The law of friendly societies, and industrial and provident societies, with the acts, observations thereon, forms of rules etc., reports of leading cases at length, and a copious index

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Monograph

Identifikator:: 875232663

URN:: urn:nbn:de:zbw-retromon-2698

Document type:: Monograph

Title:: The law of friendly societies, and industrial and provident societies, with the acts, observations thereon, forms of rules etc., reports of leading cases at length, and a copious index

Place of publication:: with the acts, observations thereon, forms of rules etc., reports of leading cases at length, and a copious index$gTenth edition, revised and enlarged

Publisher:: Shaw and Sons

Year of publication:: 1881

Scope:: 1 Online-Ressource (XII, 303 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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VALUATION. 287" 7. In no valuation of a society’s future sickness liabilities sliall a higher rate of mortality at any age be employed than that given by “ Rateliffe’s Mortality Experience for the Years 1865-70, of the Manchester Unity of Oddfellows,. Rural, Town, and City districts combined.” 8. In the case of societies having members engaged in occupations more than usually hazardous or injurious to- health, or having members residing in localities known to be unhealthy, the valuer shall in his valuation make such allowance or allowances therefor as regards conditions 5 and 6 as he may deem expedient, and shall call special attention thereto in his report, on the valuation. 9. The valuer may, in estimating the value of a society’s- liabilities under its assured benefits, use such a rate or rates- of interest as he may consider expedient; but when such rate or rates shall exceed 3 per cent., he shall, in his report on the valuation, state fully the grounds on which a higher rate of interest is made use of. 10. No allowance is to be made for possible future profits arising from secessions, unless the number of contributing members in the society, and the nature of the society’s business be such as fully to justify an allowance being made, and the valuer shall in all such cases state in his report what allowance has been made, and the grounds on which it is made. 11. The method of valuation must in no case have the effect of treating any of the society’s assurance contracts as- assets; in other words, the liability of the society under its assurance contracts must in no case be treated as having a negative value. 12. The valuation report must in all cases state distinctly what provision is made for future expenses of management, and the valuer shall state whether in his opinion, judging from the experience of the society, such provision is adequate. 13. In making his report on the valuation, the valuer shall in all cases specially call attention to the assumptions on which the valuation is based, particular care being; exercised in this case where the number of members is small.

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