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
In 1779, he made a further attempt to contribute to the information
of the public in an “Essay on the Population of England;” but the
data on which he founded his opinion, was scarcely certain enough
to render his conclusions of much value to the statistician. In the
fourth edition of his work on annuities, he gave several valuable
tables on single and joint lives, at various rates of interest, not
only from the probabilities of life at Northampton, but also from the
same probabilities at Sweden. His after career is well known. He was
employed to form a plan by which the poor might support themselves in
sickness and in old age; but which, when introduced to the senate,
was rejected. He lived to see the French Revolution, and to be a
prophet of good concerning it. Horace Walpole writes in 1790:--“Mr.
Burke’s pamphlet has quite turned Dr. Price’s head. He got on a table
at their club, and toasted to our parliament being made a national
convention.... Two more members got on the table--their pulpit,--and
it broke down with them.” In another letter he says:--“Dr. Price, who
had whetted his ancient talons last year to no purpose, has had them
all drawn by Burke; and the revolutionary club is as much exploded
as the Cock Lane Ghost.” In 1791, he died, and his name has survived
Horace Walpole’s sarcasms with his own revolutionary principles. The
information which he presented, was various and important. Gossip it
would be called by some; but it was that gossip to which the historian
appeals as a confirmation of his views. The poor’s rates were estimated
by him at 1,556,804_l._ in 1777. He calculated that 651,580 was rather
over than under the population of London in 1769. He explained that
the most obvious sense of the expectation of life, was that particular
number of years which a life of a given age had an equal chance
of enjoying; and he gave it as his opinion, founded on extensive
information, “that the custom of committing infants as soon as born to
the care of foster-mothers, destroys more lives than sword, famine, and
pestilence united.”
By his calculations he showed, that--
In Stockholm on an average of 6 years 1 in 19 died.
London ” ” 1 in 20-3/4 ”
Rome ” ” 1 in 21-1/2 ”
Northampton ” ” 1 in 26-1/2 ”
Madeira ” ” 1 in 50 ”
Liverpool ” ” 1 in 27 ”
Berlin ” ” 1 in 26-1/2 ”
Sweden (Stockholm excepted) ” 1 in 35 ”
Vaud, Switzerland ” ” 1 in 45 ”
Ackworth, Yorkshire ” 1 in 47 ”
The varied and valuable information of Dr. Price was of great use in
stimulating the minds of those having authority, an improved register
of mortality being established at Chester in 1772, and at Warrington in
1773.
Public-domain text, read in full here on John Shaqi.
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