have 6,000. Each member also receives a napolcon for each meeting of the academy at which he is present, but is liable to a fine if absent for a whole year, or to expulsion for a prolonged absence without sufficient cause shown. Each academy meets once a week for two hours; each has also one public annual sitting; and on Aug. 15 there is a general public meeting of the whole five. All the academies, with the exception of the first, have a certain number of académiciens libres, associés étrangers, and correspondants; the "académiciens libres" have only the right of attending the meetings of the academy; the "associés étrangers" are foreign members. The following table gives the full complement of members and correspondents for cach academy: Among the associés étrangers in 1874 there were in the 2d academy, prof. Max Müller; in the 3d, profs. Owen, Airy, and Wheatstone; and in the 5th, the right hon. W. E. Gladstone, and the right hon. earl Stanhope. Of correspondents, Mr. Thomas Wright belonged to the 2d, as did also sir H. Rawlinson, Mr. Layard, and Dr. John Muir of Edinburgh. Late correspondents with the various academies were prof. Faraday, sir D. Brewster, sir J. W. Herschel, lord Brougham, Mr. McCulloch, Mr. Grote, and Drs. Wheweil and Whately. The Académie Française occupies itself with debates on grammar, rhetoric, poetry, and French literature in general, and its great work is the preparation and continual improvement of a dictionary of the French language. It has the disposal of two prizes of 10,000 francs each, one of 2000 francs, and every alternate year a sum of 1500 francs to be bestowed on meritorious authors in poor circumstances. The Académie des Inscriptions et Belles-lettres has for its subject history in its most comprehensive sense, including chronology, geography, numisinatology, and the study of monuments of every kind, and of the languages of all nations at all times. It has in its gift a prize of 2000 francs, and another for numismatology. The Académie des Sciences has for its subject statistics, pure and mixed mathematics, medical science, etc.; and has the gift of eleven prizes, several of which are of 10,000 francs; all are annual, with the exception of one, which is decennial. The Académie des Beaux-Arts occupies itself with painting, sculpture, architecture, engraving and music; and with the preparation of a dictionary of the fine arts, and alternately with the first academy, distributes the sum of 1500 francs among poor meritorious authors. The Académie des Sciences Morales et Politiques discusses mental philosophy, law and jurisprudence, political economy and statistics, general and philosophical history, and politics, administration, and finance; and has the gift of two prizes--one decennial, the other quinquennial. There is also a Bordin prize in the gift of each academy; and two general prizes—one annual, the other triennial-in the gift of the institute. Each year a sum is voted by the French government for the general fund of the institute, and from this fund are paid the allowances of members, salaries of the secretaries and other officials, and several prizes; also experiments, printing, etc. INSTITUTES is the name given to the elementary treatise on the Roman or civil law. See LAW, ROMAN, CIVIL. INSTITUTION, in church law, means the final and authoritative appointment to a church benefice-more especially a bishopric-by the person with whom such right of appointment ultimately rests. Thus, in the Roman Catholic church-even after the "election" of a bishop by the chapter, or his "nomination" by the crown, when that right belongs to the crown-it is only the pope who confers "institution." In English usage, institution is a conveyance of the cure of souls by the bishop, who, or whose deputy, reads the words of the institution, while the clerk kneels. The institution vests the benefice in the clerk, for the purpose of spiritual duty, who thereupon becomes entitled to the profits thereof. But the title is not complete till induction (q.v.). INSTRUMENT, in point of law, is scarcely a technical term, though it is frequently used in England as descriptive of a will or testamentary writing-and often any document not under seal. In Scotland, on the other hand, it is usually descriptive only of a notarial instrument. INSTRUMENTATION is the arranging of music for a combined number of instruments. The nature and character of the musical ideas must alone determine whether the instrumentation shall be simple or artistic, and perhaps complex; the latter being the case when some of the instruments take a more prominent part than others. For both purposes, a thorough knowledge of every instrument in the orchestra is absolutely necessary, as without this, instrumentation becomes only a deafening mass of sounds. The stringed instruments, from their nature, in most cases, form the principal parts of a score, around which the other instruments move, without depriving them of their importance. The wind instruments represent, more or less, as it were, a subordinate chorus, which may again be divided into two kinds, viz., the wood instruments and the brass, which, with the stringed instruments, give three essentially different