Surplus: two hundred years of actuarial advance

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On the occasion of the bicentenary of the foundation of scientific life assurance, it was thought fitting that a work should be prepared in which the development of some aspect of the subject might be discussed. The authors undertook some research on the origins and disposal of surplus and the results are set out in a book entitled ‘Surplus in British Life Assurance--Actuarial Control over its Emergence and Distribution during 200 Years’. The following pages convey some of the impressions formed in the course of its preparation. Much of the later part of the paper consists, in fact, of extracts from the text of the book. The introductory sections present a short outline of the book as a whole.