Mr. Elizur Wright is known by many as the Father of Life Insurance. His interest in life insurance stemmed directly from a sense of injustice in business practices of his time. His efforts resulted in the construction of net valuation reserve tables. These tables reduced the amount of labor involved and simplified the process of determining the solvency of life insurance companies. His innovation paved the way for the development of life insurance along sound lines.
Further efforts on his part led to the formation of the Insurance Department of Massachusetts. His tenure as its first commissioner established the highest tradition of devotion to duty for those who succeeded him in office.
Through his persuasion the Massachusetts Legislature passed the first non-forfeiture law in America. His recognition of insurance problems necessitating regulation, his technical contributions, and his statesmanlike administration provided the foundation for the legal, technical and regulatory framework within which life insurance in America developed.
