John Montgomery Templeton
Encyclopedia
John Montgomery Templeton (20 May 1840 - 10 June 1908) was a Scottish Australian businessman and the author of non-forfeiture clause in life assurance policies. Templeton was born at Kilmaurs
, East Ayrshire
; he was the eldest son of Hugh Templeton, a school teacher, who brought his family to Victoria
, Australia at the end of 1852.
in a fire insurance office. In 1869 he formed the National Mutual Life Association, paying the first premium himself on his own life, and personally securing the first 100 members. He was made the first secretary, and having been elected a fellow of the Institute of Actuaries of Australia
in 1872, as actuary to the association, made its first valuation
.
In 1884 he left life assurance to become one of the three commissioners under the Public Service Act of 1883, appointed to establish the principle that promotion should depend on merit and seniority. He retired from this position in 1888, and as a public accountant was in 1890 appointed liquidator
of the Premier Permanent Building Society. He also joined the board of directors of the National Mutual Life Association, and in 1896 became chairman and managing director. He held this position for the remainder of his life.
when he was 19 and rose to the rank of Major
. He was a first-rate rifle shot and represented Victoria in the first inter-colonial rifle match. The volunteer force was disbanded at the end of 1883 and the militia was formed. Templeton was made a Lieutenant-Colonel and a member of the Victorian Council of Defence, holding this position until December 1897. He was promoted to Colonel in 1895, and was captain of the Victorian rifle team which went to Bisley
in 1897 and won the Kolapore Cup.
As senior officer from all the colonies he rode on the right of the leading section of the colonial procession at the Diamond Jubilee. He was shortly afterwards created Companion
of the Order of St Michael and St George (CMG). On his return to Australia he went on the reserve of officers, but when the rifle club movement began in 1900 he was appointed to take command of it. Within a year the rifle clubs had a membership of over 20,000. Templeton gave a lecture in the town hall, Melbourne
, to commemorate this movement on 29 July 1900. It was published with additions in March 1901 under the title The Consolidation of the British Empire, the Growth of Citizen Soldiership, and the Establishment of the Australian Commonwealth. He died at Melbourne on 10 June 1908. He was married twice and was survived by his widow. He had no children.
in 1893, and he was one of the unsuccessful candidates for the Senate
at the federal election in 1903.
, United States of America, in 1861. Templeton, however, in 1869 introduced a clause in the policies of the newly formed National Mutual Life Association which provided that overdue premiums
would automatically be advanced against the surrender value
until the surrender value was exhausted. The principle was adopted by other companies, and has proved of the greatest benefit to an immense number of people.
Kilmaurs
Kilmaurs is a village in East Ayrshire, Scotland. It lies on the Carmel, 21.1 miles south by west of Glasgow. Population recorded in 2001 Census, 2601- History :...
, East Ayrshire
East Ayrshire
East Ayrshire is one of 32 council areas of Scotland. It borders on to North Ayrshire, East Renfrewshire, South Lanarkshire, South Ayrshire and Dumfries and Galloway...
; he was the eldest son of Hugh Templeton, a school teacher, who brought his family to Victoria
Victoria (Australia)
Victoria is the second most populous state in Australia. Geographically the smallest mainland state, Victoria is bordered by New South Wales, South Australia, and Tasmania on Boundary Islet to the north, west and south respectively....
, Australia at the end of 1852.
Early career
Young Templeton entered the education department as a teacher, but in 1868 became an accountantAccountant
An accountant is a practitioner of accountancy or accounting , which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and others make decisions about allocating resources.The Big Four auditors are the largest...
in a fire insurance office. In 1869 he formed the National Mutual Life Association, paying the first premium himself on his own life, and personally securing the first 100 members. He was made the first secretary, and having been elected a fellow of the Institute of Actuaries of Australia
Institute of Actuaries of Australia
The Institute of Actuaries of Australia , commonly referred to as the Institute, is an organisation representing the actuarial profession in Australia. The Institute has origins which trace back to 1897.- History :...
in 1872, as actuary to the association, made its first valuation
Valuation
-Economics:*Valuation , the determination of the economic value of an asset or liability**Real estate appraisal, sometimes called property valuation , the appraisal of land or buildings...
.
