David Parks Fackler

Background

David Parks Fackler was born on April 4, 1841, at Kempsville, Virginia, the son of David Morris Fackler and Susan Stith (Satchell) Fackler, and a great-grandson of an officer of the Continental Army.

Education

He was graduated B. A. in 1859 by the College of the City of New York, taking the gold medal in mathematics.

Shortly after his graduation from college he entered the actuarial department of the Mutual Life Insurance Company of New York.

Career

Shortly after his graduation from college he entered the actuarial department of the Mutual Life Insurance Company of New York.

In 1862, when only 21 years of age, he suggested the contribution plan for apportioning surplus to life insurance policyholders which in principle is in general use by life insurance companies today. He aided Sheppard Homans, then actuary of the company, in the application of the plan. Resigning in 1865 to become a consulting actuary, he continued as such until his death.

In 1871 Fackler took an active part in the deliberations of the first meeting of the National Insurance Convention, having been appointed representative of the State of Tennessee. With Alexander Delmar and others, he opposed the views of a strong inflationist party in the convention. If the attitude of the more optimistic members had prevailed, the difficulties which life insurance companies actually encountered in the deflation period from 1873 to 1896 would have been aggravated. In the sixties and seventies, he was one of the outstanding supporters favoring the enactment of non-forfeiture laws affecting life insurance.

In 1877, he was appointed actuary of a committee of policy-holders who were examining the affairs of one of the large life insurance companies. Throughout the eighties he distinguished himself in the fight against tontine life insurance. Fackler was the guiding spirit in the organization of the Actuarial Society of America in 1889 and was its second president (1891 - 1893). After the grade of associate had been established by the Actuarial Society, he offered prizes for competitive essays by associates in the years 1900, 1904, and 1908.

In 1892 he pointed out, in an address before the National Convention of Insurance Commissioners, the problems growing out of the then unrestrained competition between life insurance companies for new business, and predicted the upheaval in public opinion which gave rise in 1905 to the appointment of the Life Insurance Investigating Committee, by the New York legislature, known as the Armstrong Committee. In 1906 he served as consulting actuary to the New Jersey Senate committee investigating life insurance in that state. In 1900 he was employed by the Post Office Department of the United States government to analyze the affairs of certain "debenture companies, " with the result that these companies were put out of business. He was consulted by many of the largest fraternal orders during the nineties, but the conventions of the fraternal orders did not put into effect the sound advice he gave them. He was actuary of a joint committee of Congress in 1909 - 1911. As late as 1923, he took an active part in the campaign to exempt life insurance premiums from income tax. He died on October 30, 1924, in Richmond, Virginia.

Achievements

• His chief contribution was his vigorous support of conservative valuation standards in the life insurance business. About 1900 he was called in by the Knights of Columbus to recommend an adequate rating system. His recommendations were adopted and are still in successful effect.

Works

More photos

• book

  • Agents' monetary, life & valuation tables, with valuable explanations

    (This book is a replica, produced from digital images of t...)

Membership

David Fackler was the guiding spirit in the organization of the Actuarial Society of America in 1889 and was its second president (1891 - 1893).

In 1906 he served as consulting actuary to the New Jersey Senate committee investigating life insurance in that state.

He was actuary of a joint committee of Congress in 1909 - 1911.

Connections

On November 17, 1875, David Fackler married Elizabeth Leverett Davenport of Hartford, Connecticut, who died in 1918, leaving three children.

Father:

David Morris Fackler

Mother:

Susan Stith Fackler (Satchell)

Wife:

Elizabeth Leverett Fackler (Davenport)