This session will introduce a late 19th century article by actuary FL Hoffman. This article provided a justification for racially discriminatory life insurance premiums – a practice that existed well into the 20th century and was consistent with “Jim Crow” thinking. Join the presenters as they discuss the reasons that Hoffman’s article was actuarially unsound using commentaries at the time it was written as well as recent publications that include important reflections on the actuarial profession that apply both historically and in the present. The session will discuss thoughts about how Hoffman’s work would be received and handled today, including the role of the ABCD in such matters, several rules and regulations that now guide actuarial conduct and are designed to prevent discriminatory practices, and actuarial ethical responsibilities. The session will conclude with an observation that one of the best ways for the actuarial profession to prevent the use of racially discriminatory practices in our work is by having a diverse actuarial profession with members who will provide first-hand perspectives about inappropriate actuarial practices.
Jay M. Jaffe, FSA, MAAA
Reinsurance Administration, Ltd.
Webcast Date (to come): 10 November 2021
Publication Site: SOA