proposer will not, in all probability, live as long
as a healthy man is expected to live is enough
reason for declining to insure his life.

Insurances may be effected for a limited period,
say for one, three, or five years, at about one half
the premium charged for the whole term of life.
If the insured dies within the period, the amount
of the policy is paid, but the insurance ends with
the periods of time agreed upon. This class of
insurance is useful in many ways. For example:
A person with a certain income for life is desir-
ous of borrowing £500, to be repaid by annual
instalments. There would be no difficulty in
finding a lender, provided he could be sure of
repayment; and this could be secured in this
manner -- the borrower would assign to the lender
£100 a year of income for five years for the gra-
dual discharge of the loan; the borrower's life
would also be insured for five years and the
Policy assigned to the lender. If the borrower
lived for five years the loan would be paid out of
the income. In the event of his death, it would
be paid by means of the insurance money.

Another example: a child aged seventeen is
entitled to a fortune, large or small, at the age
of twenty-one, but meanwhile is wholly depen-
dent on its mother who has only an annuity for
her life. Should the mother die before the child