The paper gives an attempt at studying the effect of options under convertible Term Assurances by sub-dividing the assumed mortality into sections, some of which will have a light and others a heavy mortality, and seeing what would be the effect if the sections with the heavier mortality convert the assurances to a greater extent than those with a light mortality. (cf. Frank L. Griffin, jnr., in The Record (American Institute of Actuaries), vol. xxxi. pp. 374 et seq.)

A similar method is also used to examine the option to surrender a whole life assurance and the option to continue a child's deferred assurance.