Face of the counhy.--Currapa pas-Nu1nbers.-Government.-Employment of the population . . 40 Face of the count1y.-Divisions and numbers of the Khyberees.-Khyber pass.-Pensions for securingit.-Depredations,-Appearance, manners, and character . 42 TRIBES O F PBSHAWER. Face of the country.-Divisions and numbers.-History of the Glioreeakhai1.-Dependence 011 the King.-Internal government, dress, manners, and character . . 45 KHUTTUKS. Numbers.-Face of the country.-Plains on the north.-Divisions and numbers.-Govemmeiit and character.-Mountains in the south. Baurilcs . 48 BUNGUSHES AND OTHEX. TRIRES. Face of the country of the Bungushes.-Government and character. -Toorees.-Jaujees.-Esaul
Joint life and survivorship annuities on two lives form a troublesome class to deal with in valuations. Since the reserves are functions of two variables the annuities fall naturally into so many groups that they are often valued individually. In an office which writes much annuity business this process is laborious.
Of the three major elements in the formulae for office premiums, mortality has been subjected to refined investigation; interest has been considered closely, particularly since the war; expenses alone have hardly been considered. We have found only four papers on the subject in the whole of J.I.A., three (19, 153; 44, 415; 49, 111) many years ago, and the fourth (69, 50) before the war. There have been a few papers since in T.S.A., notably Mr Pedoe's (4, 485).Our object is to analyse the expenses of a group of British life offices, so as to provide a reliable basis for comparison of offices, to enable managements to test the efficiencies of their own offices against others, and to provide means for getting standard costs as a tool of administration.
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