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" "Starting from a logically clear concept of probability, based on experience, using arguments which are usually called statistical, we can discover truth in wide domains of human interest.
Richard von Mises (19 April 1883, Lviv – 14 July 1953, Boston) was a scientist and mathematician who worked on solid mechanics, fluid mechanics, aerodynamics, aeronautics, statistics and probability theory. He held the position of Gordon-McKay Professor of Aerodynamics and Applied Mathematics at Harvard University.
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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.
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