PREFACE TO SECOND EDITION.

The favor with which the first edition of this little book was received, and the demand for it which yet continues, have caused the preparation of this new edition. Changes so significant and important have taken place in life insurance in the United States in the last ten years that it became necessary to rewrite much of the book; and the desirability of rendering the statements more accurate, the exemplifications clearer and the scope more comprehensive has caused the rewriting of the entire book. During this process, much that was mere opinion has been omitted, and, in dealing with newer issues, an earnest effort has been made to avoid coloring the book overmuch with the author's views on disputed matters. It is hoped that both the things included and the things omitted will be considered to have improved it.

NEW YORK, March 10, 1902.