Annals, Anecdotes and Legends: A Chronicle of Life AssuranceFrancis, John, of the Bank of England
History
Annals, Anecdotes and Legends: A Chronicle of Life Assurance
Francis, John, of the Bank of England
Life insurance
It was seen that no ordinary care and research had been bestowed on
his calculations. Chester, Warrington, and Shrewsbury had contributed
the English portion of the statistics. From abroad, Sweden and Finland
had sent the mean numbers of the living with the annual deaths for
twenty-one successive years, together with a complete set of tables
of the values of the annuities on single lives, both with and without
the distinction of sexes, which completed the interest of a book that
is yet quoted with respect. If the book itself were thus important,
the character of the writer was sufficiently established to secure a
favourable reception to his doctrines. He had already written on the
subject, and nothing more completely evinces the general ignorance
than that his two previous papers should have been devoted to topics
which are now self-evident; one of them being to demonstrate that
marshy ground was insalubrious; and another, to prove that the value
of life in large close towns, was less than in the wide, invigorating
country.
From Dr. Price the world first heard that half of the children who
were born in London, died under three years of age; that in Vienna
and Stockholm, half died under two; in Manchester, under five; and in
Northampton, under ten. “London,” said the worthy Unitarian, “is a
gulf which swallows up an increase equal to near three-fourths of that
of Sweden.” The results of the work were as good as the work itself.
The papers of the day quoted its opinions; the subscribers to the
annuity societies took the alarm, discontinued their subscriptions, or
demanded an inquiry. The rage for establishing new annuity companies
was as suddenly stopped by Dr. Price, as in 1720 the old companies were
stopped by the arm of the law. A partial reformation was attempted
in some, the managers of others suddenly disappeared, while a still
greater number finding it impossible to continue, dissolved their
society and left the unhappy annuitants to regret their carelessness
and digest their loss. Of course, the author did not escape abuse, and
many an anathema was launched at the head of the doctor, and many an
epigram pointed at him by those “who live by others’ losses.”
Public-domain text, read in full here on John Shaqi.
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