When deciding whether to insure or not, one needs to weigh the cost of transferring the risk against the cost of bearing the loss.
Human Life Value - HLV concept considers human life as a kind of property or asset that earns an income. Prof. Hubener devised the concept of Human Life Value (HLV).
HLV measures the value of human life based on an individuals expected net future earnings
Net earnings means income a person expects to earn each year in the future, less the amount he would spend on self.
HLV indicates the economic loss a family would suffer if the wage earner were to die prematurely.
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