The Value of Information for Decision-making in Insurance

Abstract

A description is given of a number of problems and objectives within insurance, more particularly life assurance. The structure of decision-making locations and methods of collecting information for them, both routine and exploratory, are discussed. The difficulty of placing a value on information and its prompt collection are investigated, and related to estimation of probability and variance inherent in the application of judgement. The objectives of a life office without shareholders are considered.