Everything tells me that I am about to make a wrong decision, but making mistakes is just part of life. What does the world want of me? Does it want me to take no risks, to go back to where I came from because I didn't have the courage to say "yes" to life?
One hour of life, crowded to the full with glorious action, and filled with noble risks, is worth whole years of those mean observances of paltry decorum, in which men steal through existence, like sluggish waters through a marsh, without either honour or observation.
Friendship marks a life even more deeply than love. Love risks degenerating into obsession, friendship is never anything but sharing.
"Listen, if you please, till I have finished speaking," replied Monte Cristo. "You receive 1,500 francs per annum for your services here--more than many a brave subaltern, who continually risks his life for his country, obtains. You live in a manner far superior to many clerks who work ten times harder than you do for their money. Then, though yourself a servant, you have other servants to wait upon you, take care of your clothes, and see that your linen is duly prepared for you. Again, you make a profit upon each article you purchase for my toilet, amounting in the course of a year to a sum equalling your wages."
The first step towards the formation of a mixed hydroid colony is undoubtedly a hastening of the sexual maturity of the medusa-individual. Normally the medusae are liberated in quite an immature state; they swim away, feed, grow and become adult mature individuals. From the bionomical point of view, the medusa is to be considered as a means of spreading the species, supplementing the deficiencies of the sessile polyp. It may be, however, that increased reproductiveness becomes of greater importance to the species than wide diffusion; such a condition will be brought about if the medusae mature quickly and are either set free in a mature condition or remain in the shelter of the polyp-colony, protected from risks of a free life in the open sea. In this way the medusa sinks from an independent personality to an organ of the polyp-colony, becoming a so-called _medusoid gonophore_, or bearer of the reproductive organs, and losing gradually all organs necessary for an independent existence, namely those of sense, locomotion and nutrition. Entry: FIG
The Spanish and Venetian ambassadors in London were shocked at what they regarded as the indecent rejoicings over Elizabeth's accession. The nation, indeed, breathed a new life. Papal control of its ecclesiastical, and Spanish control of its foreign policy ceased, and it had a queen who gloried in being "mere English." There was really no possible rival sovereign, and no possible alternative policy. The English were tugging at the chain and Elizabeth had to follow; her efforts throughout were aimed at checking the pace at which her people wanted to go. She could not have married Philip had she wished to, and she could not have kept her sea-dogs off the Spanish Main. They were willing to take all the risks and relieve her of all responsibility; they filled her coffers with Spanish gold which they plundered as pirates, knowing that they might be hanged if caught; and they fought Elizabeth's enemies in France and in the Netherlands as irregulars, taking their chance of being shot if taken prisoners. While Elizabeth nursed prosperity in peace, her subjects sapped the strength of England's rivals by attacks which were none the less damaging because they escaped the name of war. Entry: VII
_Saving of Life._--Under "Fire Prevention" special requirements in the Building Act can greatly influence the safety of life by requiring practical exits and sufficient staircase accommodation. The risks in theatres and assembly halls require separate legislation. In ordinary structures no inmate of a building should be more than sixty feet away from a staircase, and preferably there should be two staircases at his disposal in the event of one being blocked. Generally, attention is only given to the construction of staircases; but it must be pointed out that their ventilation is equally important. Smoke is even a greater danger than fire, and may hamper the helpers terribly. The possibility of opening a window has saved many a life. Entry: 1843