In 1884 he left life assurance to become one of the three commissioners under the Public Service Act of 1883, appointed to establish the principle that promotion should depend on merit and seniority. He retired from this position in 1888, and as a public accountant was in 1890 appointed liquidator
Liquidator
Liquidator may refer to:* Person assigned to oversee sale of assets:** Liquidator , for a company** Estate liquidator, for an estate or contents of a home* Liquidator , disaster-remediation worker...
of the Premier Permanent Building Society. He also joined the board of directors of the National Mutual Life Association, and in 1896 became chairman and managing director. He held this position for the remainder of his life.
Military life
Apart from his business life Templeton had important positions in connection with the Volunteers, the militia, and the rifle clubs. He joined the Volunteers as a privatePrivate (rank)
A Private is a soldier of the lowest military rank .In modern military parlance, 'Private' is shortened to 'Pte' in the United Kingdom and other Commonwealth countries and to 'Pvt.' in the United States.Notably both Sir Fitzroy MacLean and Enoch Powell are examples of, rare, rapid career...
when he was 19 and rose to the rank of Major
Major
Major is a rank of commissioned officer, with corresponding ranks existing in almost every military in the world.When used unhyphenated, in conjunction with no other indicator of rank, the term refers to the rank just senior to that of an Army captain and just below the rank of lieutenant colonel. ...
. He was a first-rate rifle shot and represented Victoria in the first inter-colonial rifle match. The volunteer force was disbanded at the end of 1883 and the militia was formed. Templeton was made a Lieutenant-Colonel and a member of the Victorian Council of Defence, holding this position until December 1897. He was promoted to Colonel in 1895, and was captain of the Victorian rifle team which went to Bisley
Bisley
-Places:* Two villages in the United Kingdom:**Bisley, Surrey**Bisley, Gloucestershire*Bisley Ranges is near the Surrey village and is the headquarters of the National Rifle Association, UK -Others:...
in 1897 and won the Kolapore Cup.
As senior officer from all the colonies he rode on the right of the leading section of the colonial procession at the Diamond Jubilee. He was shortly afterwards created Companion
Order of St Michael and St George
The Most Distinguished Order of Saint Michael and Saint George is an order of chivalry founded on 28 April 1818 by George, Prince Regent, later George IV of the United Kingdom, while he was acting as Prince Regent for his father, George III....
of the Order of St Michael and St George (CMG). On his return to Australia he went on the reserve of officers, but when the rifle club movement began in 1900 he was appointed to take command of it. Within a year the rifle clubs had a membership of over 20,000. Templeton gave a lecture in the town hall, Melbourne
Melbourne
Melbourne is the capital and most populous city in the state of Victoria, and the second most populous city in Australia. The Melbourne City Centre is the hub of the greater metropolitan area and the Census statistical division—of which "Melbourne" is the common name. As of June 2009, the greater...
, to commemorate this movement on 29 July 1900. It was published with additions in March 1901 under the title The Consolidation of the British Empire, the Growth of Citizen Soldiership, and the Establishment of the Australian Commonwealth. He died at Melbourne on 10 June 1908. He was married twice and was survived by his widow. He had no children.
Political life
Templeton twice attempted to enter parliament. He was narrowly defeated for a seat in the Victorian Legislative AssemblyVictorian Legislative Assembly
The Victorian Legislative Assembly is the lower house of the Parliament of Victoria in Australia. Together with the Victorian Legislative Council, the upper house, it sits in Parliament House in the state capital, Melbourne.-History:...
in 1893, and he was one of the unsuccessful candidates for the Senate
Parliament of Australia
The Parliament of Australia, also known as the Commonwealth Parliament or Federal Parliament, is the legislative branch of the government of Australia. It is bicameral, largely modelled in the Westminster tradition, but with some influences from the United States Congress...
at the federal election in 1903.
Legacy
His work in connexion with citizen defence was important, but his introduction of the non-forfeiture principle into life assurance policies was much more so. He had adapted the idea from somewhat similar principles that had been made law in the state of MassachusettsMassachusetts
The Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...
, United States of America, in 1861. Templeton, however, in 1869 introduced a clause in the policies of the newly formed National Mutual Life Association which provided that overdue premiums
Life insurance
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
would automatically be advanced against the surrender value
Cash surrender value
The sum of money an insurance company will pay to the policyholder or annuity holder in the event his or her policy is voluntarily terminated before its maturity or the insured event occurs. This cash value is the savings component of most permanent life insurance policies, particularly whole life...
until the surrender value was exhausted. The principle was adopted by other companies, and has proved of the greatest benefit to an immense number of people.