choral effects, that may be mixed up together in endless variety. A knowledge of the art of instrumentation is only to be acquired by great experience; at the same time much may be learned by consulting the following works: Die Instrumentirung für das Orchestra, by Sundelin; the German text-books on instrumentation by Marx and Lobe; Berlioz, Traité d'Instrumentation; Gassner, Partiturkenntniss. INSTRUMENTS, MUSICAL, may be divided into three classes-stringed, wind, and percussion. Stringed instruments are of three kinds: those whose sounds are produced by friction, as the violin, viola, violoncello, etc.; by twitching with the finger or otherwise, as the harp, guitar, mandoline, etc.; by striking, as the pianoforte and dulcimer. Wind instruments are of two kinds, viz., the reed species-as the hautboy, clarionet, etc. -and the flute species, as the flute, flageolet, etc. The trumpet, horn, trombone, and all similar wind instruments, are generally classed among the reed instruments; but whether the sound is produced by the lips of the blower acting as a reed, or by the compressed stream of air, as in flute instruments, is not yet determined. Percussion instruments are those which on being struck produce only one fixed sound, as the drum, triangle, cymbals, tambourine, etc. Whatever material may be used to form a musical instrument, there are only two means of producing musical sounds, and these are by the vibrations of a fixed elastic body, such as the string of the violin or pianoforte, the reed of the hautboy, bassoon, etc.; or by the vibrations of a confined column of air put into motion by a stream of compressed air, as in the flute, flageolet, and all the ordinary flute species of organ pipes. INSUCKEN MULTURES, in Scotch law, mean the payments made to the miller by persons who are bound to grind their corn at a particular mill, under a servitude called thirlage (q.v.). Outsucken multures mean the payment for the mere grinding, which strangers pay; and the insucken multures include that plus a small premium, which goes to the proprietor of the mill. INSURANCE, a contract of indemnity, whereby one party, in consideration of a specified payment, called a " premium," undertakes to guarantee another against risk of loss. The first principles of insurance would appear to have been acted on at a very early period, since, without attaching undue importance to the opinions of writers who contend, on the authority of Livy, that they were known during the second Punic war, or that the emperor Claudius can be considered an insurer, because, in order to encourage the importation of corn, he took all the loss or damage it might sustain upon himselfthere are yet extant rules of sundry "guilds," or social corporations of the Anglo-Saxons, whereby, in return for certain fixed contributions, the members guarantee each other against loss from "fire, water, robbery, or other calamity.' It was, however, to cover maritime casualties that insurance, viewed in its commercial aspect, seems to have been first undertaken. So early as 1435 the magistrates of Barcelona issued an ordinance relating to this class of business, and we find in the speech of the lord keeper Bacon, on opening queen Elizabeth's first parliament, the allusion, "doth not the wise merchant, in every adventure of danger, give part to have the rest assured." The merit of being the first to apply mathematical calculations to the valuation of human life belongs to the famous John de Witt, pensionary counselor of Holland, whose report to the statesgeneral on the valuation of life annuities has been lately brought to light by Mr. Hendriks. The first insurance company established in Britain appears to have been the "Amicable," founded in 1696; not the office known by that name now, but the one that still exists as the "Hand in Hand." Omitting the gambling and other objectionable projects for which the science of insurance has been held responsible, it would exceed the limits of the present article to give any detailed account of even the more legitimate applications of it which are current at the present day: the traveler can be protected from the pecuniary loss entailed from damage by rail or flood: the gardener from the devastation of the hailstorm; the farmer froin the inroads of disease among his cattle; and employer and employed alike reap the benefit of a guarantee on fidelity. 126 established life offices within the United Kingdom appeared in an accredited list published in 1874, and although there were, besides, 66 winding up in chancery, there is an amount of confidence to be placed in the stability and integrity of the greater number existing that cannot be exceeded in any other commercial interest. We propose confining our remaining remarks to the divisions of fire, life, and marine insurance. 1. Fire Insurance.