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 better course. But for those who are going to live a normal span, moderation in insurance is counselled by the fact that those who live pay for those who make brilliant insurance investments by dying.

The chairman of the Clerical Medical and General Life Assurance Society cautioned the shareholders at the meeting held last October against inferring, from its fortunate mortality experience, that every claim represents a profit to the society. "This," he said, "is indeed, far from being the case, and the protection afforded by life assurance against the risk of early death is a very real one. The actuary informs me that of the 241 deaths which took place during the year, two—one of which, I may mention, involved a very large amount—occurred in the first year of assurance. Two deaths occurred in the second year of assurance, and five in the third; while over 40 per cent. of the total number of deaths resulted in a financial loss to the society—a tribute to the value of life assurance to the community." This financial loss, of course, was met out of profits made at the expense of the long-lived policy holders.

As we do not know, when we insure, whether we shall be a financial loss or profit to our society, but naturally expect to be a source of