Leases for Lives

Life Contingent Contracts and the Emergence of Actuarial Science in Eighteenth-Century England

Business & Finance, Economics, Statistics, Nonfiction, Science & Nature, Mathematics
Cover of the book Leases for Lives by David R. Bellhouse, Cambridge University Press
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: David R. Bellhouse ISBN: 9781108506144
Publisher: Cambridge University Press Publication: July 14, 2017
Imprint: Cambridge University Press Language: English
Author: David R. Bellhouse
ISBN: 9781108506144
Publisher: Cambridge University Press
Publication: July 14, 2017
Imprint: Cambridge University Press
Language: English

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.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

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.

More books from Cambridge University Press

Cover of the book Greek Epigram and Byzantine Culture by David R. Bellhouse
Cover of the book The Emergence of Probability by David R. Bellhouse
Cover of the book Lorenzo Ghiberti's Gates of Paradise by David R. Bellhouse
Cover of the book Globalisation and Governance by David R. Bellhouse
Cover of the book Games in Economic Development by David R. Bellhouse
Cover of the book Moving Shakespeare Indoors by David R. Bellhouse
Cover of the book Silicon Photonics Design by David R. Bellhouse
Cover of the book Healthy Conflict in Contemporary American Society by David R. Bellhouse
Cover of the book Radio Frequency Integrated Circuits and Systems by David R. Bellhouse
Cover of the book The Demiurge in Ancient Thought by David R. Bellhouse
Cover of the book A History of Western American Literature by David R. Bellhouse
Cover of the book Letters of the Catholic Poor by David R. Bellhouse
Cover of the book Determinants of Democratization by David R. Bellhouse
Cover of the book Sleep, Stroke and Cardiovascular Disease by David R. Bellhouse
Cover of the book Economic Integration in Africa by David R. Bellhouse
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy