Early actuaries James Dodson's pioneering work on the level premium system led to the formation of the Society for Equitable Assurances on Lives and Survivorship (now commonly known as Equitable Life) in London in 1762. This was the first life insurance company to use premium rates that were calculated scientifically for long-term life policies, using Dodson's work. After Dodson's death in 1757, Edward Rowe Mores took over the leadership of the group that eventually became the Society for Equitable Assurances. It was he who specified that the chief official should be called an actuary. Previously, the use of the term had been restricted to an official who recorded the decisions, or acts, of ecclesiastical courts, in ancient times originally the secretary of the Roman senate, responsible for compiling the Acta Senatus. Other companies that did not originally use such mathematical and scientific methods most often failed or were forced to adopt the methods pioneered by Equitable.
early actuaries james dodson's pioneering work on the level premium system led to the formation of the society for equitable assurances on lives and survivorship (now commonly known as equitable life) in london in 1762 this was the first life insurance company to use premium rates that were calculated scientifically for long-term life policies using dodson's work after dodson's death in 1757 edward rowe mores took over the leadership of the group that eventually became the society for equitable assurances it was he who specified that the chief official should be called an actuary previously the use of the term had been restricted to an official who recorded the decisions or acts of ecclesiastical courts in ancient times originally the secretary of the roman senate responsible for compiling the acta senatus other companies that did not originally use such mathematical and scientific methods most often failed or were forced to adopt the methods pioneered by equitable