Total Disability Benefits in Life Insurance
(C) 1913
Lucius McAdam, F.A.I.A.

Pretty simply, this is one of the earliest examples of modern calculations for the Waiver of Premium rider (also called Disability Waiver of Premium) for life insurance policies. In this book the author has presented newer and presumably more concise calculations and tables than have been used previously. So if you’re looking for early WP rider rates you’ve come to the right place.

Aside: As an insurance broker I don’t normally recommend waiver of premium. Consumers are better served with a proper and comprehensive disability policy that covers their income. That way if they become disabled they have a replacement income, not just ‘no income’ but an insurance policy with the premiums being paid.

Lucius McAdam was a president of the American Institute of Actuaries. That organization doesn’t even exist anymore. In 1949 the American Institute of Actuaries merged with the American Society of Actuaries to form the Society of Actuaries (SOA). The SOA is now the primary association for actuaries in the US, Canada, and many other countries around the world.

Contents:
• Total Disability Benefits in Life Insurance
• Table of Contents
• Introduction
• Preliminary Tables and Commutation Columns
• Derived Tables
• Waiver of Premium Benefits
• Tables of Net Extra Premiums
• Waiver of Premium Benefit – Mean Reserves
• Payment of Sum Insured for Total Disability
• Payment of Claim
• Commutation Columns
• Commutation Columns for Total Disability Benefits