TITLE
"Explanation of the Aleatory Aspect of the Insurance Contract with Reference to Risk Theory," Journal of Insurance Issues and Practices, Salama, A., 1979, Vol. 3, No. 1: 61-76.

ABSTRACT
For more than twenty years scholars of insurance in the United States have been attempting to establish a theory of risk and insurance. Many articles and textbooks on this topic have been published. As a result, we now have the rationale to establish a complete theory or risk and insurance which could be utilized in different aspects of our life.

American industry was the first to apply the theory in a practical way. In recent decades many scholars have published textbooks in the field of risk management application to industries and other fields.

In contrast, insurance industry in the United States has not yet fully utilized the risk theory to serve the insurance field and its functions. Relatively few scholars have introduced theoretical work of their own, and fewer have tired to apply the theory to the insurer's functions, especially in marketing and in rating.