Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-10-01
IS HISTORY OF
EE INSURANCE
Hoffman, Statistician
udential, Lectures at
University.

8 History of Life Insurance"
he subject of lecture delivered
Night by Frederick L. HOFFMAN,
stician of the Prudential lnsur-
Company. The lecture marks the
]54 NC of the course of the Univer-
If Cincinnati. Life insurance
w from the earliest times to the
|noth proportions it has assumed
was related by the speaker.
beginnings of modern life IN
n ce in America, he said, dated
U 1s4s when the Mutual Life In
81 company of New York was
|fered and commenced business
following year. In 1910 forty
comnanies. all of which had
ranced business previous to 1876,
on nor cent. Of the total insurance
force in the United States, the re-
AAning 10 per cent. being held py
nnpanies organized subsequently
4 date. On December 81, l9lE,
gal reserve life insurance com
8 of America, including potn
larry and Industrial business mao
5O, 100000 of insurance protectioh
orce.
akness of the burial clubs ana
bendIy societies, he stated, that IN
nsfrial insurance had been estap-
IIahed. first in England as far back as
4 1854. by the Industrial and General
and subsequently by the London Fru-
9aantial. followed in 1875 by the estao-
Tishnent of the Prudential Friendly
Society, subsequently the Prudential
Insurance Company OF America, es-
&tablished in the city OF Newark, N; -
INV the late John f. Dryden On De
cernber 81, 1912, he said the huiipeI
~ Industrial policies in force in the
Tnit,,, States was 26,500,oO0. and the
,no,rot of Industrial insurance pro-
seton was over $500, 100000, in force
uith twenty-seven companies OF
vbich the majority transact also an
r5inary business. Since the intro
,ction of industrial insurance in the
ited States the pauper Durlal rate
American cities had declined from
4 per 10000 of population to lO.4 at
e pre,4ss,it time.
MIR. - fman gave some interesting
oerra phicaI details of the great
us of life insurance history, COM
en,ing with Dewitt, the grand PEN
MARY of Holland, whose letters on
3 annuities to the States General
II constitute a classic in life IN
rance literature Among other
mes mentioned and briefly dis
ssed were those of Pascal, Huy-
lens. Condorcet, Bernouilli, Richard
RPrice. whose observations on reVer-
sionary payments led TO the Iounua-
ton Of the scientlhc anaiysis OIL lilo
insurance experience; DR.. HALEY, VINO
was the first to construct life table.
from the experience of the city OF
Rreslau: Joshua Milne, who was the
first great actuary and mathematician
kand who constructed from the obser-
Nations of Dr. Hysham upon the town
IF Carlisle what. became subsequently
znown as the Carlisle Table of Nor
ality'' and which replaced the North
mpton table, constructed by Dr.
Price: Professor D. Morgan, the
ufbor of a famous work on the
H1eory of probability and its appllca-
ION 10 life contingencies; DR.. William
Farr the author of the first English
klife table and of numerous contribu-
tions to the theory of life contln-
rencies; Cornelius Walford, the
author of the Insurance Cyclopedia,
which he unfortunately did not 1--we
long enough to completes; Ellzur
Wright, the first actuaIy or an IN
surance department ana one OF the
most powerful influences for good IN
the development of American life in
snrance methods; Pliny Freeman, the
first actuary of the New York
life. and Moses Franklin, the
first president; Henry Baldwin
HYDE the first president of
fine Fuuitable and man of truly re-
markable administrative ability; the
1afe John A. Mccall, former superin-
tendent of insurance Of the State OF
New York and at the time of his
death president of the New York
life. stephen English, the vitriollc
editor of the Insurance Times; Z. =.
Hines, the scholar or insurance
journalism: G. e. Currie, who estab-
lished the Insurance Gazette IN 1900,
and Harvey C. Tucket, actuary and
author of the first systematic urea
! ise on the theory of life insurance
u the United States, who was man
NTH most interesting career; Dr.
JAhn A. Fowler, perhaps the most
erAldite American insurance autnor-
ftA Willard Phillips, the first author
Of An American treatise on the law
of Insurance; Mrs. S. c. Hail, the
first author of an American short
-stary on life insurance, pubhshed I'M
der the title, "There Is No Hurry,
In 1S62:s Henry S. Olcott, the first
secretary of the National Convention
of Insurance Commissioners; down
to the late Senator John f. Dryden,
the founder OF the Prudential and the
,pioneer Of industrial insurance in
America and an indefatigable adVo-
cate of federal supervision Of lnsur-
ance and more equitable and rational
methods of life insurance taxation.