Secondary school grants are assessed upon average attendance, and efficiency is guaranteed by inspection and not by individual examination. All recognized schools must provide at least the substantial equivalent of the four-years' course formerly required, and recognition is withheld or withdrawn if an adequate number of the scholars do not remain at least four years in the school, or do not remain up to sixteen; in rural areas, however, and small towns, a school life of three years and a leaving age of fifteen may be accepted. "The board are now in a position, through their inspectorate, to keep a watch and exercise a guidance which were previously impossible over the planning and working of school curricula. Detailed reports following upon full inspections, and the more constant if less obvious influence exercised through informal visits, conferences, reports and suggestions, may now be relied upon to guard against the risks of one-sided education, of ill-balanced schemes of instruction, and of premature or excessive specialization" (Report of Board of Education, 1906-1907, page 68). The curriculum must provide instruction duly graded and duly continuous, in the English language and literature, in geography and history, in mathematics, science and drawing, and in at least one language other than English. Where two languages other than English are taken, Latin must ordinarily be one. Provision must be made for organized games, physical exercises and manual instruction, and in girls' schools science and mathematics other than arithmetic may be replaced by an approved scheme of practical housewifery for girls over fifteen. The total number of secondary schools recognized for grant (_Statistics_, 1907-1908) was 736, of which only 220 were directly provided by local authorities. The number of pupils in attendance was 68,104 boys and 56,359 girls, total 124,463. The government grants for 1907-1908 amounted to £320,873 besides grants from local authorities. Entry: A
GOZLAN, LÉON (1806-1866), French novelist and play-writer, was born on the 1st of September 1806, at Marseilles. When he was still a boy, his father, who had made a large fortune as a ship-broker, met with a series of misfortunes, and Léon, before completing his education, had to go to sea in order to earn a living. In 1828 we find him in Paris, determined to run the risks of literary life. His townsman, Joseph Méry, who was then making himself famous by his political satires, introduced him to several newspapers, and Gozlan's brilliant articles in the _Figaro_ did much harm to the already tottering government of Charles X. His first novel was _Les Mémoires d'un apothicaire_ (1828), and this was followed by numberless others, among which may be mentioned _Washington Levert et Socrate Leblanc_ (1838), _Le Notaire de Chantilly_ (1836), _Aristide Froissart_ (1843) (one of the most curious and celebrated of his productions), _Les Nuits du Père Lachaise_ (1846), _Le Tapis vert_ (1855), _La Folle du logis_ (1857), _Les Émotions de Polydore Marasquin_ (1857), &c. His best-known works for the theatre are--_La Pluie et le beau temps_ (1861), and _Une Tempête dans un verre d'eau_ (1850), two curtain-raisers which have kept the stage; _Le Lion empaillé_ (1848), _La Queue du chien d'Alcibiade_ (1849), _Louise de Nanteuil_ (1854), _Le Gâteau des reines_ (1855), _Les Paniers de la comtesse_ (1852); and he adapted several of his own novels to the stage. Gozlan also wrote a romantic and picturesque description of the old manors and mansions of his country entitled _Les Châteaux de France_ (2 vols., 1844), originally published (1836) as _Les Tourelles_, which has some archaeological value, and a biographical essay on Balzac (_Balzac chez lui_, 1862). He was made a member of the Legion of Honour in 1846, and in 1859 an officer of that order. Gozlan died on the 14th of September 1866, in Paris. Entry: GOZLAN
Thus the principle of insurance had now become a distinct part of the common stock of thought in enlightened nations, and gradually, by association with successive new ideas, plans and methods, was developed into a business or trade, which before the middle of the 18th century already formed an essential element of the social scheme. Most of the modern forms of insurance against the elements were known, and at least crudely practised. But there was no scientific basis for the business. Premiums were fixed, not by computation from known facts or reasonable assumptions, but by guess and the higgling of the market. Only the competition of capital checked the extortionate demands of underwriters. The first important steps towards a scientific valuation of hazards were taken in dealing with the class of risks hitherto so much neglected, those which depend upon human mortality. Marine and fire insurance had their origin in the pressure of need. The practice began before a theory existed. But life insurance had its origin in the scientific study of the facts of human mortality. Both marine and fire insurance became general before there was any intelligent study of the risks by statistical or mathematical methods, nor can it be said that much progress has since been made towards establishing a scientific basis for the valuation of risks in these classes. But life insurance may be said to have been impossible until the theory of probabilities had become a recognized part of the common stock of ideas. Entry: I
