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On the proper method of Measuring the Expenses of a Life Insurance Company, so as to show the real Pressure of the Expenditure on the Bonus-giving power of the Company

Published online by Cambridge University Press:  18 August 2016

Thomas Bond Sprague
Thomas Bond Sprague*
Affiliation:
Scottish Equitable Life Assurance Society Institute of Actuaries
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Extract

The following paper was originally ritten simply as a reply to Mr. Macfadyen's, which was redd before the Institute in May last. It has since been carefully revised and to a great extent recast, in consequence of suggestions receivd, to the effect that the subject was of efficient importance to be delt with in an independent paper and submitted afresh to the consideration of the Institute. In consequence of this change, a considerable amount of personal criticism, which might hav been suitable enuf for a personal reply to another paper, has been either struck out altogether, or much modified. It will therefore be understood that, in what follows, I hav somtimes had Mr. Macfadyen's arguments in view when I hav not mentiond his name

Type
Research Article
Information
Journal of the Institute of Actuaries , Volume 19 , Issue 5 , April 1876 , pp. 305 - 328
Copyright
Copyright © Institute and Faculty of Actuaries 1876

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References

* Let a represent the new premiums of the first year, b the renewals, and c the expenses; and let a, β,γ, represent the corresponding figurs of the second year; also let x be the proportion of the new premiums that is spent, and y the similar proportion of the renewals. Then we hav the two equations ax+by=c, ax+βy=γ, whence we get .