The history of life insurance presents some curious changes in the character of the factors which have from time to time taken precedence as matters of anxiety to those responsible for the successful conduct of the business. In the early days it was anticipated that it was the rate of mortality which would give the greatest possibility of variation, and which was most likely to undermine the foundation of the structure. In time, however, this bogey was laid by the heels. Then, in the final years of last century the fall in the rate of interest was a matter of great concern in view of the persistent fall which had occurred over a long period, the danger being that the rate earned on accumulated funds would fall below that necessary to maintain solvency.