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.
Young Templeton entered the education department as a teacher, but in 1868 became an accountant
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.
Apart from his business life Templeton had important positions in connection with the Volunteers
, the militia, and the rifle clubs. He joined the Volunteers... Read More