INSURANCE PROBLEMS The Annals OLUME LXX MARCH, 1917 EDITOR: CLYDE LYNDON KING EDITOR BOOK DEPT.: C. H. CRENNAN EDITORIAL COUNCIL: J. C. BALLAGH, THOMAS CONWAY, JR., C. H. CRENNAN, E. M. PATTERSON, L. S. ROWE, ELLERY C. Editor in Charge of this Volume: S. S. HUEBNER, Ph. D., Professor of Insurance, Wharton School of Finance and Commerce, Editor in Charge of Part III of the Volume: Instructor in Insurance, Wharton School of Finance and Commerce, THE AMERICAN ACADEMY OF POLITICAL AND SOCIAL SCIENCE 36TH AND WOODLAND AVENUE PHILADELPHIA Copyright, 1917, by THE AMERICAN ACADEMY OF POLITICAL AND SOCIAL SCIENCE All rights reserved EUROPEAN AGENTS ENGLAND: P. S. King & Son, Ltd., 2 Great Smith St., Westminster, London, S.W. GERMANY: Mayer & Müller, 2 Prinz Louis Ferdinandstrasse, Berlin, N. W. CONTENTS M. Albert Linton, F.I.A., F.A.S., Vice-President and Associate Actuary, The Provident Life and Trust Company of Philadelphia. Miles M. Dawson, F.I.A., F.A.S., Consulting Actuary, New York. CONSERVATION OF LIFE BY LIFE INSURANCE COMPANIES Lee K. Frankel, Ph.D., Third Vice-President, Metropolitan Life In- Ralph Barnard Trousdale, The Equitable Life Assurance Society. FRATERNAL INSURANCE IN THE UNITED STATES: ITS ORIGIN, DEVELOPMENT, CHARACTER AND EXISTING STATUS.... 109 Walter S. Nichols, Editor of the Insurance Monitor and Insurance Law |