The law of total probability is considered a theorem derived from an axiom regarding the summation of probabilities of disjoint events. It states that if events A1, A2, ..., AN are disjoint and their union equals A, then the probability of A can be expressed as the sum of the probabilities of the individual events. Additionally, for a subset B of A, B can be represented as a disjoint union, allowing the application of the axiom to find the probability of B. The theorem further defines conditional probability, leading to the formula P(B) = Σ P(B|An) P(An). Ultimately, the law of total probability simplifies to a theorem based on the substitution of definitions into established axioms.