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Published online by Cambridge University Press: 07 November 2014
The annual valuation of liabilities independently of the interval between successive divisions of profit, an improvement in practice now general among Life Offices, may be attributed immediately to the altered distribution of assets, but is to be referred ultimately both to the persistent decline in the rate of interest during the twenty years previous to 1899, and to the steady increase in the funds of the companies, for the extended powers due to these joint influences led (for obvious reasons) to the investment of an increased proportion of the funds in Stock Exchange securities, and to a decrease in the proportions invested in ground rents and feu-duties or lent on direct mortgage.
page 260 note 1 The case for the adoption of a higher valuation rate has been discussed by the President of the Faculty in his Inaugural Address for Session 1912–1913 (T.F.A., vii. 1), and by Tilt in his paper “On the Treatment of the Depreciation in Assets due to an enhanced Rate of Interest” (J.I.A., xlviii. 284).
page 261 note 1 The possible deviation of actual from expected claims has been considered by Elderton, : Proceedings of Sixth International Congress of Actuaries, vol. i. p. 715.Google ScholarHardy, : Theory of Construction of Mortality Tables, pp. 105–6.Google Scholar
page 264 note 1 The Whole Life “weights” at ages 50 and 65 were first fixed upon as one-half and two-thirds respectively of the differences between the O[NM] and O[M] net premiums, and the “weight” for an Endowment Assurance of 10 years' term opened at age 15 was taken as “0”: the remaining “weights” were then arbitrarily determined, so that their amounts advanced with increase of the initial age and initial term: the maximum “weights” are thus attached to assurances of a shorter original term than (w − x) years.
page 267 note 1 A full demonstration of the theorem has been given by Brown, H. W. (T.A.S.E., iv. 400).Google Scholar
page 268 note 1 Taken as the mean between the similar commutations at 4 per cent. and 4½ per cent.
page 274 note 1 Lidstone, , J.I.A., xxxviii. pp. 1–34.Google Scholar
page 279 note 1 Lidstone, , J.I.A., xxxviii. pp. 8.Google Scholar
page 286 note 1 Text Book, part II. ch. xviii. p. 100.
page 288 note 1 The totals of the Sums Assured, etc., in each class will of course agree with those of the Policy Registers.
page 303 note 1 This inset should be of sufficient width to accommodte three years' figures on each side of the sheet.
page 332 note 1 The adjustment for Claims Acceleration has been ignored on account of the smallness of the amount.