A. A. Markov and life insurance
type: Item
instance of: scholarly article
zbMATH Open document ID: 1019.01012
publication date: 2001-05-08T00:00:00Z
Mathematics Subject Classification ID: 01A60
Mathematics Subject Classification ID: 62-03
Mathematics Subject Classification ID: 91-03
zbMATH DE Number: 1595554
zbMATH Keywords: insurance
zbMATH Keywords: retirement funds
author: O. B. Sheĭnin
MaRDI profile type: Publication
title: A. A. Markov and life insurance
published in: Istoriko-Matematicheskie Issledovaniya. Vtoraya Seriya
review text: \textit{A. A. Markov} took part in the activities of government retirement funds, and in his textbook ``Ischislenie Veroiatnostei'' (1900; JFM 31.0228.03) devoted a short section to the foundations of the probability approach to actuarial problems at the beginning of the 20th century. In section 5 of the present paper, two anonymous polemical articles by Markov published in newspapers on a practice in Russia of the time (1906) on insuring children are reprinted. A simplified description is as follows. At the birth of a son, the father invests a sum (say 1000 rubles) at 5\% (say) per annum. If the son dies before reaching age 20, the money is lost; otherwise there is a payout at age 20 of the son to the investor. Inasmuch as there is more risk to the investor, such a scheme is not, it is argued, an insurance scheme.
reviewed by: Eugene Seneta
description: scientific article