IV. _Egypt._--The very life of Egypt depends on its irrigation, and, ancient as this irrigation is, it was never practised on a really scientific system till after the British occupation. As every one knows, the valley of the Nile outside of the tropics is practically devoid of rainfall. Yet it was the produce of this valley that formed the chief granary of the Roman Empire. Probably nowhere in the world is there so large a population per square mile depending solely on the produce of the soil. Probably nowhere is there an agricultural population so prosperous, and so free from the risks attending seasons of drought or of flood. This wealth and prosperity are due to two very remarkable properties of the Nile. First, the regimen of the river is nearly constant. The season of its rise and its fall, and the height attained by its waters during the highest flood and at lowest Nile vary to a comparatively small extent. Year after year the Nile rises at the same period, it attains its maximum in September and begins to diminish first rapidly till about the end of December, and then more slowly and more steadily until the following June. A late rise is not more than about three weeks behind an early rise. From the lowest to the highest gauge of water-surface the rise is on an average 25.5 ft. at the First Cataract. The highest flood is 3.5 ft. above this average, and this means peril, if not disaster, in Lower Egypt. The lowest flood on record has risen only to 5.5 ft. below the average, or to 20 ft. above the mean water-surface of low Nile. Such a feeble Nile flood has occurred only four times in modern history: in 1877, when it caused widespread famine and death throughout Upper Egypt, 947,000 acres remained barren, and the land revenue lost £1,112,000; in 1899 and again in 1902 and 1907, when by the thorough remodelling of the whole system of canals since 1883 all famine and disaster were avoided and the loss of revenue was comparatively slight. In 1907, for instance, when the flood was nearly as low as in 1877, the area left unwatered was little more than 10% of the area affected in 1877. Entry: IV
INSURANCE, a term meaning generally "making oneself safe against" something, but specially used in connexion with making financial provision against certain risks in the business of life. The terms Assurance and Insurance are in ordinary usage synonymous, but in the profession "assurance" is confined to the "life" business, and "insurance" to fire, marine and other miscellaneous risks. Assurance was the earlier term, and was used of all forms of insurance indiscriminately till the end of the 16th century. Insurance--in its earlier form, "ensurance"--was first applied to fire risks (see note _s.v._ "Insurance" in the _New English Dictionary_). Entry: INSURANCE
In England the common-law requisites of a guarantee in no way differ from those essential to the formation of any other contract. That is to say, they comprise the mutual assent of two or more parties, competency to contract, and, unless the guarantee be under seal, valuable consideration. An offer to guarantee is not binding until it has been accepted, being revocable till then by the party making it. Unless, however, as sometimes happens, the offer contemplates an express acceptance, one may be implied, and it may be a question for a jury whether an offer of guarantee has in fact been accepted. Where the surety's assent to a guarantee has been procured by fraud of the person to whom it is given, there is no binding contract. Such fraud may consist of suppression or concealment or misrepresentation. There is some conflict of authorities as to what facts must be spontaneously disclosed to the surety by the creditor, but it may be taken that the rule on the subject is less stringent than that governing insurances upon marine, life and other risks (_The North British Insurance Co._ v. _Lloyd_, 10 Exch. 523), though formerly this was denied (_Owen_ v. _Homan_, 3 Mac. & G. 378, 397). Moreover, even where the contract relied upon is in the form of a policy guaranteeing the solvency of a surety for another's debt, and is therefore governed by the doctrine of _uberrima_ fides, only such facts as are really material to the risk undertaken need be spontaneously disclosed (_Seaton_ v. _Burnand_--_Burnand_ v. _Seaton_, 1900, A.C. 135). As regards the competency of the parties to enter into a contract of guarantee, this may be affected by insanity or intoxication of the surety, if known to the creditor, or by disability of any kind. The ordinary disabilities are those of infants and married women--now in England greatly mitigated as regards the latter by the Married Women's Property Acts, 1870 to 1893, which enable a married woman to contract, as a _feme sole_, to the extent of her separate property. Every guarantee not under seal must according to English law have a consideration to support it, though the least spark of one suffices (_per_ Wilmot, J., in _Pillan_ v. _van Mierop and Hopkins_, 3 Burr., at p. 1666; _Haigh_ v. _Brooks_, 10 A. & E. 309; _Barrell_ v. _Trussell_, 4 Taunt. 