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Published online by Cambridge University Press: 27 November 2014
Although the title of this paper is “Reversions in Theory and Practice,” the greater part of these remarks will deal with the practical side, as it is essentially a practical subject. Those who deal with reversions will at once agree with the necessity for practical experience, a little of which is worth a great deal of theory. Mr Collins concludes his lectures on reversions with the advice, “Do not flummox yourself with formulae till you can't see the wood for the trees,” but I think that that admirable warning would really form a better preface. A glance through the writings on our subject will reveal at once a lack of complicated formulae. An absolute reversion is valued simply by the appropriate “A” factor and for a contingent reversion, there is merely deducted from the “A,” the cost of providing against whatever contingencies may be involved. Before one gets to that point, however, other considerations are necessary.
page 115 note 1 The question of the Valuation of Reversions for Estate Duty has received further consideration by the Estate Duty Office and the Institute of Actuaries. Students are referred to the correspondence on pages 122 and 123 of the Journal of the Institute of Actuaries, Vol. LIX, which has been published since Mr Read's paper was in type.
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