20 BUSINESS OF LIFE INSURANCE

quacy of the premium. Whether it is adequate or not can usually be discovered by learning whether, voluntarily or otherwise, the company carries the full legal reserve, counting these policies as what they purport to be, in which case the right to assess is not likely to be exercised and may be disregarded, but in order to know whether the policies are valued as what they purport to be, the premiums should be compared with the standard net premiums by the American Experience Table for that form of policy, because in reorganising some assessment companies, departments have consented to treat old policies which purport to be whole life, as term insurance for one year at a time. It is also necessary to discover, certainly, whether the policy has been charged with a lien for the reserve or for deficiencies in past premiums.