What Is The Connection Between Risk And Life Insurance?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jul 16, 2021

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Life insurance, like other types of insurance, is based on the concept of sharing risk. For example, everyone understands that people who are 95 years old are far more likely to die in the coming year than those who are 35.

In the 17th century, Edmund Halley, the English astronomer for whom Halley’s Comet is named, created the first scientific table to reflect how long people would be expected to live – a mortality table. Insurance companies use mortality tables to help them calculate the risk that members of various age groups will die. This permits life insurance companies to accurately calculate how much they should charge people who want to purchase life insurance coverage.

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