117), which, as in other cases, may consist either of some right, interest, profit or benefit accruing to the one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other. In some guarantees the consideration is entire--as where, in consideration of a lease being granted, the surety becomes answerable for the performance of the covenants; in other cases it is fragmentary, i.e. supplied from time to time--as where a guarantee is given to secure the balance of a running account at a banker's, or a balance of a running account for goods supplied (_per_ Lush, L.J., in _Lloyd's_ v. _Harper_, 16 Ch. Div., at p. 319). In the former case, the moment the lease is granted there is nothing more for the lessor to do, and such a guarantee as that of necessity runs on throughout the duration of the lease and is irrevocable. In the latter case, however, unless the guarantee stipulates to the contrary, the surety may at any time terminate his liability under the guarantee as to _future_ advances, &c. The consideration for a guarantee must not be _past_ or _executed_, but on the other hand it need not comprise a direct benefit or advantage to either the surety or the creditor, but may solely consist of anything done, or any promise made, for the benefit of the principal debtor. It is more frequently _executory_ than _concurrent_, taking the form either of forbearance to sue the principal debtor, or of a future advance of money or supply of goods to him. Entry: GUARANTEE
No final explanation has been given, and there is no proof that the average life in America is longer than in England or Germany. Dr McClintock inclines to believe that one potent cause of the great difference in the insured experience is that, while European offices have generally awaited applications, which are commonly prompted by some sense of need for insurance, the custom of American companies is actively to solicit business through agents. On the average, lives which are only induced by persuasion to insure are better than those which voluntarily apply. That this suggestion points out a real and perhaps an important differentiating influence upon groups of risks is not doubted, but the measure of its effects has not yet been determined. The question is one of many which yearly assume more prominence, and which, as a class, are conventionally termed problems of selection. Assuming that the general rate of mortality is precisely known, any deviation from it occurring in a special group of insured lives, as the result of some influence peculiar to that group, is called the effect of selection. If insurance were offered on equal terms to all, the feeble and dying would apply in disproportionate numbers, and the mortality would be excessive. To avoid this danger careful medical examinations are required, excluding risks which appear to be impaired; and this selection by the insurer uniformly reduces the mortality below the general average during the earliest years of insurance. During these years large numbers of the insured withdraw, either from inability or from indisposition to pay their premiums, but the motive to do so is weakest with lives which have become impaired. The average vitality is lowered by the loss on the whole of a superior class, and the average mortality of those who persist rises. The extent of this influence varies widely with the proportionate number of lapses and the motives which induce them, increasing in a startling degree when lapses multiply in a discredited company, and remaining small, or even at times doubtful, under very favourable conditions; so that the ascertainment of its amount in different circumstances, and for different groups of the insured, is a problem of extreme complication. Its importance is increased by two tendencies which have grown stronger in the practice of recent years: first, to permit at all times the withdrawal by any policyholder of a substantial part of the technical or average reserve upon his assurance, a privilege which legislation and public opinion in the United States have extorted from the companies; and, secondly, the extensive introduction, under competition for public favour, of forms of policies which grant the option, at fixed dates in the future, between withdrawing the entire "accumulations," or technical reserve and surplus, and continuing the insurance. It is well known that at the maturity of these options the motive is strong for impaired lives to remain insured, and that the cash withdrawals are so largely of superior lives that the subsequent rate of mortality is much increased. Other problems in selection arise from varieties in the forms of policies. It is commonly recognized that there are general and marked differences between the mortality experienced upon assurances issued at low and those at high premium rates. Policies for short terms, on which the computed net rates are the lowest, have been found so unprofitable to the insurers that they are rarely granted, and only with a very heavy loading of the tabular value. Upon those insured for life, with annual premiums, there is a large and constant excess of death losses above the endowment assurances, while groups of policies with tontine or cumulative features or reserved bonuses, available only after surviving a term of years, uniformly experience a low mortality. Entry: IV
