In dealing with the general question of the valuation of special policies, it must be borne in mind that the particular circumstances of each office as regards special schemes, &c, have to be considered when the method of valuation of any class is fixed, and that, therefore, some latitude must be allowed, and hard and fast rules and unnecessary complications and refinements avoided. In those cases where exact reserves are not obtained the approximations used in practice should be simple in application, and give a reserve which does not in the aggregate fall -short of the true reserve.