The subject of this paper is essentially a practical one, and although it has been before the Institute on various occasions it is some considerable time since there has been a discussion on the actual methods employed in classifying and valuing industrial assurance contracts.

Forty years ago a paper was read before the Institute by the late Frederick Schooling “On some Methods of Grouping Policies for the Purpose of Valuation“ (J.I.A. Vol. XXXII, p. 301). It dealt with the classification and method of valuation of industrial assurance policies. Since the paper was written many changes have taken place, and it will be useful as an introduction to consider the developments which have occurred during that period.