ACSC 533 Study Guide - Final Guide: Abraham De Moivre, Edmond Halley, John Graunt
31 Mar 2018
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Actuary: business professionals who see risk as an opportunity to be managed and use math, stats, and analytics to do so. The actuarial profession began with the need for life insurance in the mid-18th century. The business of insurance dates back 4,000 years in the marine/shipping industry. A bottomry is an arrangement (much like an insurance) in which the master of a ship borrows money. The ship is forfeited to the creditor if the money with interest is not paid at the time appointed at the ship"s safe return. The code of hammurabi was developed by the babylonians (circa 1750 bc), and describes a form of bottomry. Actuaries have roots in probability theory, which was developed (mid-1600"s to mid-1700"s) by many famous mathematicians. This work was driven by a need for life insurance but wasn"t founded until the society was put in place. John graunt published the first life table in 1662.
