Abstract
The Institute of Actuaries is devoted to the consideration of all questions relating to assurance; and as life assurance occupies a prominent place in the daily occupations of many of its members, it is not surprising that papers on almost every conceivable topic in connection therewith have been read before it. There are, however, various other kinds of assurance well worthy of inquiry, and among these may be classed fire, marine, fidelity, and, last but not least, when we consider the number of persons affected by it, sickness assurance. It is true this last kind of assurance is almost confined to the working classes: they have no wealthy boards of managers; they have no man of science on their staff to direct their proceedings; and they are conducted by individuals who often possess no qualifications for such occupations. For all this, we must admit that every Friendly Society is a mutual Assurance Company; and, compelled by necessity, these Societies have taken up the most difficult and complicated branch of assurance. Not many actuaries have been much occupied with the subject, for it is a branch which does not sufficiently reward those who grapple with its difficulties; we are therefore under the greater obligation to those who have attempted it. Up to the present time, however, I am afraid that the success has not equalled the endeavour.
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