The theory of probability is applied to life Insurance through the use of

Morbidity tables, while relevant to insurance, focus on the incidence and prevalence of illnesses and disabilities rather than mortality rates. These tables help insurers estimate the likelihood of policyholders becoming ill or disabled, impacting health insurance premiums rather than life insurance calculations.

The needs approach in life insurance involves assessing an individual's financial requirements and determining the appropriate coverage amount based on factors like income, debts, and future expenses. While important in insurance planning, the needs approach does not directly involve the application of probability theory through mortality tables.

The human life value approach calculates an individual's economic worth based on factors like future earnings potential, expenses, and financial responsibilities. This method helps determine the appropriate amount of life insurance coverage needed to protect against the loss of that economic value. However, it does not directly utilize mortality tables or probability theory.