BBM 421: Life and Health Insurance Notes

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Summary

Short notes on Life and health insurance.

1 INTRODUCTION
A Brief History
Life assurance is by no means a modern invention. Some 2000 years ago in ancient Rome, a form of life assurance was practiced by burial societies. The societies paid the cost of members' funeral expenses out of monthly contributions and helped survivors monetarily. It is believed that these were year-to-year arrangements, and there was certainly no scientific evidence on which to base calculations of how much payment should be. Similar organizations sprang up in the Middle Ages in Britain as Trade guilds tried to provide the funeral costs of members. Again, there is no scientific evidence to show how premiums were calculated. The earliest recorded life policy in England was effected on 15th June 1583 when the office of Insurance within the Royal Exchange issued a policy. The policy was a twelve-month term assurance. The first life Assurance company to be established in England was the Life Assurance and Annuity association. The company went bankrupt due to the premiums set too low. There were a number of mutual life assurance schemes set up in the early 1700s. None provided their members with a fixed sum on death and they were short lived. The first life Assurance society founded on mathematical (Actuarial) principles was the Equitable Society, which started business in 1762 as a mutual society under a deed of settlement. From the outset, it started by issuing whole life policies based on the principle of charging a level premium throughout life, calculated from the mortality tables and graduated according to age of entry. By the twentieth century, there were a large number of life offices doing business in the UK in ways that are now familiar. During this century, a variety of different policies emerged. We now have health insurance, group policies, waiver of premium benefits and critical illness covers. Many life policies are now used for investment as well as protection purposes. In the 1960s and 1970s, unit-linked life assurance policies were developed and now a high proportion of new life whole life and Endowment business is unit linked. Throughout the twentieth century, sums assured increased to substantial amounts and this led to the practice of reassurance. Another development has been the formation of life office subsidiaries by financial institutions, which were not originally insurance companies. Many of the banks and building societies now have their own life assurance subsidiaries.
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