Leases for lives: life contingent contracts and the emergence of actuarial science in eighteenth-century England
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 typica...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge [und vier weitere]
Cambridge University Press
2017
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| Schlagworte: | |
| Zusammenfassung: | 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. |
| Beschreibung: | xii, 261 Seiten Diagramme, Faksimiles |
| ISBN: | 9781107111769 |
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| 505 | 8 | |a Introduction -- Mathematics and property in the seventeenth century -- Edmond Halley's life table -- Halley's impact or lack of it -- De Moivre and his early influence -- Mathematicians as consultants -- Mathematicians and early life insurance companies -- The annuity bubble of the 1760s and 70s -- The after shocks of the bubble on life annuities -- Developments in the life insurance industry in the later eighteenth century -- A return to roots -- Conclusion | |
| 520 | |a 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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Datensatz im Suchindex
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| author | Bellhouse, David R. |
| author_GND | (DE-588)170584917 |
| author_facet | Bellhouse, David R. |
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| author_sort | Bellhouse, David R. |
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| building | Verbundindex |
| bvnumber | BV048464129 |
| contents | Introduction -- Mathematics and property in the seventeenth century -- Edmond Halley's life table -- Halley's impact or lack of it -- De Moivre and his early influence -- Mathematicians as consultants -- Mathematicians and early life insurance companies -- The annuity bubble of the 1760s and 70s -- The after shocks of the bubble on life annuities -- Developments in the life insurance industry in the later eighteenth century -- A return to roots -- Conclusion |
| ctrlnum | (OCoLC)1008999462 (DE-599)BVBBV048464129 |
| dewey-full | 368.3200941/09033 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 368 - Insurance |
| dewey-raw | 368.3200941/09033 |
| dewey-search | 368.3200941/09033 |
| dewey-sort | 3368.3200941 49033 |
| dewey-tens | 360 - Social problems and services; associations |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| era | Geschichte 1700-1800 Geschichte 1701-1800 gnd |
| era_facet | Geschichte 1700-1800 Geschichte 1701-1800 |
| format | Book |
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| spelling | Bellhouse, David R. Verfasser (DE-588)170584917 aut Leases for lives life contingent contracts and the emergence of actuarial science in eighteenth-century England David R. Bellhouse, University of Western Ontario Cambridge [und vier weitere] Cambridge University Press 2017 xii, 261 Seiten Diagramme, Faksimiles txt rdacontent n rdamedia nc rdacarrier Introduction -- Mathematics and property in the seventeenth century -- Edmond Halley's life table -- Halley's impact or lack of it -- De Moivre and his early influence -- Mathematicians as consultants -- Mathematicians and early life insurance companies -- The annuity bubble of the 1760s and 70s -- The after shocks of the bubble on life annuities -- Developments in the life insurance industry in the later eighteenth century -- A return to roots -- Conclusion 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. Geschichte 1700-1800 Geschichte 1701-1800 gnd rswk-swf Geschichte Life insurance / Great Britain / History / 18th century Actuarial science / Great Britain / History / 18th century Lebensversicherung (DE-588)4034928-7 gnd rswk-swf Versicherungswirtschaft (DE-588)4063206-4 gnd rswk-swf Versicherungsmathematik (DE-588)4063194-1 gnd rswk-swf Großbritannien Großbritannien (DE-588)4022153-2 gnd rswk-swf Großbritannien (DE-588)4022153-2 g Versicherungswirtschaft (DE-588)4063206-4 s Versicherungsmathematik (DE-588)4063194-1 s Lebensversicherung (DE-588)4034928-7 s Geschichte 1701-1800 z DE-604 Erscheint auch als Online-Ausgabe 978-1-316-28222-9 |
| spellingShingle | Bellhouse, David R. Leases for lives life contingent contracts and the emergence of actuarial science in eighteenth-century England Introduction -- Mathematics and property in the seventeenth century -- Edmond Halley's life table -- Halley's impact or lack of it -- De Moivre and his early influence -- Mathematicians as consultants -- Mathematicians and early life insurance companies -- The annuity bubble of the 1760s and 70s -- The after shocks of the bubble on life annuities -- Developments in the life insurance industry in the later eighteenth century -- A return to roots -- Conclusion Geschichte Life insurance / Great Britain / History / 18th century Actuarial science / Great Britain / History / 18th century Lebensversicherung (DE-588)4034928-7 gnd Versicherungswirtschaft (DE-588)4063206-4 gnd Versicherungsmathematik (DE-588)4063194-1 gnd |
| subject_GND | (DE-588)4034928-7 (DE-588)4063206-4 (DE-588)4063194-1 (DE-588)4022153-2 |
| title | Leases for lives life contingent contracts and the emergence of actuarial science in eighteenth-century England |
| title_auth | Leases for lives life contingent contracts and the emergence of actuarial science in eighteenth-century England |
| title_exact_search | Leases for lives life contingent contracts and the emergence of actuarial science in eighteenth-century England |
| title_exact_search_txtP | Leases for lives life contingent contracts and the emergence of actuarial science in eighteenth-century England |
| title_full | Leases for lives life contingent contracts and the emergence of actuarial science in eighteenth-century England David R. Bellhouse, University of Western Ontario |
| title_fullStr | Leases for lives life contingent contracts and the emergence of actuarial science in eighteenth-century England David R. Bellhouse, University of Western Ontario |
| title_full_unstemmed | Leases for lives life contingent contracts and the emergence of actuarial science in eighteenth-century England David R. Bellhouse, University of Western Ontario |
| title_short | Leases for lives |
| title_sort | leases for lives life contingent contracts and the emergence of actuarial science in eighteenth century england |
| title_sub | life contingent contracts and the emergence of actuarial science in eighteenth-century England |
| topic | Geschichte Life insurance / Great Britain / History / 18th century Actuarial science / Great Britain / History / 18th century Lebensversicherung (DE-588)4034928-7 gnd Versicherungswirtschaft (DE-588)4063206-4 gnd Versicherungsmathematik (DE-588)4063194-1 gnd |
| topic_facet | Geschichte Life insurance / Great Britain / History / 18th century Actuarial science / Great Britain / History / 18th century Lebensversicherung Versicherungswirtschaft Versicherungsmathematik Großbritannien |
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