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The __________ discovered by Jakob Bernoulls around 1700 forms the basis of modern insurance.

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Question: The __________ discovered by Jakob Bernoulls around 1700 forms the basis of modern insurance.

Options:

  1.  Law of insurance
  2.  Law of large numbers
  3.  Law of modern insurance.
  4.  None of these

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2. Law of large numbers

The Law of large numbers discovered by Jakob Bernoulls around 1700 forms the basis of modern insurance.

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The law of large numbers was discovered by Jakob Bernoulls about 1700 years. It formed the basis of modern insurance.

Insurance providers considered their clients as a large group to predict future risks and losses. The larger the group, the closer the average loss will approach a definite value.

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