1943 insurance policy

[j4nm4c]

Having contacted an insurance company about an on death policy taken out in 1943 to the sum of 11 guineas they have returned a cheque for 11pounds and 64pence. I had to laugh when I received it but did think that it would be slightly more as it is 64 years since the premiums were paid up. I sent a photocopy of the policy to the company asking for information and received the cheque by return. Can someone put me straight please. Thank you

[dzug]

Well no - obviously this policy agreed to pay a fixed sum on death. If that had occurred in 1943 they'd have paid it then. 64 years later they still pay it.

It was (I assume) an INsurance policy rather than an ASsurance policy - the latter contains an investment element, the former doesn't. Or possibly a 'without profits' endowment policy - they used to exist but went out of favour years ago.

Either way I'm pretty certain the company has fulfilled its contract.

[Loosehead]

In fact they have over paid you by 9p!

For info: "Assurance" is used when a life is involved "Insurance" is used when it's something else. I.E. There is no such thing as "Life Insurance" although that does not stop the term being used.

[j4nm4c]

Thanks to you both for your swift replies. In response to dzug - the wording on the document says " the Proposer named in the Schedule embodied herein has made a proposal to 'the Company' for an assurance on the life of the assured named in the said Schedule"................ further into the document it says "'the Company' shall on the death of the assured (subject to the conditions endorsed hereon) pay the sum assured mentioned in the said Shedule agreeing with the length of the time this Policy has been issued unto the Proposer or his executors administrators or assigns."
Point 2 of the conditions of assurance reads "The Assured shall not without previous written consent of the Directors become employed in the liquor trade or engage in any form of sailing or travelling in the air or engage as a combatant in any active naval or military operations or any other hazardous or dangerous occupation"...... None of which the assured did.
Would the fact that it's an industrial policy have any bearing on it's value?
You're right Loosehead, I'm 9p in profit.

[vicalncraig]

That's a bit cheeky of them!
Get back on to them and ask them to pay you in guineas as per policy, at least that would be worth a few quid!