In this note 1 submit for discussion two questions in connection with limited-payment policies: (1) by what method should the office premiums be calculated, and (2) how should the policies be valued. Neither of these questions appears to have been brought—except incidentally—before the Institute; both are of some practical importance in view of the large amount of limited-payment business transacted in the United Kingdom; and in regard to both there seem to be greater differences in practice than would be justified by theory. The following remarks refer more particularly to participating policies of the kind issued by the majority of British companies—that is to say, policies entitled throughout their currency to the same reversionary bonuses as similar ordinary whole-life policies—but similar considerations would apply to non-participating policies.