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• W2893250441 abstract "This book describes the evolution of the US life insurance industry from the late nineteenth century to the 1930s. The author covers the industry's key challenges, political problems, and evolving business model. A major theme throughout the book is the increasingly accurate quantification of mortality risk and the measurement of related aspects of life that affect health. The industry's goal was to write as many profitable life insurance policies as possible. In a highly competitive environment, this requires an accurate assessment of the risks of death of potential policy holders. In the early years, insurers had little more than crude mortality life tables and mostly focused on middle-class white men. Age and occupation were important indicators, but some companies went further and used phrenological measures. Over time, methods improved as more information became available, particularly from medical exams. This led to complex ratings of individuals. An individual would start with a base rating of 100 and received additions for unfavorable factors (e.g., past illness, alcoholism, overweight, smoking) and subtractions for favorable factors (e.g., safe occupation, good family history). Southern whites and blacks were considered high-risk and were often rejected. Country of origin also became a key factor. Higher ratings lead to higher premiums or to a rejection of applications. Over time, this rating methodology has become very complex and is now based on large databases with proprietary methods for assigning risks and premiums. The industry became the subject of a congressional investigation in 1905 for a number of practices that were considered problematic, such as the use of arcane methods especially in determining income related to the distribution of dividends to policyholders. Legislative battles raged over the propriety of discriminating by race or of specific actuarial methods. This resulted in increased regulation, but the industry remained quite profitable. A surprising development occurred in the early twentieth century when the industry realized that its profits would increase by taking actions to keep its customers healthy. This led to free medical exams and public efforts to encourage healthy behaviors (e.g. breathing fresh air, avoiding eating too much, moving your bowels once a day, keeping clean, being cheerful, and learning not to worry). In describing these historical developments, the author often includes personal stories of intellectuals and professionals in and around insurance companies. This provides valuable historical context, but there are so many individuals that the achievements of founders of the fields of statistics and demography (e.g., Dublin, Fischer, Lotka, Pearson) are mentioned only briefly. The volume is aimed at a general audience and contains few technical or methodological details. It is well researched, with more pages dedicated to footnotes and bibliography than to the text itself." @default.
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• W2893250441 date "2018-09-01" @default.
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• W2893250441 title "Dan Bouk How Our Days Became Numbered: Risk and the Rise of the Statistical Individual Chicago and London: The University of Chicago Press, 2015. 328 p. $30.00 (pbk.)." @default.
• W2893250441 doi "https://doi.org/10.1111/padr.12192" @default.
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