Abstract
In a recent issue of this Journal, Stuart Schwarzschild developed a method for determining the investment yield required on a separate fund built up by investing the difference in premium outlays for two different kinds of life insurance policies, so that the combination of the lower premium policy and the separate fund would provide essentially the same death benefit over a specified period of time, and the same amount of cash available at the end of that time, as the higher premium policy.' The objectives of this discussion are to develop an alternate to Professor Schwarzschild's formula (16), to expand the model to allow for termination dividends and refund of premium at death, and to describe the methods used by the late M. Albert Linton in his work in this field. By way of introduction, it might be well to list some of the symbols used by Professor Schwarzschild and to define them.
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