-Although the business of fire insurance is not founded upon such exact data as can be made available in the practice of life insurance, yet considerable progress has been made by the offices towards a correct classification of the risks they run, and the rates of premium range by slight gradations from a minimum of 1s. 6d. per cent, which covers an ordinary private dwelling-house, to £3 3s. per cent and upwards, charged for insuring cotton-mills, sugar-refineries, theaters, and like specially hazardous risks. The average rate of premium received for risks in the United Kingdom may be estimated at 4s. per cent. A duty of 3s. per cent per annum used to be Insurance. levied by government upon all fire insurances, except farming-stock and public hospitals, and the parliamentary returns made of it afforded valuable statistical information of the total amount insured. The duty paid in the year 1860 amounted to £1,558,608, representing a gross amount insured over the year of £1,039,072,140; and farming-stock, £73.309,898. Since the repeal, in 1869, of the act which levied a duty upon fire insurances, no data remain for estimating the total value of those now effected in this country. The "life assurance company's act, 1870," provided only for the publication of the accounts of such fire offices as do life business also. The local returns made to the board of works, upon which to estimate the contributions of the companies for the maintenance of the fire brigade, afford incidentally an interesting proof of the wealth of the metropolis, and of the magnitude of its business operations. Over the area mentioned, which excludes the important warehouses of the Victoria docks, the returns exhibited by the resident companies of insurances for 1873 showed a total value of property covered of upwards of £488,500,000. Fire insurance policies are of too familiar use to require explanation here, but one point in connection with them may be noticed: unlike a marine policy, they guarantee the insured to the extent of the whole amount specified in them, without regard to the excess of value of the entire property before the fire, unless an exceptional "average clause" is attached to the policy. 1 1 1 1+A, 2. Life Assurance, in its widest sense, is a contract entered into by the assurer to pay a certain benefit contingent upon the duration of one or more lives. The "present value" or single premium corresponding to an assurance of £1. payable at the end of the year of death of an individual, is deduced from the value of an annuity on the same life (see ANNUITY), and is expressed by the formula v (1) A. where is the sum which will amount to £1 in one year (therefore equal to r being the interest of £1 for a year), and A ̧ is the value of an annuity of £1 per annum on the life aged . The more common form in which a life assurance is carried out is, however, by the payment of an annual premium to the company assuring, and this is determined (using the same symbols as above) by the formula (1). The truth of which is thus demonstrated in a popular form by Mr. Gray. The present value of an "immediate” annuity on a life aged x-i c., of an annuity of which the first payment falls to be made at the commencement of the transaction-being 1+A, it is easily deduced by proportion that £1 will purchase an immediate annuity of the reciprocal of the first value; and this would be the proper premium for the benefit if the latter were paid to the assured at the beginning of the first and not at the end of the last year of the duration of the policy; but inasmuch as the benefit is not paid until the close of the stipulated period, the difference between its immediate value and its value if due a year hence (1) has to be deducted from each year's premium, and the formula is the result. The three important elements that have to be taken into account in the calculation of office premiums are-the rate of interest which is to accrue from their investment, the mortality returns with which the future experience of the insured is expected to agree, and the proportion or "loading" to be added to the net rates to meet expenses of management, and afford a profit to the insurer. The rate of 3 per cent has, with a very few exceptions, been adopted as a basis for such calculations, as the nearest to what can be expected to be realized on good security for transactions extending over many years. The mortality table most generally in use is that originally published by Mr. Milne, derived from the observations of Dr. Heysham on the rate of mortality in Carlisle during the nine years 1779 to 1787 inclusive, and hence known as the Carlisle table. This, however, is now being superseded by the mortality experience of life assurance companies, collected by the institute of actuaries, and published in May, 1869, exhibiting certainly the most correct standard of assured life in this country, and possessing, by reason of the great skill with which it has been graduated, a complete adaptation for all practical purposes. The following are examples of net premiums calculated on the institute data: SINGLE AND ANNUAL PREMIUMS FOR ASSURANCE OF £100, FOR WHOLE OF LIFEINSTITUTE TABLE H", 3 PER CENT. Insurance. For comparison, we append the corresponding premiums, calculated on the Carlisle data: SINGLE AND ANNUAL PREMIUMS FOR ASSURANCE OF £100, FOR WHOLE OF LIFECARLISLE, 3 PER CENT. The question of the addition to be made to such (net) premiums is influenced by different considerations having regard to the practice of the office using the table, Assurance companies are divided into three classes: 1. Proprietary companies, being those offices possessing a capital the property of the partners, and which, in addition to the accumulated premiums, is pledged to the policy-holders as a guarantee for the fulfillment of their claims. As the liability in such companies is limited to the net sums assured, the addition made to the premiums requires to be only such a proportion as will cover the actual outlay for management, and remunerate the shareholders for the risk of loss which they run by fluctuation in the mortality, or from bad investments. A comparison of the above premiums with the "non-participation" rates usually advertised, will show that the prevailing competition has induced the construction of tables very favorable to the public. 