TABLE OF CONTENTS.

Apparent net premiums. Justifieation of plan. Loading of single premiums. Deemed at once available. Limited premiums and endowment premiums loaded more than whole life.

RATE-MAKING. PREMIUMS PAYABLE

OFTENER THAN' ANNUALLY    Page 74

Mode of exact computation. Usual mode. What is assumed. Deferred premiums, owed. Usual rule for semi-annual, quarterly, bi-monthly and monthly premiums. Exact addition to make good the interest lost, at 4 per cent.

RATE-MAKING. SOME 'MISCONCEPTIONS .... Page 77

Not based on expectancy. What is expeetation of life? Curtate expeetation? Identity of curtate expectation and value of an annuity without discount. Effect of diseount. Net single premium. Probable life. host probable after-lifetime. Test of net single premiums and present values: Will they work out? Component parts of premiums. "Three elements," correct first year only. Mortality and deposit "elements" complementary variables. Mortality "element" may exceed entire premium. Reserve used to pay elaim. Elizur Wright's illustration.

UNEARNED PREMIUM OR REINSUR-

ANCE RESERVES    Page 84

Basis. "Unearned premiums." "Re-insurance." Equivalent. When "retrospeetive" gives eorrect results. Illustrations, single and annual premiums. When retrospective and prospective methods give same results. When they do not. Illustrations, mean reserves. Common approximation. Initial reserve. Sufficiency of reserves only true of aggregates. Individual reserves are pro rata parts. Two rules. "Gross" values; "net" values. Meaning of "net reserve." "Loading" disregarded. Inaccuracy of assumption. Effect of so-called "scientific loading." Level gross premiums imply level net premiums. Is preliminary term valuation net?