In the paper which I had recently the pleasure of submitting to the Institute, I gave an explanation of what was meant by the phrase “the value of a policy.” It was therein stated that, in one view, the value of a policy was the difference between the present value of the sum assured payable by the Office, and the present value of the premiums payable by the person assured; and in another view, that the value of a policy was the difference between the premiums received and the claims paid, accumulated at the rates of mortality and interest inherent in the calculation of the premiums.