The Birth of Actuarial Science and Life Insurance, Pt. 2
Stuff You Missed in History Class
The Origin of the Word 'Actuary' and the Duties of Early Actuaries
This chapter delves into the origins of the word 'actuary' and its association with insurance officials, discussing their duties in calculating premiums and managing financial risks. It also introduces William Morgan and his background.
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As life insurance and assurance became more common, companies that offered coverage ran into in problems in the 18th and 19th century. Part 2 also covers how Insurance has been used by gamblers as a grisly amusement.
Research:
- Bell, John. “London’s Remembrancer … “ E. Cotes. London. 1665. Accessed online: https://quod.lib.umich.edu/e/eebo2/A27350.0001.001?rgn=main;view=fulltext
- Bellhouse, David R. “A New Look at Halley’s Life Table.” Journal of the Royal Statistical Society.” 174, Part 3, pp. 823–832. 2011. https://www.medicine.mcgill.ca/epidemiology/hanley/c609/material/BellhouseHalleyTable2011JRSS.pdf
- Bennetts, N., (2019). MORGAN, WILLIAM (1750 - 1833), actuary and scientist. Dictionary of Welsh Biography. Retrieved 22 Dec 2023, from https://biography.wales/article/s12-MORG-WIL-1750
- Boyce, Niall. “Bills of Mortality: tracking disease in early modern London.” The Lancet. April 11, 2020. https://doi.org/10.1016/S0140-6736(20)30725-X
- Chatfield, Michael and Vangermeersch, Richard, "History of Accounting: An International Encyclopedia" (1996). Individual and Corporate Publications. 168.
https://egrove.olemiss.edu/acct_corp/168 - CLARK, GEOFFREY. “Life Insurance in the Society and Culture of London, 1700-75.” Urban History, vol. 24, no. 1, 1997, pp. 17–36. JSTOR, http://www.jstor.org/stable/44612859
- de Roover, Florence Edler. “Early Examples of Marine Insurance.” The Journal of Economic History, vol. 5, no. 2, 1945, pp. 172–200. JSTOR, http://www.jstor.org/stable/2114075
- Fouse, L. G. “Policy Contracts in Life Insurance.” The Annals of the American Academy of Political and Social Science, vol. 26, 1905, pp. 29–48. JSTOR, http://www.jstor.org/stable/1011003
- “James Dodson’s tables of premiums, 1756.” Institute and Faculty of Actuaries. https://www.actuaries.org.uk/learn-and-develop/research-and-knowledge/library-services/historical-collections/archive-equitable-life-assurance-society/highlights-equitable-life-archive/james-dodson-s-tables-premiums-1756
- Eggen, Olin Jeuck. "Edmond Halley". Encyclopedia Britannica, 21 Dec. 2023, https://www.britannica.com/biography/Edmond-Halley
- Greenwood, Major. “The First Life Table.” Notes and Records of the Royal Society of London. October 31, 1938. Volume 1, Issue 2. https://royalsocietypublishing.org/doi/abs/10.1098/rsnr.1938.0017
- Harford, Tim. “What makes gambling wrong but insurance right ?” BBC News. March 20, 2017. https://www.bbc.com/news/business-38905963
- Ivry, David A. “Historical Development of Some Basic Life Insurance Terminology.” The Journal of Insurance, vol. 28, no. 3, 1961, pp. 65–69. JSTOR, https://doi.org/10.2307/250376
- Lewin, Chris. “The Creation of Actuarial Science.” ZDM – Mathematics Education. 2001. Vol. 33. https://subs.emis.de/journals/ZDM/zdm012i2.pdf
- Ogborn, M.E. “The Professional Name of Actuary.” Journal of the Institute of Actuaries. 1956. https://web.archive.org/web/20081217144303/http://www.actuaries.org.uk/__data/assets/pdf_file/0020/25382/0233-0246.pdf
- Rose, I. Nelson. “How Insurance Became (Mostly) Not Gambling.” Gaming Law Review and Economics.Nov 2014.864-872.http://doi.org/10.1089/glre.2014.1892
- ROWELL, A. H. Journal of the Institute of Actuaries (1886-1994), vol. 88, no. 3, 1962, pp. 387–89. JSTOR, http://www.jstor.org/stable/41139514. Accessed 27 Dec. 2023.
- Thomas, R., & Chambers, Ll. G., (1959). PRICE, RICHARD (1723-1791), philosopher. Dictionary of Welsh Biography. Retrieved 27 Dec 2023, from https://biography.wales/article/s-PRIC-RIC-1723
- “Actuary Overview.” Best Jobs. U.S. News and World Report. https://money.usnews.com/careers/best-jobs/actuary
- Walford, Cornelius. “History of Life Assurance in the United Kingdom.” Journal of the Institute of Actuaries and Assurance Magazine, vol. 25, no. 2, 1885, pp. 114–33. JSTOR, http://www.jstor.org/stable/41135809
- Walford, Cornelius. “History of Life Assurance in the United Kingdom (Concluded).” Journal of the Institute of Actuaries (1886-1994), vol. 26, no. 6, 1887, pp. 436–65. JSTOR, http://www.jstor.org/stable/41136141
- Whittle, Matt. “How To Become An Actuary: Responsibilities, Practice Areas And Certifications.” Forbes. Nov. 29, 2022. https://www.forbes.com/advisor/education/become-an-actuary/
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