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Leases for Lives - Life Contingent Contracts and the Emergence of Actuarial Science in Eighteenth-Century England (Hardcover)
Loot Price: R3,485
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Leases for Lives - Life Contingent Contracts and the Emergence of Actuarial Science in Eighteenth-Century England (Hardcover)
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Many historians of insurance have commented on the disconnect
between the rise of English life insurance companies in the early
eighteenth century and the mathematics behind the sound pricing of
life insurance products that was developed at about the same time.
Insurance and annuity promoters typically ignored this mathematical
work. Bellhouse explores this issue, and shows that the early
mathematical work was not motivated by insurance but instead by the
fair valuation of life contingent contracts related to property.
Even the work of the mathematician James Dodson in the creation of
the Equitable Life Assurance Society, offering sound actuarially
based premiums, did not change the industry in any significant way.
The tipping point was a crisis in 1770 in which the philosopher and
mathematician Richard Price, as well as other mathematicians,
showed that a dozen or more recently formed annuity societies could
not meet their financial obligations and were inviable.
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