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[Footnote 7: Including industrial business.]
[Footnote 8: Includes $18.867 depreciation.]
The figures given in this table are drawn from the last annual report of
the Insurance Commissioner of Massachusetts, excepting the premium reserve
on death claims, which, as well as the division of the total expenses of
each company into insurance and investment expenses, I have estimated on a
uniform rule. This was for lack of the actual data in these particulars,
which the report did not give, as it is desirable that future ones may.
This, however, does not injure the value of the table for illustrating the
mode of procedure, for which purpose mainly it is presented. The companies
whose figures I have used, moreover, have no occasion to complain of this,
as my estimate certainly gives all ratios of insurance expense lower than
they would appear if I had known, and used, the exact actual premium
reserve on death claims, and all probably bear nearly the same ratio to
each other as they would in that case.
As the object of this statement is to explain the new method, and not to
defend my particular estimates in applying it, I forbear to state on what
rules I have made them.
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