^{page 264 note *} For convenience we shall use the term “Fifth Schedule” for the part of the Fifth Schedule which the Council suggested should be eliminated, and “Fourth Schedule” for the new Fourth Schedule put forward. We have also assumed that the Fifth Schedule, if retained, will in future include net premiums.

^{page 264 note †} In some cases we should not reach the result in the Fourth Schedule owing to adjustments made by the company.

^{page 273 note *} We thank Mr. H. T. Adlard for much help in connection with this example.

^{page 274 note *} ā was used to save work, although the answers to the Fourth Schedule stated that a slightly modified annuity-value had been employed. The error introduced is slight, as the method adjusts it to a large extent.

^{page 278 note *} We have inserted the word “usually” because in rare cases we get outside the limits.

^{page 280 note *} The easiest way to follow this is to take a very old age, such as 70, and see from tables of net premiums that a pair with even so young an age as 20 will only give an average age of 59. If the actual average age is, say, 50, and by other means we are satisfied that there is substantial business at old entry ages, we must bring in a young age twice, or a greater number of young ages than is usually necessary.

^{page 285 note *} Cf. remarks on annuity model office, J.I.A, vol. lv, p. 236.

^{page 300 note *} This letter is given on the following page.