Mathematics Career
In 1829 he became Professor of Mathematics at Western Reserve College in Ohio. According to Frank Preston Stearns, he became interested in life insurance as a mathematical study and read "the best works on life insurance ... with the same ardor with which young ladies devour an exciting novel."
In the spring of 1852 an insurance broker "placed an advertising booklet in his hand... Elizur Wright looked it over and perceived quickly enough that no company could undertake to do what this one pretended to and remain solvent. The booklet served him for an editorial," and he embarked on a successful crusade to reform the insurance industry.
He developed actuarial tables and the mathematics for calculating life insurance premiums. He campaigned for valuation laws requiring life insurance companies to hold sufficient reserves to guarantee that benefits would be paid, and nonforfeiture laws requiring the companies to provide cash surrender values. He also served as state commissioner of insurance for Massachusetts, from 1858 to 1866.
He invented a form of cylindrical slide rule.
Read more about this topic: Elizur Wright
Famous quotes containing the words mathematics and/or career:
“Mathematics alone make us feel the limits of our intelligence. For we can always suppose in the case of an experiment that it is inexplicable because we don’t happen to have all the data. In mathematics we have all the data ... and yet we don’t understand. We always come back to the contemplation of our human wretchedness. What force is in relation to our will, the impenetrable opacity of mathematics is in relation to our intelligence.”
—Simone Weil (1909–1943)
“John Brown’s career for the last six weeks of his life was meteor-like, flashing through the darkness in which we live. I know of nothing so miraculous in our history.”
—Henry David Thoreau (1817–1862)