Concept    From 1762 

scientific life assurance

Categories: Commerce, Science

Equitable Life, the world's oldest mutual insurer, started business in 1762 in the parsonage of St Nicholas Acons in Nicholas Lane. It pioneered scientific life assurance by basing premiums on age and mortality rates.

Elsewhere Dr Richard Price (1723 - 1791) is credited with having founded actuarial science.  He was also the radical minister at the Dissenters' church on Newington Green (inside which there is a plaque) where he met and influenced Mary Wollstonecraft, Benjamin Franklin, Thomas Paine, Joseph Priestley, etc.  Roberta Wedge, author of the blog A Vindication of the Rights of Mary, offered to see if there was a connection between Price and the parsonage “where scientific life assurance began in 1762”.   Roberta found in The Actuarial Profession reference to a report Price produced in 1774, “one of the key documents in the history of actuarial science”.  This report was addressed to the Society’s directors.  She also discovered a readable history, as a slideshow with lecturer's notes, which says Price was a consultant to the Society from 1770 onwards. The Society's first actuary was appointed on the recommendation of Price; William Morgan, who put his stamp on the organisation while serving from 1775 to 1830, was Price's nephew. 

This section lists the memorials where the subject on this page is commemorated:
scientific life assurance

Commemorated ati

St Nicholas Acons parsonage

Site of the Parsonage of St Nicholas Acons where scientific life assurance be...

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Other Subjects

Apollo Inn

Apollo Inn

Was on the corner of Tottenham Court Road and Torrington Place. Designed by Fitzroy Doll.

Building, Commerce, Food & Drink

1 memorial
White Lion pub, Islington

White Lion pub, Islington

We can find no information about this pub.

Building, Commerce, Food & Drink

1 memorial
Lord Ritchie of Dundee

Lord Ritchie of Dundee

Chairman of the Port of London Authority in 1935.

Person, Commerce, Politics & Administration

1 memorial
Tyburn Turnpike House

Tyburn Turnpike House

This toll gate is thought to have stood about where Marble Arch now stands.

Building, Commerce, Property, Transport

1 memorial