194 BUSINESS OF LIFE INSURANCE

premium in advance was presented. This was allowed, but little was made of it, though when the surplus was divided, it was applied in reversionary bonuses, i. e., in purchasing paid-up additions to the sum insured, by means of the single premium rates for the same.

Manifestly, also, this whole life insurance could be paid for in ten, fifteen or twenty annual premiums, instead of in one premium or in annual premiums throughout life. That is, limited payment life policies could be offered and soon were offered. In recent years the proportion of limited payment life policies to the whole number issued each year by the regular level premium companies has been rapidly growing.

It was but a step to endowment insurances, under which the sum insured is payable at the end of a fixed period if the insured survives, or at once in event of his prior death.

Then, out of the desire to leave an annuity for the beneficiary, grew the survivorship annuity policy under which, if the beneficiary survived the insured, an annuity was payable to her for her after-lifetime. This was always a favourite with actuaries who know what the chances are and that the premiums paid are fair and proportionate to the risk, and who therefore do not feel that they are robbed in case the beneficiaries die first. Thirty years ago or more it became known that the leading American actuary of his