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 Nietzsche on Tragedy by David R. Bellhouse
Cover of the book Biological Invasions and Animal Behaviour by David R. Bellhouse
Cover of the book Srebrenica in the Aftermath of Genocide by David R. Bellhouse
Cover of the book Theodosius II by David R. Bellhouse
Cover of the book Turin and the British in the Age of the Grand Tour by David R. Bellhouse
Cover of the book Ellipsoidal Harmonics by David R. Bellhouse
Cover of the book Pragmatics by David R. Bellhouse
Cover of the book Ordinary Violence in Mussolini's Italy by David R. Bellhouse
Cover of the book The Making of Peace by David R. Bellhouse
Cover of the book Sociolinguistics from the Periphery by David R. Bellhouse
Cover of the book Emily Dickinson and Philosophy by David R. Bellhouse
Cover of the book Maize by David R. Bellhouse
Cover of the book Byzantine Legal Culture and the Roman Legal Tradition, 867–1056 by David R. Bellhouse
Cover of the book Great Christian Jurists and Legal Collections in the First Millennium by David R. Bellhouse
Cover of the book The Cambridge Companion to Greek and Roman Philosophy 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