Excerpt from Essential Features in Life Assurance Organization, Vol. 4: Being the President's Address, Session 1902-1903
I. An applicant applied for a whole life assurance. With mortuary additions for 20 years, of fat per cent. Of each gross annual premium. The. Risk as accepted subject to.a lien. Running oft'gradually in to years. The' fact that. The system provided for a gradually increasing risk for 20 years was not appre ciated - if it had been the mortuary addition feature would have been eliminated.
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