<P> His disciple, Edward Rowe Mores was finally able to establish the Society for Equitable Assurances on Lives and Survivorship in 1762 . It was the world's first mutual insurer and it pioneered age based premiums based on mortality rate laying "the framework for scientific insurance practice and development" and "the basis of modern life assurance upon which all life assurance schemes were subsequently based". </P> <P> Mores also specified that the chief official should be called an actuary--the earliest known reference to the position as a business concern . The first modern actuary was William Morgan, who was appointed in 1775 and served until 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 the policyholders received a fair return on their respective 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 late 1760s . The Presbyterian Synods in Philadelphia and New York founded the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers in 1759; Episcopalian priests created a comparable relief fund in 1769 . Between 1787 and 1837 more than two dozen life insurance companies were started, but fewer than half a dozen survived . </P> <P> In the late 19th century, "accident insurance" began to become available . This operated much like modern disability insurance . The first company to offer accident insurance was the Railway Passengers Assurance Company, formed in 1848 in England to insure against the rising number of fatalities on the nascent railway system . It was registered as the Universal Casualty Compensation Company to: </P>

When was the first life insurance company established in the united states
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