A NEW CONCEPT OF THE ECONOMICS OF LIFE VALUE AND THE HUMAN LIFE VALUE: A RATIONALE FOR TERM INSURANCE AS THE CORNERSTONE OF INSURANCE MARKETING.

ABSTRACT The concept of insurable value of a human life, despite its central importance to life insurance, is not carefully developed in the literature. This article attempts to clarify the concept of insurable value and to carefully distinguish it from the related concept of economic or human life value. The article then states a method of measuring insurable value and of relating this measure to the life insurance product. Finally, the article traces some of the marketing implications of the proposed view of insurable value. Many of these implications relate to the issue of the role of investment life insurance and the uses of term insurance. [ABSTRACT FROM AUTHOR]