446 VALUATION, DEPRECIATION AND THE RATE-BASE
EXPLANATION OF TABLE 3:2
TABLE OF EXPECTANCY OF HUMAN LIFE
In Table 32 there is shown the expectation of human life
according to the Northampton, the Carlisle, the Combined or
Seventeen Offices’ Experience, the American Experience and
the Thirty Offices’ Experience tables of mortality.
The Northampton table of mortality was constructed by Dr.
Richard Price and is based on the mortality of the Parish of All
Saints, Northampton, England, during the years 1741-1780.
The number of male and female deaths were very nearly equal.
This table probably has too great a proportion of the middle
class as no precise information as to the members of the laboring
class were obtainable. It was formerly much used in England
but gives too great mortality especially in the younger ages.
Census returns were not available to supplement the vital statistics
and the result has been a faulty construction.
The Carlisle table is based on the observations of Dr. Heysham
upon the mortality of Carlisle, England, in the years 1779-1787.
It was constructed by Mr. Joshua Milne and published in 1815.
The relative proportion of sexes is 8 males to 9 females. This is
a well constructed table of healthy life in England. It has been
extensively used in courts, in making estimates of annuities,
damages, due to loss of life, etc. Its use for life insurance purposes
is now practically ended.
The Combined or Seventeen Offices’ Experience table was
prepared by actuaries from the experience of seventeen important
life insurance companies in England and Scotland. The
data from 62,537 assurances were used in its construction and it
was published in 1843 by Mr. J. Jones. This table has been and
still is used for life insurance purposes.
The American Experience table of Mortality was constructed
by Mr. Shepard Hermans, from the experience of the Mutual
Life Insurance Company about 1868. It has been largely used
in the valuation of life insurance policies in the United States
and is considered representative of the mortality of healthy
insured lives in this country.