Before proceeding with an account of the standard institutions of fire and life insurance, it is proper to glance at the modern vast extension of casualty insurance, and to notice certain novel applications of the insurance principle to other special classes of events. The novelty of these enterprises, however, is not in the general idea underlying each of them. In almost every instance in which insurance has been extended, so as successfully to cover new kinds of risks, it will be found that the suggestion is nearly as old as the practice of life insurance. Many more kinds of insurance than are even now found useful were attempted more than a century ago. But no statistical basis then existed for determining the probability of loss from various casualties, nor had the methods of canvassing, accounting, proving and checking losses, reached the perfection now recognized as necessary for efficiency and safety. The various branches of business which, in distinction from the great standard institutions of life, fire and marine insurance, are commonly treated as miscellaneous insurance, differ widely in their subjects and methods. The most general of them, and that most widely known, is insurance against personal injury by accidents of every kind. Much has already been done by the companies in collecting and analysing facts, so as to determine the average risk of injury and disablement among different classes of men. But there is as yet no such union of effort among them to combine their resources for such purposes as among the life companies, nor does the subject admit of treatment so exact as that of human mortality. Hence it is impossible to speak of a theory of accident insurance in a scientific sense; and in its practice premiums and necessary reserves are determined by the trained business judgment of individual managers rather than by the calculations of actuaries from statistical collections of facts. Entry: II
Its first appearance in business life is often sought in the marine loans of the ancient Greeks, fully described by Demosthenes. Money was advanced on a ship or cargo, to be repaid with large interest if the voyage prosper, but not repaid at all if the ship be lost, the rate of interest being made high enough to pay not only for the use of the capital, but for the risk of losing it. Loans of this character have ever since been common in maritime lands, under the name of bottomry and respondentia bonds. (See below, _Marine Insurance_.) But the direct insurance of sea-risks for a premium paid independently of loans began, as far as is known, in Belgium about A.D. 1300. During the next century the risks of insurance for the usual voyages between London and European ports were carefully considered, and customary rates became established. In his address in opening Elizabeth's first parliament in 1559, Sir Nicholas Bacon said, "Doth not the wise merchant in every adventure of danger give part to have the rest assured?" In 1601 parliament created a commission to decide disputes under contracts for marine insurance, and the preamble of the act (43 Eliz. ch. 12) expresses the best thought of the British mind in that day upon the subject. Thus the business of marine insurance was intelligently and wisely practised three centuries ago. But the underwriters were private persons, acting independently, so that the insured lacked the benefit of large aggregations of capital to make his contract safe; while the insurer, who took one or a few risks, was without the security of large averages and might be crushed by an exceptional loss. A partial remedy was gradually reached in London. Men who had capital to employ in this hazardous business used to meet at fixed hours when shipowners and merchants could negotiate with them. The higgling of the open market, in view of all the circumstances of each risk--as the character and condition of the ship, its crew and cargo, the length and route of the voyage, the season, the current rate of interest and profits--determined the rate of premium; and when this obtained general assent, the written agreement was signed by each underwriter for that part of the risk which he assumed. Towards the end of the 17th century these meetings were held in Lloyd's coffee-house, and their simple practice gradually grew into the complete and complicated system of marine insurance now general. The underwriters together evolved rules and improved methods, but continued for generations to insure severally, without corporate powers or common responsibility, so that the name Lloyd's became throughout the commercial world the symbol of marine insurance. More recently the name has been adopted in the United States by associations of private or individual underwriters as distinguished from insurance corporations. Entry: I