Papers and reports

The origin of these notes was the idea that in a search for a 'law of mortality' allowance should be made for the fact that persons living at any age may be divided into two essentially different groups, viz. those who are in their usual state of health (or are perhaps temporarily unwell)and those who have contracted a fatal illness. Doubtless in both groups there is considerable variability, but this will not usually be so important as the difference between the two groups.

Actuary is a curious word by which to describe the profession to which it has become attached. There is no obvious connexion between the meaning of the word and the professional duties which it signifies. Moreover, the title of actuary is still in use for other officials who may by their duties have a more direct claim to the title from its original derivation. T. E. Young (J.I.A. 33) devoted part of a Presidential Address to the origin of the word, and present members of the Institute may be interested in an investigation into the way in which the name came to be attached to the profession.

In this paper we propose to review some of the developments that have taken place in the principles and practice of investment policy over the last twenty-five years, and to study the contribution to these principles that the Actuaries' Investment Index and other index numbers can provide. In addition, we propose to review the methods used in the construction and maintenance of the Actuaries' Investment Index in the light of current conditions.