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Stuff You Missed in History Class
The Birth of Actuarial Science and Life Insurance, Pt. 2
Jan 10, 2024
This podcast explores the challenges faced by early insurance companies in the 18th and 19th centuries. It also discusses the origin of actuarial science, the duties of early actuaries, and the contributions of William Morgan. Additionally, it addresses the publication of a more accurate mortality table and the challenges faced by the actuarial sciences and insurance industry in the 20th century.
34:29
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Quick takeaways
- Actuarial science and insurance have evolved over the years, with advancements in mathematics and the recognition of the need for accurate mortality tables.
- The perception of insurance as gambling has influenced the development of regulations, aimed at preventing fraudulent practices associated with betting on the deaths of insured individuals.
Deep dives
The Evolution of Actuarial Science and Insurance
Actuarial science and insurance have evolved over the years, with advancements in mathematics and the recognition of the need for accurate mortality tables. In the 18th and 19th centuries, assurance and insurance societies were established to provide financial protection in case of death. James Dodson played a significant role in creating the first table of annual assurance premiums, laying the foundation for modern actuarial calculations. William Morgan later refined actuarial science and became known as the first actuary, revolutionizing the role with his medical and mathematical expertise. Insurance policies faced controversy due to associations with gambling, leading to the enactment of the Life Assurance Act of 1774 in Britain. Actuarial science continues to adapt to changing circumstances, such as technological advancements and the incorporation of group insurance and pension plans.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode