In considering the question of surrender values and paid-up policy values, it must be borne in mind that the conditions affecting different offices vary to a great extent and that, consequently, no hard and fast bases can be given.

(i) The surrender values and paid-up policy values must be reasonable from a competitive point of view.

(ii) The values of one class of policy must be comparable with those of other classes.

(iii) The surrender values and paid-up policy values must be interdependent inasmuch as at the limiting age of the table they are equal.

(iv) Simple calculations only must be involved, the results being obtained as far as possible by the inspection of prepared tables.

(v) A reasonable profit must be reserved for the office.

(vi) The heavy expenses incidental to the issue of a policy must be met, and hence no surrender value should be allowed in ordinary cases until, say, two full years' premiums have been paid.