It would look like Modern would be the participle.
Because Modern modifies what the Essay is, Essay is the word modified.
I'm pretty sure this is right, since no other word in the sentence seems to modify anything.
The value of the premiums the company takes in is higher than the value of the payouts it makes.
The insurance company always has a collection of premium. They will pool these premiums and invest it to other investments that have guaranteed payouts with the highest interest earned. In the event of payout, all revenue earned net of the amount paid is the profit of the insurance company.
Another: "The opposing sides lit up the air with speeding bullets as... ( whatever was happening)" Try to describe the scenes/actions and use figurative language.