The practical use of such concepts as sets, probability and statistics are considered by many to be vital and necessary to our everyday life. This student manual is intended to familiarize students with these concepts and to provide practice using real life examples. It also attempts to illustrate how the insurance industry uses such mathematic concepts for everyday business activities. The booklet was designed to be used in basic and advanced high school mathematics classes. The eight lessons contain activities involving: (1) sets; (2) sample spaces; (3) probability; (4) statistics; (5) mortality tables and life insurance; (6) interest; and (7) insurance premiums. (TW)