<P> Mores also gave the name actuary to the chief official - the earliest known reference to the position as a business concern . The first modern actuary was William Morgan, who served from 1775 to 1830 . In 1776 the Society carried out the first actuarial valuation of liabilities and subsequently distributed the first reversionary bonus (1781) and interim bonus (1809) among its members . It also used regular valuations to balance competing interests . The Society sought to treat its members equitably and the Directors tried to ensure that policyholders received a fair return on their investments . Premiums were regulated according to age, and anybody could be admitted regardless of their state of health and other circumstances . </P> <P> The sale of life insurance in the U.S. began in the 1760s . The Presbyterian Synods in Philadelphia and New York City created the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers in 1759; Episcopalian priests organized a similar fund in 1769 . Between 1787 and 1837 more than two dozen life insurance companies were started, but fewer than half a dozen survived . In the 1870s, military officers banded together to found both the Army (AAFMAA) and the Navy Mutual Aid Association (Navy Mutual), inspired by the plight of widows and orphans left stranded in the West after the Battle of the Little Big Horn, and of the families of U.S. sailors who died at sea . </P> <P> The person responsible for making payments for a policy is the policy owner, while the insured is the person whose death will trigger payment of the death benefit . The owner and insured may or may not be the same person . For example, if Joe buys a policy on his own life, he is both the owner and the insured . But if Jane, his wife, buys a policy on Joe's life, she is the owner and he is the insured . The policy owner is the guarantor and he will be the person to pay for the policy . The insured is a participant in the contract, but not necessarily a party to it . </P> <P> The beneficiary receives policy proceeds upon the insured person's death . The owner designates the beneficiary, but the beneficiary is not a party to the policy . The owner can change the beneficiary unless the policy has an irrevocable beneficiary designation . If a policy has an irrevocable beneficiary, any beneficiary changes, policy assignments, or cash value borrowing would require the agreement of the original beneficiary . </P>

What is a unit of life insurance coverage