entirely dependent on her mother. The joint
lives are insured for, say, £2,000, which would
cost in premium £100 a year; the insurance
money to be paid at the death of the first of the
two. If the daughter died first the mother would
get back, by the insurance money, possibly
more than she had paid in premiums. If the
mother died first, say at the age of seventy, by
that time the daughter would have attained the
age of forty, and the £2,000 would be paid to
her. With the money she might, if she so
pleased, buy an annuity for life of £110 a year.

_Insurance on the Longest of Two Lives_, payable
on the death of the survivor, is useful in cases
where land or house property is held on lease,
so that there may be no pecuniary loss when the
lease expires. The rate of premium is in this
case naturally less than where the insurance is
to be paid on the earlier of the two deaths.


SURRENDERS.

If from any cause it is desired to give up a
policy and discontinue paying any more pre-
miums, the offices will pay to the insured what
is called the surrender value of the policy, at the
same time cancelling it and all its conditions.
This surrender value may be roughly calculated