Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-08-31
OF GREAT ANTIQUITY
Secretary Cortelyou on the
History Of Insurance.
MEETING OF ACTUARIES
OPENING OF FOURTH INTERNA-
TTONAL CONGRESS.
Delegates Present From Several For
eign Countries-Sessiont to Con-
tinue This Week.
MEETING OF ACTUARIES

NEW YORK. August 31.-The fourth IN
ternational congress of actuaries met In
this city today. The delegates include men
from several foreign countries The ses-
sion will continue for the week.
Secretary Cortelyou, as honorary presi-
dent of the congress. opened the session to-
day with an interesting address on the sub
Ject of insurance.
Mr. Cortelyou spoke Of the great ability
employed in the insurance business and OF
the high nature of the calling of insurance
men. He reviewed the history of insurance
from the earliest times.
while insurance may have been known
to the ancients,'' he said, Its principal de-
velopment has been during late years
through the exigencies of modern COM
MERGE In the beginnings Of mercantile
dealings men were unable financially, as IN
dlviduals, to bear great losses. They learn
ed that in the division of risks among large
numbers personal losses would be small.
From this mutual practice In respect TO
losses that would otherwise have fallen
heavily upon each came insurance on com
mercial lines, and, as has been well sald,
today no prudent person engages In any
large business enterprise, dealing either in
building, transportation or manufacture.
who does not seek shelter under a policy or
insurance. 1t originated probably in the
insurance Of ships; it has been carried to
almost every industry subject to losses
through the act Of man or the elements.
Life Insurance.
"Annuities are of great antiquity. Life
insurance. 80 called. was a mere wager
between one man and another until the
first permanent life company was organ
lied This, 1 am informed, was the Ami
ath {r,c
161 years, after which its business was
taken over by another office. The old
est life company was established In LOO
and still exists in London.
1.-THE first permanent life company IN
this country-one Of the great institutions
whose officials are numbered in your gath
ering today-began business in 1S43 foi-
lowed at comparatively short intervals by
other equally representative companies
which also through individual membership
participate in your deliberations
I'VE are told in the chronicles that deal
with such matters that In ancient Rome
the name actuary was given to the clerks
who recorded the act publ1ca OF the SEN
ate, and also to the officers VINO Kept the
military accounts and enforced due full
fillment of contracts for military supplies.
The first mention of the word in law Is said
to be in the friendly societies act OF 1870
where it is used in the vague sense, actu-
aries or persons skilled in calculate 1t
has been used with precision since the es-
ia blishment of the Institute of Actuarles
of Great Britain and Ireland. In ls4S, ana
The Faculty. of Actuaries In Scotland
founded at Edinburgh in 1856 and 1ncor-
porated by royal charter in 1868.
1.-THE Institute of French Actuar1es ana
similar societies in Germany, Belgium and
other nations have taken their place In the
ranks of this great body of scientific work.
ers and have had. and now have, worthy
representa- ton in your meetings.
1.-The Actuarial Society of America was
organized in the spring Of 1889 While it
is young in years, you have undoubtedly
found 1t not only active and alert but
ready at all times to undertake and meas
ure up to every requirement of its older
and more experienced colleagues.
Work Of the Actuary.
"In modern times, says a recent writer
| the actuary Is the mathematician of an in
surance company, who makes the calcula-
tons on which it's policy. plans and prices
are based. and applies the doctrine Of prob
abilities to fire, life or accident insurance.
Although the material on which he works
is theoretically furnished by the experience
of his and other cognate companies, and
the records of public and private bodies,
with the common rules of interest in fact
it needs not only great mathematical ca
pacity. but great practical sagacity, to apply
them to actual business, and no actuary
of the highest class is mere mathema-
tician.
In the early Gays, Wnen experience was
still mostly to make. the actuaries were
usually the presidents of their companies
In recent times a safe body of experience
has accumulated which enables business
men to head them, and the actuarys COM
putations and advice relate to slighter va
riations or special plans. In accident COM
panies the actuary needs to be- and usually
is. man of large practical acquaintance
with different employments, their hazards
the meaning of given employment names
and those under which the more hazardous
employments are disguised as less so; in
fire insurance equally he must know the
character of different risks"
Election Of Officers
The address of Mr.. Lepreux, president of
the permanent committee, was followed nv
the election Of the following officers of the
congress:
President Of the permanent committee
o. Lepreux; secretary-general OF the per
manent committee. A. Begault; honorary
president Geo. B. Cortelyou; president OF
the congress, Israel c. Pierson; general
secretary, John Tatlock, also vice presi-
dents for Belgium, Canada France, Ger
many, Great Britain. Norway and Sweden.
Holland. United States, Austria and Italy
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