Nature of Life Insurance and the Basic Principles Underlying It

Sections in Chapter 1

• Definition and Extent of Life Insurance
• Combination of Many Risks into a Group Is Necessary to Make the Law of Average Apply
• Necessity of Accumulating a Fund for the Payment of Claims
• Necessity of Accumulating This Fund According to Scientific Principles and a Workable Method
• Life Insurance Changes Uncertainty into Certainty and Is the Opposite of Gambling