The Pamphlet Collection of Sir Robert Stout: Volume 78
[explanation]
This form of assurance is specially designed to meet the case of a business partnership where, on the death of one of the partner, a share of the capital has to be withdrawn from the business. By paying the premium on a Joint-life (or Partnership) Policy out of the profits of the firm the loss of capital, which would otherwise occur on the death of one of the partners, is made good by the Insurance Department without delay to the survivor.