THE BIRTHPLACE AND GENESIS OF LIFE ASSURANCE By J. G.
Anderson - -
It is well known, as Professor Clapham Observes in his
standard economic history, that modern life assurance was begun by the directors of the Equitable at the White Lion in Cornhill in September, 1762. Mr. Anderson, a former secretary of the company, has enlarged our knowledge of the details of this notable event by the extracts from the Equit- able's archives which he prints in this little volume (F. Muller, 3s.). The rectory of St. Nicholas Acon was the first office. Seven whole-life policies for £too apiece, at a premium of
17s. 6d., were granted at the first Board meeting to the directors and actuary. There ,was in those early days no medical examination. = Eroposeis had to appear in person before the directors. The first medical officer was not appointed till 1858. Mr. Anderson corrects various technical errors in other historical accounts of his company's develop- ment and shows how bonuses arose by accident in 1781 when Morgan the actuary found that the premiums charged were excessive.
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