Abstract
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.
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