part of her legislators, unsurpassed by those of any other State. It has
already begun to correct existing evils, as its advocates foresaw it
would do.

Several companies dishonestly and incompetently conducted have found it
impossible to longer prey upon a too confiding public.

The collapse of fraudulent concerns has furnished an occasion for the
enemies of the system to cry out against the system itself, but thinking
men are not deceived thereby. As was recently remarked by a
distinguished ex-insurance Commissioner of Massachusetts, "Assessment
Insurance has come to stay." There is not, as has been claimed by its
opponents, anything inherent in the system that fore-dooms it to early
and inevitable collapse.

Assessment insurance is natural insurance as against artificial.
In the early establishment of life insurance companies, everything was
assumption, there was little or no experience to guide in formulating
the principles upon which the business should be conducted. There was
partial information, it is true, upon certain general facts pertaining
to longevity or to mortality laws, under certain conditions, but nothing
that could give substantial data upon which to base mathematical
calculations for the establishment of a science. Under those conditions,
rates of premium were fixed for insurance at the different ages which
the experience of many years has shown to be very much higher than is
required to meet reasonable expenses, and losses occurring from policies
maturing by death.

A rate of mortality was assumed greater than experience has shown to
prevail among well selected lives. The important element of lapses was