236 



B. H. MEYER 



Comparative Exhibit of Fraternal and American Experience Tables. 



* Secured by multiplying the monthly rate by twelve. 



J Gross premiums. 

 Net premiums. 



consequently too large, for monthly payments must neces- 

 sarily be greater than one twelfth of the annual premium, to 

 compensate for loss of interest and the lesser losses due to 

 intervening mortality. Annual premiums are always sup- 

 posed to be paid at the beginning of the year, thus giving the 

 society the benefit of the interest earnings during the year. 

 In case of monthly payments these earnings are appreciably 

 smaller because of the reduced periods of time during which 

 loans can be made. Column 10 exhibits the gross or office 

 level annual premiums charged by a society which aims to 

 provide pure insurance at the lowest possible cost under a 



