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By Author: allan
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Forme, scientific knowledge is divided into mathematical sciences, natural sciences or sciences dealing with the natural world (physical and biological sciences), and sciences dealing with mankind(psychology, sociology, all the sciences of cultural achievements, every kind of historical knowledge).

Apart from these sciences is philosophy, about which we will talk later. In the first place, all this is pure or theoretical knowledge, sought only for the purpose of understanding, in order to fulfill the need to understand what is intrinsic and con-substantial to man. What distinguishes man from animals is that he knows and needs to know. If man did not know that the world existed, and that the world was of a certain kind, that he was in the world and that ...
... he himself was of a certain kind, he wouldn't' t be man. The technical aspects or applaud certainty as regards the economic cost of loss-producing events. Insurance may be more formally as a system under which the insurer, for a consideration usually agreed upon advance, promises to reimburse the insured or to render services to the insured in the that certain accidental occurrences result in losses during a given period.

Insurance relies heavily on the '"law of large numbers." In large homogeneous population it is possible to estimate the normal frequency of common events such as deaths and accidents.

Losses can be predicted with reasonable accuracy, and this accuracy increases as the size on the group expands. From a theoretical standpoint, it is possible to eliminate all pure risk if an infinitely large group is selected.

From the standpoint of the insurer, an insurable risk must meet the following
l)The objects to be insured must be numerous enough and homogeneous enough to all a reasonably close calculation of the probable frequency and severity of losses.

2)The insured objects must not be subject to simultaneous destruction. For example, if the buildings insured by one insurer are in an area subject to flood, and a flood occurs, the to the insurance underwriter may be catastrophic.

3)The possible loss must be accidental in nature, and beyond the control of the insured. If the insured could cause the loss, the element of randomness and predictability would be destroyed.

4) There must be some way to determine whether a loss has occurred and how great that-loss is. This is why insurance contracts specify very definitely what events must take place, what constitutes loss, and how it is to be measured.

From the viewpoint of the insured person, an insurable risk is one for which the probability of loss is not so high as to require excessive premiums. What is "excessive" depends on individual circumstances, including the insured's attitude toward risk. At the same time, the potential loss must be severe enough to cause financial hardship if it is not insured against. Insurable risks include losses to property resulting from fire, explosion, windstorm, etc.; losses of life or health; and the legal liability arising out of use of automobiles, occupancy of buildings, employment, or manufacture. Uninsurable risks include losses resulting from price changes and competitive conditions in the market. Political risks such as war or currency debasement are usually not insurable by private parties but may be insurable by governmental institutions. Very often contracts can be drawn in such a way that an "uninsurable risk" can be turned into and "insurable" one through restrictions on losses, redefinitions of perils, or other methods.

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