I don’t want to invade glenn’s thread, but here is something I came across the other day:
The story I found most interesting can be found on page 119 [page 6 of the PDF]… it is of Richard Martin, who bought a 12-month policy on William Gybbons. Gybbons died 345 days after the purchase of the policy… but the claim was disputed, because, you see, months are 28 days [so the policy expired after 336 days]
Lol, those funny brits.
They still teach this case in an introductory actuarial course at university of Waterloo (mthel 131 for those that remember). That and a some quasi gambling related cases from centuries ago.
If you want to read British actuarial journals from the 1800’s, they’re online at jstor.org/subject/finance. I didn’t read any of them myself (narrator: yes he did)
They were big on advertising assets back in the those days. Probably some sort of assurance of stability. Still see it in some forms today, just not using assets. Today they’ll use company age, mutual ‘ownership’ and dividends as partipating in the company.