[The Council of the Institute of Actuaries of Great Britain and LONDON: PRINTED BY CHARLES AND EDWIN LAYTON, CONTENTS OF NO. CXVII. A Suggestion towards adding a New Feature of Usefulness to the Institute of Actuaries of Great Britain and Ireland. By Cornelius Walford, How should the Liability of a Life Office under its Policies be estimated ? Being Remarks by Mr. J. A. Higham, Mr. A. H. Bailey, Mr. A. Baden, NOTICES TO CORRESPONDENTS. Communications for this Journal must be sent in at least one month prior to the day of publication, or their insertion will in all probability be deferred. A Suggestion towards adding a New Feature of Usefulness to the Institute of Actuaries of Great Britain and Ireland. By CORNELIUS WALFORD, F.I.A., F.S.S., F.R.H.S., Barristerat-Law. [Read before the Institute of Actuaries, 28 April 1879.] THAT the Institute of Actuaries has, during the one-third of a century of its existence (1847-79), been of real utility to the Life Offices-directly by the training of experts, and by the compilation of the Actuaries Experience Tables; and indirectly by lending practical aid to the development of the science of life contingencies -is a fact which will readily be admitted by all who are conversant with its history. That another function may be added to its utility it is my purpose on the present occasion to show. The business of life insurance has, during the present generation, undergone a very complete transformation. The change began in the year 1844 with the passing of the Joint Stock Companies' Registration Act, 7 & 8 Vict., c. 110. Under this Act facilities were given for the formation of Joint Stock Insurance Companies such as had never before existed. The life insurance associations existing at that date were institutions of good repute; were, in fact, regarded as money-making projects of the highest VOL. XXII. B |