2. Mutual offices, where the members themselves constitute the company, being liable to each other for all claims. Here, in the absence of a capital, it is usual to adopt a scale of premiums known to be in excess of what is required to meet the sums insured. The profit arising therefrom is periodically ascertained, and allotted to the assured, most frequently in the form of "bonuses" or additions to the claims payable under the policies. Some companies doing a large business are of this class, and in point of stability and irreproachable management bear the highest character. 3. Mixed companies are proprietary companies charging such increased rates as will yield a bonus, but which, in return for the expenses of management and guarantee of their capital, reserve for their proprietors a stipulated proportion of the profits. It would be beyond our province to deal with the comparative merits of these systems; undoubtedly, offices in which the assured participate in a part or the whole of the profits, have for some years back enjoyed the largest share of public support. Lifeassurance, in the abstract, is certainly one of the greatest blessings of modern times. The extent to which it has been made available may be judged from the fact that the total sum, including vested bonuses, for which the existing offices are liable is above £343,000,000 sterling; the annual premiums payable, therefore, being above 10,000,000 -a sum equal to one-seventh of the net public revenue of the United Kingdom, or nearly half of the entire customs duties. A greatly increased facility for making the necessary calculations in connection with life-assurance has been developed within the last few years by the use of commutation tables," the invention of Mr. George Barrett, and of which a large collection, calculated by Mr. D. Jones, is published by the society for the diffusion of useful knowledge. For the best information on their construction, and other formulæ, the reader is referred to the standard works of De Morgan, Gray, Milne, and the transactions of the institute of actuaries, published quarterly. See PosT OFFICE INSURANCE. 3. Marine Insurance.-Although this branch of the subject does not possess such a general interest as the preceding, it is one that requires quite as great an amount of study and experience to insure its successful prosecution. In estimating the rate of premium, the insurer has to take into account not only the quality of the vessel covered, but the season in which she sails, the known character of her captain, the nature of the commodity carried, and (the contract being an indemnification both against the elements and the enemy) the state of our political relations. Nevertheless, losses at sea, like other incidents, are observed to follow certain laws, and if the average from which the value of the risk is deduced is of sufficiently broad basis, the result over equal intervals of time can be predicted with reasonable certainty. Until 1824 the only companies that could grant marine insurances were the Royal Exchange and London Assurance; and although the monopoly of these offices then ceased, and many other companies have since been established, a large portion of the business is, however, still transacted by individual insurers designated "underwriters." The underwriters of London form an influential society known as "Lloyd's" (q.v.), from having originally met in a coffeehouse kept by a person of that name in Abchurch lane; and their extensive business, numerous agents for procuring information, and general influence in the mercantile community, have long gained for them a world-wide reputation. As a small number of risks, viewed in connection with the great hazard to which property at sea is exposed, would not secure a safe average to the individual insurer, he finds it prudent to take but a fractional part of the entire risk on himself, and this is done by subscribing or "underwriting" the stipulated proportion on a policy drawn out for the whole amount to be covered. The necessity for circulating the policy for this purpose, and otherwise negotiating the insurance, has given rise to another business, that of the "insurance broker," with which, however, that of the underwriter is often combined. A system of mutual insurance is frequently carried out by associations of ship-owners forming "clubs," by which ship-owners arrange for the mutual insurance of their vessels, or shares