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On the Formulæ for determining the Value of Benefits, according to the Principle of Collective Assurance

Published online by Cambridge University Press:  18 August 2016

Ralph Price Hardy
Affiliation:
Institute of Actuaries Briton Medical and General Life Association, Limited United Kingdom Temperance and General Provident Institution

Extract

1.—Amongst the various current proposals for the application of the principle of Collectivity to the needs of life, those that relate to the provision for a minimum aid towards sustenance in that period of permanent incapacity known as Old Age, and for the burial of the dead, appear to be the least open to objection on political grounds; whilst the objects in view appeal so strongly to the circumstances of our common Humanity that few are disinclined to lend their assent to this partial recognition of claims that, in their wider extent, they would strongly resist. Fortunately, the question of the cost of these arrangements can be considered apart from all political grounds; and, since the results of its investigation disclose some novel and curious modifications of the formulæ for the ordinary Benefits, it has appeared to me that, by limiting the enquiry to the terms shown on the title to this Paper, the subject might be brought before this Meeting, without any breach of the benevolent neutrality that has so largely contributed to the preservation of our personal harmony amidst the many inevitable divergencies of opinion on subjects of close personal interest to all.

Type
Research Article
Copyright
Copyright © Institute and Faculty of Actuaries 1893

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References

page 86 note * Old Age Pensioning: with reference to certain proposed Schemes, and to the existing Poor Law provision. London: Knight & Co.