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Published online by Cambridge University Press: 07 November 2014
The Valuation of a Friendly Society differs from that of a Life Assurance Company trading under modern conditions, in that the object of the Valuation is to ascertain the minimum amount required to enable the Society to meet its obligations. In other words, Valuations are made on a solvency basis, and questions such as the maintenance of a sufficient margin of security to keep up a Bonus Rate and an equitable distribution of Profits do not, as a rule, arise. This being so, it is of the greatest importance to be sure that the Tables made use of for valuation purposes conform with the Experience of the Society in regard to rates of sickness, mortality, withdrawal and interest.
page 154 note 1 In the 1893–97 Tables the Mortality Experience was split up into districts—Area 1 being the Non-Manufacturing districts of England, Area 2 principally the Textile, while Area 3 comprised the other Manufacturing, Coal and Metal Working, and Metropolitan. The Sickness Experience, on the other hand, was dealt with according to classes of occupation or trades showing similar rates of sickness. Group A, H, J refers to Agricultural and General Occupations ; B, C, D Outdoor Building Trades, Railway Service, Seafaring; E, F Quarry and Iron and Steel Workers; and G Mining Oocupations, chiefly underground.
page 160 note 1 It will be observed that by recording the age at death in the manner described—x+1 for deaths occurring between ages x and x + 1 in place of x as is usual—there is not the same chance of a clerk entering the deaths in the wrong line of the schedule or making a mistake in calculating the “Exposed to Bisk.”