The Birth of Actuarial Science and Life Insurance, Pt. 2
Stuff You Missed in History Class
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William Morgan and the Early Years of Actuarial Science
This chapter explores the early life and career of William Morgan, a key figure in actuarial science. It discusses his education, apprenticeships, and contributions to the field, including the refinement of formulas for calculating premiums using the Northampton Table.
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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:
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- 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
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- “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
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- 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
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- 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.
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- 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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