gain; and, if you put an unlimited number of such bets, you cannot lose or gain at all, because the chances are even. Nothing is more reliable than the laws of average when a large number of risks are combined. Insurance, as conducted by prudent companies, is a business, with reasonably reliable margins of profit, and not a speculation. The total loss on a large number of insurances within a given period can be foretold with remarkable accuracy.

From these considerations, it must be evident that to insure a return of more than the financial loss converts insurance into gambling. This has long been recognized. In a like manner, to permit a person to have an insurance against that which involves no financial loss to him, is seen to be gambling. Both of these things are discountenanced by the laws.

Insurance, excepting in fidelity or surety bonds, was unknown among the ancients, though a form of insurance was practiced in marine loans. Thus money was advanced at higher than the current rates of interest, upon ships and cargoes, on condition that, in case the same were lost, the loan should not be repayable.

Marine insurance was also the first form of modern insurance. Next came fire insurance and after that life insurance and other forms.