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Journal of the Institute of Actuaries, 1902, Vol. 36 (Classic Reprint)

Journal of the Institute of Actuaries, 1902, Vol. 36 (Classic Reprint)

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Excerpt from Journal of the Institute of Actuaries, 1902, Vol. 36

Practice of The rate of bonus anticipated differs widely in different offices, but ranges from 20s. Per-cent to 40s. Per-cent per annum of uniform-reversionary Bonus. In most cases the reason for the adoption of any specified rate appears to be that the past experience of the Office (it may be for 25, 50, or even 75 years) has been so satisfactory that no lower rate has been declared, and the assumption is tacitly made that the future is likely to re?ect the past. Where the past experience has been accurately examined, and it is found that the profits have been derived from sources which remain unimpaired, and will continue to yield similar returns (subject only to natural ?uctuations), then the assumption referred to is legitimate; but if some of the sources from which the profits of the past have been realized are likely to prove barren in future, then it behoves actuaries to exercise great caution in entering into contracts which are likely to endure for periods ranging up to 60 or 70 years. Where so great a diversity exists in practice between the assumption of bonuses at 203. And bonuses at 40s., there is room for much difference of opinion as to the merits and demerits of the system. It will be interesting to trace the past experience of the selected group of offices in order to see whether the future gives promise of the same prosperity as they have undoubtedly enjoyed during the past. AS an overwhelming proportion of life assurance business is effected between the ages of 25 and 50, it will be sufficient for purposes of comparison to make use of the two ages 30 and 45 in examining premium rates, and tracing the monetary effects of changes in the mortality.

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