Questions as to the rate of mortality amongst assured lives, and enquiries based on re-arrangements of the mortality experience of life assurance companies collected by the Institute of Actuaries, have so frequently been discussed that I entertain some doubts as to whether the subject has not already been worn threadbare. Knowing, however, the kindness and consideration with which the Council receive contributions from junior members of the Institute, I venture to submit the results of some calculations I have lately made with a view of testing the probable effect of lapses and surrenders on the rate of mortality—a branch of the general question of mortality of assured lives which has not hitherto been directly dealt with.

The subject of this paper was some years ago suggested to me by a careful perusal of Mr. Sprague's paper (J.I.A. xv, 328), entitled “On the Rate of Mortality prevailing among “Assured Lives as influenced by the length of time for which they “have been assured”; but, although I had frequently turned the matter over in my mind, it was only recently I saw my way to give practical effect to my ideas.