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Probable Loss and the Law of Large Numbers
A Large, Homogeneous Group of Exposure Units
To facilitate the prediction of the probable loss through use of the law of large numbers, it is essential that there be a large number of similar units exposed to the same peril If a company can insure only ten houses against damage by fire, very little prediction is possible
Similarities in All Fields of Insurance
Similar depictions are found in all fields of insurance No property owner is completely certain that his title is strong and no one would be willing to put forth a single prediction about it when it comes to personal judgment, however correct, could be wrong
Ordinary Business Life Insurance
Ordinary Business Life Insurance
The ordinary business Metropolitan Life Insurance Company prospered anew soon after 1892 This new lease on life was due not only to the low cost of the contracts, but also, in large measure, to the wide variety of plans available and to the many liberal features Mr
The Value of Insurance For Business Security
Insurance is often undervalued, frequently because people have a narrow mind when it comes to the insurance business as a whole However, insurance helps to give security to business dealings
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