BONUSES. It has been mentioned in a previous page that insurance has the advantage over the savings bank, no matter how long a person may live, and this is brought about by the operation of Bonuses, so called. These are the whole pro- fits in the case of a Mutual Company, and the larger proportion of the profits in the case of a Joint-Stock Company, which are distributed amongst the policy holders. At the end of every five years, in some cases seven, a valuation is made of all the property of the Company and on the other hand is ascertained what the company is liable for, present and prospective. The difference between the two constitutes the sur- plus or profits, assuming of course that the assets preponderate. This seems at first sight to be a very simple process, but in reality the most intricate calculations are necessary to arrive at mathematical accuracy; but this needs no further notice here. The bonus being declared, it may be dealt with in various ways. 1. -- It may be added to the amount insured, and so payable at death. 2. -- It may be commuted for an immediate payment in cash. (In this case the amount will, of course, be less than in No. 1.) 3. -- It may be applied in a permanent reduc- tion of the future annual premiums, or a proportionately larger reduction of these for the next five or seven years, and in other ways. Most offices granting every reason- able facility for applying profits in any way the insured may consider desirable. _Endowment Insurance_. -- This is a class of insurance by which an insurer may receive the amount of a policy himself during his life, at an age to be fixed at the time the insurance is effected. Should he die before reaching the age specified, the money is payable to his represen- tatives. It may also be so arranged that instead of receiving the money at a certain age, he may be paid a fixed sum annually for the rest of his life thereafter. For example -- a person at the age of thirty may insure £1,000 to be paid to him on attain- ing the age of sixty. The annual premiums for insurances of this kind vary with different offices; but they can be effected at the age named, at about £28 10s. for the £1,000. If the person died before attaining the specified age, the money would be paid to his representatives; if he sur- vived, he could either receive the £1,000, or be granted an annuity for the remainder of his life of £92 a year. In the case of females the annuity would be £83 only, as they are supposed to live longer than males.