MTHEL131 Lecture Notes - Lecture 1: Life Insurance
23 Mar 2018
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Mthel 131 lecture 1: history and general information. Petitioned to start the first life insurance company. Attempted to start an insurance company due to unexpected death and families becoming poor because of the deaths. 3 top-of-mind financial concerns of canadians: dying to soon, living too long, becoming disabled or very ill. Richard martin: successful self-made businessman, elected municipality in london, member of a country club. William gibbon: keeps ma(cid:396)ti(cid:374)"s business running, ma(cid:396)ti(cid:374)"s (cid:862)(cid:396)ight-ha(cid:374)d (cid:373)a(cid:374)(cid:863) Ma(cid:396)ti(cid:374)"s calculation of money lost if gibbons died: 383 pounds. Gibbons ended up dying just before 12 months. Country club members take martin to court as they do not want to pay. They tell the judge they meant 12 lunar months, not 12 calendar months. This was the first life insurance contract, 8% was the premium. 1762 petitio(cid:374) passed to sta(cid:396)t the fi(cid:396)st i(cid:374)su(cid:396)a(cid:374)(cid:272)e (cid:272)o(cid:373)pa(cid:374)y, (cid:862)the old e(cid:395)uita(cid:271)le(cid:863)
