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Notes on the Industrial Assurance Act, 1923

Published online by Cambridge University Press:  18 August 2016

J. Murray Laing
J. Murray Laing
Affiliation:
Britannic Assurance Company, Ltd.
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Information
Journal of the Institute of Actuaries , Volume 55 , Issue 1 , March 1924 , pp. 27 - 83
Copyright
Copyright © Institute and Faculty of Actuaries 1924

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References

page 48 note * The only instance in which these equations would not be strictly accurate would be where W was greater than the difference between the tabular benefits at ages x and x + t, and where consequently the adjustment provided for in Section 24 (2) would upset the equation. It is provided therein that the amount of the free paid-up policy shall not exceed the difference between the amount of the forfeited policy (inclusive of any bonuses) and the amount which would be assured by a corresponding policy at the same premium effected on the same life according to the age at the birthday next following the date of forfeiture.