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Developments in Insurance and the Laws of Probability
This chapter explores the advancements in the insurance field, including the use of mortality data for predictability models, the development of probability laws by mathematicians, instances of insurance fraud, and the establishment of insurance laws and contracts. It also discusses the process of paying claims in a Society of Assurances and the calculation of mortality rates and expenses for members.
Actuarial science is all about calculating risk – risk of injury, illness, death, risk of market shifts and financial outcomes. Part one covers the earliest population tables and early examples of life insurance and assurance.
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