• Unfortunately, some offices issued these contracts with a cash value of something approaching the total single premium guaranteed at any time.
• Interest rates rose, competitors offered better terms, and so there was a severe risk of mass surrenders, which no investment could have matched.

--  Charles M. O'Brien - not a member of the Society, is a Fellow of the Institute of Actuaries and is actuary and manager, Royal National Pension Fund for Nurses, London, England

1974 - SOA - Expanding the Actuary's Horizons in the Management of Investments for Long-range Risks, Society of Actuaries - 58p