Abstract
The life insurance industry is a dynamic one with an uninterrupted growth pattern since 1890 through periods of prosperity and depression. The assets of U. S. life insurance companies have increased from $771 million in 1890 to $133 billion at the end of 1962, nearly doubling in amount each decade. The number of companies has increased from 60 to 1479 during this same period. Life insurance in force has increased from $7.6 billion in 1900 to $676 billion in 1962. The ratio of life insurance in force to national income in the U. S. reached 148 per cent at the end of 1961, second only to Canada's 179 per cent among the countries of the world.' While the remarkable record of the life companies during periods of prosperity is widely publicized, how stable and solvent have the companies been in periods of severe depression? What are the primary sources of funds for life insurance companies and how dependable are they under varying economic conditions in or-
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