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On the proper Allowance to be made for the Surrender of Policies of Assurance
Published online by Cambridge University Press: 18 August 2016
Extract
In any Company or Society for the assurance of lives—let it be constituted in whatever manner it may—it is evident that certain rates of mortality and interest are always prevailing; and that such rates are more or less constant throughout any given period. as the causes on which they depend are more or less stationary.
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- Copyright © Institute and Faculty of Actuaries 1851
References
page 283 note * The provision for contingencies other than the risk.
page 283 note † This retrospective process is necessary, also, to place all who retire on an equal footing.
page 285 note * I cite these two Companies as being of a class “sans peur et sans reproche.”
page 285 note † This is more than the sum required at the present time. For the amount assured is, I believe, about, £8,000,000 which at ·100 per cent. would give £8000 for the expenses per annum.
page 286 note * The amount assured in this Company is not stated. If we suppose it to be about £7,500,000,—£·240 per cent. would give £18,000 per annum (the expenses including commission); and £·250 per cent. would yield £18,750 per annum, which improved at 3½ per cent. for seven years would amount to somewhat more than £145,656, the proprietors' share of the surplus accrued in 1847. It may at once be gathered from this, that the “progression” was much more rapid than that assumed, since p ʺx must have been equal to px — 1·490, supposing the above items to be correctly quoted.