196 BUSINESS OF LIFE INSURANCE

simple device which nobody had had the wit to think of, viz., a policy which paid so many annual instalments certain, and if the beneficiary survived that term continued the instalments ro long as she lived. This answered the ordinary man's objection to the survivorship annuity plan, for now, even though the beneficiary died before the insured or soon afterward, the instalments would go on for the period certain and all the money paid was not lost. And also his objection to the instalment policy, for now certain provision was made for possible survival of the beneficiary beyond the period certain.

This was also applied to endowment policies, the annuity being payable for the after-lifetime of the beneficiary in case of the death of the insured during the period, but for the after-lifetime of the insured or of the last survivor of the insured and beneficiary in event of the insured's survival of the endowment period, in each case the instalment being payable for twenty years certain. By means of this policy one may make certain of-

1st. An income of $1,000, say, per annum to his widow for life.

2d. A like income to a designated beneficiary (or the insured's estate) after the death of the widow if she fails to survive twenty full years, for the remainder of the twenty years.