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The Pamphlet Collection of Sir Robert Stout: Volume 54

The Agents and the Public

The Agents and the Public.

The rates of premium at which insurances are granted, as stated in the published prospectus, should be strictly adhered to, and any suggestion that a lower rate may be accepted in a particular case, because a rival office charges less, should be firmly resisted. So also the rates of commission to agents, as stated in the agents' instructions, should be similarly adhered to, and not increased in individual cases, because a rival office has offered a higher rate. Again, as regards the conditions of assurance, if it is thought just to relax any of these upon special application, as for instance, to provide that a policy in the hands of third parties shall not be void in consequence of the life assured going beyond the stipulated limits without their knowledge, then I hold that a similar protection should be given also to other policyholders who have not thought of applying for it. This branch of my subject may be summed up by saying that a life insurance company should not be squeezable. If the rules and conditions of the office are such as commend themselves by their fairness, then I hold that the public will think none the worse of the office if those rules and conditions are strictly adhered to.