of vessels-the various claims arising from loss or accident being met by pro rata contributions from the members in proportion to the sums respectively insured by them. Under this system the commission of the ship-broker, although included in the premiums, is saved by the owner. Marine insurance differs from an ordinary fire insurance, in respect that in case of partial loss the underwriter pays only sucli a proportion of the sum insured as the damage sustained bears to its whole value at the time of insurance. See AVERAGE. In adjusting a partial loss, it is usual to deduct one-third of the nominal value, for new materials furnished to replace the older destroyed, and labor. Policies are of two kinds, "valued"—where the insurance is based on a specific bill of lading-and "open," where, in case of loss, the value of a ship with her stores is estimated as at the date of sailing, her freight at the amount she would have earned had the voyage terminated favorably, and her cargo at its invoice price, adding premium and all charges. The insurance is binding although the ship may have been lost when the policy was executed, but any warranty, if not true, is held to vitiate the insurance, even although the misstatement is not material to the risk. A stamp-duty, now reduced to a nominal rate, is levied upon all marine insurance policies. In fixing its amount, the choice lies with the insured of doing so with reference to the term of insurance (not exceeding one year), or per single voyage, as follows: By time-for any term not exceeding six months, 3d. per £100; exceeding six months, 6d. per £100. By voyage, 3d. per £100. The rates for marine insurance have been much increased within recent years, in consequence of the increased number of shipwrecks. For the five years 1861 to 1865 inclusive, the annual average reported was 1538; from 1866 to 1870, 1862; and from 1871 to 1876, 2,536. The increase is partly explained by the inclusion of minor casualties in the latter period. INSURANCE, IN LAW.-The law on the subject of insurance is substantially the same throughout the United Kingdom. Fire Insurance.-The contract is generally preceded by proposals, in which case the proposals and policy of insurance must be read together, if the policy refers to these proposals. In order to insure property, the insurer must have some interest in the property insured, for otherwise there would be an inducement to commit arson. But he need not be owner; it is enough that he be accountable for the goods, or hold a lien on them, as a carrier, wharfinger, or bailee. Thus, many carriers keep up a floating policy to cover all goods which may happen to be on their p mises within a given period. In all these cases, the words of the policy are the important points; and good faith is required in giving a correct description of the goods or premises, for every statement or representation as to anything that is essential is taken to be a warranty. The premises must not be materially altered during the risk, otherwise the policy will be void; but often the policy stipulates that alterations may be made on giving notice. A person in lodgings may insure his goods, and may safely call the house his "dwelling-house" for that purpose. But, as a general rule, great care must be taken by the insured not to misrepresent anything material, and not to conceal any extraordinary risk which the insurer ought to know. If a fire happens, either on the premises, or in neighboring premises, the insurer cannot set up in defense that it was caused by the negligence of the insured or his servant, for these are generally the very things which an insurance is intended to guard against. When a fire happens, it is generally always provided by the policy that notice of the loss is to be sent in, and full particulars of the damage done, and the alleged value, for it is only the actual loss which is insured against, and that only can be recovered. Thus, if a person insures his house or furniture for £600, and damage only to the extent of £50 has been done by fire, he can only recover the £50, for otherwise he would be better off than he was before the fire, and the contract is one merely of indemnity-i.e., it does not add to one's wealth. but merely secures against loss. It is often provided that the annual payment of the premium on a contract of insurance may be paid within 15 days after the first or previous year has expired, but it is dangerous to allow the payment to be postponed so long, for if a fire happen in the interval, the insurer will not in general be liable. Sometimes the same property is insured in several offices, but in that case the insured party can nevertheless only recover the value of his loss once and no more. He can sue either of the insurers, however, for the amount, if each policy cover the whole value, and the party who pays can then recover a proportionate part from the other co-insurers, for they all divide the loss among them. In cases where carriers and others take out a floating policy of fire insurance, the carrier can sue for the full loss of the goods, though far exceeding the extent of his own interest in them, but in that case the owner of the goods destroyed is |