Journal of the Institute of Actuaries and Assurance Magazine, Volume 15

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Charles & Edwin Layton, 1870 - Insurance
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Page i - I hold every man a debtor to his profession ; from the which, as men of course do seek to receive countenance and profit, so ought they of duty to endeavor themselves, by way of amends, to be a help and ornament thereunto.
Page 194 - It may be convenient to convey a general notion of the things averaged; but it involves no conception of a natural and recognizable central magnitude, all differences from which ought to be regarded as deviations from a standard. The notion of a mean, on the other hand, does imply such a conception, standing distinguished from an average by this very feature, viz. the regular...
Page 34 - Wlien the actual funds of any life Insurance company doing business In this commonwealth are not of a net cash value equal to its liabilities, counting as such the net value of its policies, which shall be until the 31st day of December, 1895. valued according to the "American Experience" table of mortality, with Interest at four and a half per centum per annum, and on and after that day shall be valued according to the "Combined Experience
Page 188 - Find the locus of a point such that the sum of the squares of its distances from two fixed points shall be equivalent to the square of the distance between the fixed points.
Page 186 - were to determine to play for their whole property, what would be the effect of this agreement ? The one would only double his fortune, and the other reduce his to naught. What proportion is there between the loss and the gain ? The same that there is between all and nothing. The gain of the one is but a moderate sum,— the loss of the other is numerically infinite, and morally so great that the labour of his whole life may not perhaps suffice to restore his property.
Page 190 - ... a ball dropped from a given height, with the intention that it shall fall on a given mark. Fall as it may, its deviation from the mark is error, and the probability of that error...
Page 34 - State until such time as its funds have become equal to its liabilities, valuing its policies as aforesaid. Any officer or agent who, after such notice has been given, issues...
Page 210 - Government is fairly entitled to impose, and which indeed is at once the justest and least onerous of taxes; or rather, it may be looked on as a mode of self-representation, by which each individual takes a part in directing the views of the legislature in objects of universal concern. Nothing, therefore, can be more unreasonable than to exclaim against it, or to endeavour to thwart the views of Government in establishing such a system,- — nor anything more just than to guarantee its fidelity by...
Page 205 - ... to each ; while a general average \ would assign only one star to 540,000 such units of area. The case, then, is parallel to that of a target of vast size, marked out into...
Page 194 - ... ception of a natural and recognizable central magnitude all " differences from which ought to be regarded as deviations " from a standard. The notion of a mean, on the other " hand, does imply such a conception, standing distinguished "from an average by this very feature, viz.: the regular '• march of the groups, increasing to a maximum, and thence •' again diminishing. An average gives us no assurance that " the future will be like the past. A mean may be reckoned лл on with the most...

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