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The Birth of Actuarial Science and Life Insurance, Pt. 1

Stuff You Missed in History Class

CHAPTER

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.

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