Richard von Mises: Insurance

Richard von Mises was Austrian physicist and mathematician. Explore interesting quotes on insurance.
Richard von Mises: 40   quotes 0   likes

“Insurance companies nowadays apply the principle of so-called 'selection by insurance'; this means that they take into consideration the fact that persons who enter early into insurance contracts are on the average of a different type and have a different distribution of death ages from persons from persons admitted to the insurance at a more advanced age.”

Richard von Mises

First Lecture, The Definition of Probability, p. 18
Probability, Statistics And Truth - Second Revised English Edition - (1957)

Death , Age , Personality

“The whole financial basis of insurance would be questionable if it were possible to change the relative frequency of the occurrence of the insurance cases (deaths, etc.) by excluding, for example, every tenth one of the insured persons, or by some selection principal.”

Richard von Mises

First Lecture, The Definition of Probability, p. 26
Probability, Statistics And Truth - Second Revised English Edition - (1957)

Death , Question , Change , Personality

“Equally possible cases do not always exist, e. g, they are not present in the game with a biased die, or in life insurance. Strictly speaking, the propositions of the classical theory are therefore no applicable to these cases.”

Richard von Mises

Third Lecture, Critical Discussion of the Foundations of Probability, p. 80
Probability, Statistics And Truth - Second Revised English Edition - (1957)

Life , Game

“In games of chance, in the problems of insurance, and in the molecular processes we find events repeating themselves again and again. They are mass phenomena or repetitive events.”

Richard von Mises

First Lecture, The Definition of Probability, p. 10
Probability, Statistics And Truth - Second Revised English Edition - (1957)

Game , Problem , Chance