which life insurance
depends for its permanent success. They do believe however that their
methods of conducting the business will conserve the interests of a far
greater number, and relieve them of a large proportion of the burdens
imposed by the older and more cumbersome form.

Assessment companies call upon their policy-holders for such sums as are
required to meet actual losses, together with a small amount for
expenses and for an emergency fund. Mortuary assessments are called only
when there is an amount in hand on that account, insufficient to meet
the maximum sum for which a policy is issued. They may be called at
stated periods, or as the exigencies of the case shall require.
Objection is made to this method that it is unreliable, and cannot be
depended upon when the mortality is from any cause unusual or excessive.

It is not claimed by the best informed advocates of assessment
insurance, that direct assessments should be the sole reliance of the
company. Some other provision should be made which is referred to later
in this article, but the main dependence is upon assessments.

If companies are honestly and capably conducted, and risks judiciously
selected, there is nothing in the experience of life companies to
indicate that mortality assessments on the _average_ will be
sufficiently burdensome to seriously threaten the permanence of the
institution. Where disaster has been visited upon assessment companies,
the cause has been easily traceable to incompetent or dishonest conduct
of the business, and utter disregard of the foundation principles of all
insurance. It has in no instance been fairly chargeable to defects in
the system. With the record before us of our best assessment companies,
faithfully and competently administered, paying their losses promptly,
at a cost to the insured for a term of years, of one third to one half
only, of that in level premium companies, what reason is there for the
insuring public withdrawing their patronage.

But we admit that it is not sound policy to depend upon assessments
alone, and this view is held by most if not all, who have studied the
subject in its various aspects. While for many years, and perhaps
indefinitely, a company might be successfully conducted, if under a
competent management, depending solely upon assessments, yet
contingencies arc liable to arise in which it will be evident that true
conservatism and wise forethought would have held in hand some f