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.
