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Notes on the Industrial Assurance Act, 1923
Published online by Cambridge University Press: 18 August 2016
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- Copyright © Institute and Faculty of Actuaries 1924
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page 48 note * The only instance in which these equations would not be strictly accurate would be where W was greater than the difference between the tabular benefits at ages x and x + t, and where consequently the adjustment provided for in Section 24 (2) would upset the equation. It is provided therein that the amount of the free paid-up policy shall not exceed the difference between the amount of the forfeited policy (inclusive of any bonuses) and the amount which would be assured by a corresponding policy at the same premium effected on the same life according to the age at the birthday next following the date of forfeiture.