
which had existed for more than fifty years and had paid out
in death benefits during its career a sum in excess of half a
million pounds.
The
financial situation created as a result of the Great
War, and the desire for a more attractive form of assurance
than that provided by the Police Mutual Assurance Associa-
tion, contributed to the birth of the P .M.A.S., which com-
prised a Whole Life Scheme, confined to those who had
belonged to the old Association, and an Endowment Scheme,
open to all serving members of the forces and their wives.
A reasonable time was given in which members of the old
Association might transfer to the Whole Life Scheme, or to
the Endowment Scheme (if eligible), and the new Society
commenced operations with effect from 16th January, 1922.
As it had been found, on actuarial investigation of the
working of the Police Mutual Assurance Association, that at
the older ages the premiums payable were not sufficient to
guarantee the due fulfilment of all the contracts at death, the
Consulting Actuary (Mr. J. Murray Laing, F.I.A., F.F.A.)
submitted a revised scheme, which necessitated, at the older
ages, reductions in the sums assured and the payment of larger
contributions.
In
order to mitigate the hardship on the
members concerned, and acting in accordance with the advice
24
2
Get this document and AI-powered insights with a free trial of vLex and Vincent AI
Get Started for FreeStart Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting