The Mortality among Assured Lives viewed in relation to the Sums at Risk

Extract

What was probably the beginning of knowledge in this country in regard to the subject of Life Annuities and Assurance was the publication, in 1661, by John Graunt, of his Natural and Political Observations on the Bills of Mortality. In that publication we have no doubt the primary data on which the business of Life Assurance is founded. By the gradual development and extension of that business, it soon came to be recognised that in all calculations connected with the subject it was needful to proceed on a sound fundamental basis. For not only was it seen to be necessary that the affairs of an institution conducting such business required to be administered for the immediate benefit of those concerned; but it was also observed that there were many prospective liabilities, and that therefore it required to be built on such a solid and substantial foundation as to be able to meet all obligations in the future. This is appreciated by all who are in any way interested in Assurance.