ABSTRACT
Economics is the study of the use of scarce resources to satisfy unlimited human wants. It studies how the commodities are distributed for consumption, now and in the future, among various people and groups in society. It analyzes the costs and benefits of improving patterns of resource allocation. Different forms of investment have clear social implications. The death of an individual is the occasion for the transfer of wealth and income. The typical life insurance policy involves the transfer of wealth or income to a beneficiary on the death of the insured. The life insurance industry's approach to this problem is through the development of the concept of an "insurable interest," Old age security has become the province of state social security systems, pension entitlements acquired through employment or personal savings during ones income earning years.
