MTHEL 131- Midterm Exam Guide - Comprehensive Notes for the exam ( 43 pages long!)
11 Oct 2017
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Tried to petition to start the first life insurance company. Due to unexpected death and families lose money & loved ones are left with poverty and distress. Used life insurance to replace earning power. Primary reason people buy life insurance today is that same as 1757. So that there is enough money to insure the survivors if the breadwinners die. Life insurance industry exists to address 3 primary financial concerns of canadians: die too soon, live too long -> bank account expires before you do. > life annuity: continues to pay every month as long as they live. > can only get it at a life insurance company: disabled or seriously ill. Richard martin: elected municipality in london, member of country club. Financial impact: 383 pounds (worth a lot more in 1583) If gibbons died in 12 months, country club friends give martins 383 pounds.
