or it is really nothing but a return of a part only of his own
money which he has paid in excess of what he should have paid,--and this
vague shadowing of some possible relief of the excessive pecuniary
burden he is compelled to assume if he insures, is all that is given
him. There is exhibited here the most astonishing credulity, and, too
often, as thousands can testify from sad experience, a misplaced
confidence on the part of the insuring public, that seems childlike and
puerile in the extreme.

The official reports of Level-Premium Life Companies to the Insurance
Departments of the several states show that these companies actually
use, for expense of conducting the business, from $6 to $25 for each
$1,000 of insurance outstanding. A man carrying $10,000 insurance for
his family in these companies must pay on the average, for the _expense_
of the business, about $80 per annum, and if it should be twice or three
times that amount he has no redress. Should not these companies
stipulate, in every policy, a sum for expenses which could not be
exceeded? Should they not separate the mortuary and expense account, and
contract with every policy-holder to use, not exceeding a specified per
cent of the premium paid, for expenses, and to hold the balance a sacred
trust for the payment of claims, the surplus above such requirement to
be returned to the insured? To what other branch of business would men
apply such unbusinesslike methods as to pay two or three times the value
of the article purchased, upon the implied or real obligation of the
seller to return, at some time in the future, some part of the
overpayment, but with no definite agreement as to how much, or at what
time it should be returned? What merchant could maintain his credit for
any considerable time if he made his other purchases as he does his life
insurance? Life insurance is a commodity to be bought and paid for at a
fair market price.

In the earlier history of the business, there were no data at hand to
fix its value. Experience of fifty years and more has furnished such
data, and its value can now be determined with very considerable
closeness, and very far within the charges of level-premium companies.
There should be some margin charged above probable cost, as shown by the
experience of companies; but such charges should not contemplate nor
admit of such extravagant expenses as have, and do now, obtain in
level-premium companies. The experience of asses