There is no real or true life insurance but the straight old line regular life, where the policy is payable only at death. Term life insurance, so called, is simply banking for the benefit of the company which takes the risk. In regular life insurance the insured has a certain expectancy at the time of taking out the policy. Payment for the amount he is to receive at death is spread out over his expectancy, less four per centum interest compounded, and he pays it in annual, semi-annual, or quarterly installments, as may be agreed upon. If he lives out his expectancy, he will have paid in all he is to receive at death, either directly, or by the interest carried on his premiums. Of course there is a certain amount of loading in the premiums he pays, but for the purposes of our illustration, that need not be considered. In this plan, the policy holder is really insuring himself, and when he dies his beneficiary, or estate, simply receives back the money he has paid in. The fact that there are so many life insurance companies and that they have become so wealthy and powerful, illustrates the power of interest, especially when it is compounded. The Royal Arcanum professes to give life insurance at actual cost, which it does not and never did. It was organized from the top down. Fifteen persons met in Boston on June 23, 1877, and constituted themselves the Supreme Council. Twelve of them became officers, and three were incorporators simply. This body reserved to itself all the power of legislation and of receiving and paying out the moneys of the order. Provisions were made for the organization of subordinate and grand councils of the order, but they were simply wards of the Supreme Council. Members were received on medical examinations from 21 to 55 years of age and paid for $3,000 insurance, one dollar at 21 years, and up to four dollars at 55 years. The rise from year to year was from 4 to 20 cents. The assessments were to be paid when called for, after the death of a member. The order grew and prospered from year to year until 1898, when the management thought it saw the necessity of increasing the rates. It made 21 at the rate of $1.76 and 54 rate of $7.00. The rise each year was from 6 to 44 cents. At this time the order had 195,105 members, and the loss in membership in the order in the next six months was about 10,000.