sment companies has
shown that the business can be done for from $2 or $3 at most, for each
$1,000 at risk.

Is there any reason why level-premium companies should not be limited to
_twice_ that amount? The recent law governing assessment insurance in
Massachusetts requires that in every call for an assessment it shall be
distinctly stated what the money is to be used for, and no part of the
mortuary fund can be used for expenses. Will any man say that assessment
insurance is not in advance of other forms of insurance, in these
respects at least?

Another important objection to level-premium insurance is found in the
fact that it has drifted away from its primal purpose. Originally it
contemplated simple life insurance.

Its intent was to offset, to some extent, the loss incurred by the
family in the death of its wage-earner. The death of the father involves
the family in a pecuniary loss represented by the amount of his yearly
earnings, and if this occur before he has had time to accumulate a
surplus above yearly expenses, the hardships of poverty are added to the
pain of separation from so valued a friend. Life insurance was intended
to come in with its benefits at such a time, as the result of
forethought on the part of the father in depositing a part of his
savings with the life company. If this simple form of insurance had been
adhered to, the temptations to unwarranted and hurtful competition
would, in a large measure, have been avoided; but with most
level-premium life companies this form of insurance is now largely
neglected, and their energies are given to other forms, some of them
highly speculative in their character. Contrary to the original purpose
of life insurance, banking has been combined with insurance, and people
have been taught to believe that they can secure better investments
through life-insurance companies than elsewhere. It has never been clear
to the writer how such results can be reached, in view of the excessive
cost of conducting the business. Any suggestion of this kind, however,
is at once met by the reply that the company has an immense amount of
money invested, from which it derives a large income.

But whose money is it? Who paid it to the company, if not the
policy-holders? Still, if the business were confined to simple endowment
insurance in connection with pure life insurance there would be less
objection, although banking is properly no part of insurance; but the
fact is, a fa