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How Does The Law Of Large Numbers Apply In Group Insurance? [Solved]
The law of large numbers states that as the number of policyholders increases, the more confident the insurance company is its prediction will prove true. Therefore, they attempt to acquire a large number of similar policyholders who all contribute to a fund which will pay the losses.
Law of Large Numbers in Insurance
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THE LAW LARGE NUMBERS IN THE INSURANCE INDUSTRY
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Get Your Insurance License: Risk Pooling and Law of Large Numbers - What do they mean?
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