TABLE OF CONTENTS.

INSURANCE IN GENERAL    Page 5

Insurance, equalization of fortune. Indemnity. Spreads financial loss. Application of solidarity. Eneourages enter-prise. Not altruism but enlightened selfishness. Indemnity, fundamental. Distinguised from gambling. A "hedge." Not gambling for companies. Reliability of averages. Over-insurance or insurance without insurable interest, gambling. Unknown to ancients. Marine insurance first.

SOME FEATURES PECULIAR TO LIFE INSURANCE    Page 9

"Policy" and "Premium." Rates of premium "guessed." Effeet of high and low "guesses"—life, health, annuity. Laws of average. Variations of hazards. Increasing hazard of death with ultimate certainty. Likeness to hazard of sickness. Insurance against death at any time seemingly impossible. Company the stakeholder. How accomplished. "Self-insurance." Premiums based on statisties. Life insurance companies may not cancel, must renew if desired and eannot alter premiums at will. Consequences of this. Insurable interest; over-insuranee. Gradual reduetion through inerease of `self-insurance.

VITAL STATISTICS    Page '4

Comparison of fire and life insuranee. Need for reliable statistics. Table from freshly selected lives not suitable. After insured five years, not better than average. Getting death rates from population statistics. Observing lives from birth. Equivalence of methods. Ulpian's table. DeWitt's table. Graunt's table. Breslau table. London Experience table. Northampton table. Carlisle table. Actuaries' or 17