THE EVOLUTION OF POLICIES 203

before completing a year, half-year or quarter, as the case may be. Such is required by the laws of Great Britain, but, of course, a higher premium is charged.

The premiums for annuities are computed ac-cording to mortality tables, deduced from experience with annuitants, and usually 31 per cent. interest. The mortality is lower than among insured lives. No participation in the surplus is given.

Immediate joint life annuities, payable yearly, half-yearly or quarterly during the joint lives of two or more persons. These cease upon the death of the first of the joint annuitants.

Immediate last survivor annuities, payable yearly, half-yearly or quarterly so long as any one of the annuities survives.

Deferred life annuities, i. e., beginning after a term of years. This may be applied to one life, joint life or last survivor annuities; but is usually applied to the first-named and only as an additional feature in connection with a life insurance policy. These may be issued with return of premiums in event of death during the period before the annuity commences, or without such provision or with such provision, including also the return of the remainder of the premiums paid, if death occurs after the annuities commence, but before the annuities received equal the premiums paid.