REBATING AND OTHER SCHEMES 213

suiting actuary, was much impressed by the achievements of the company through this scheme. In a pamphlet printed in 1871 he showed that in only two years and six months it had resulted in a business in force of over $46,000,-000. This is a record still unrivalled ; yet within seven years this company was forced out of business by the utter breakdown of its own system.

When the renaissance of new life insurance companies set in, from 1890 to 1895, this scheme was revived. There have been some failures under it and several failures to reap the expected harvest, either for company or for board members, but some companies have apparently overcome the obstacles and achieved success which bids fair to be permanent.

Partly the complaints of disappointed board members, but mainly the outcry of competing agents and companies, have caused some State commissioners to look upon the "board plan" as a thing to be suppressed. Accordingly, the scheme has in some States been condemned as an infraction of the anti-discrimination law. This has, however, been so doubtful that in one State the Attorney-General gave his opinion one way and his successor reversed it.

The following is a specimen of the absurd estimates :