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

Question

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

Answer 1

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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More information:

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.