Identify the law that provided predictions of future losses with greater accuracy as the sample of people become larger.

Question

Quizplus · Accepted Answer

The law of large numbers is a statistical principle that states as the size of a sample increases, the average of the sample gets closer to the average of the whole population. In the context of insurance, it means that insurers can predict future losses more accurately as the sample size of policyholders increases.

Identify the Law That Provided Predictions of Future Losses with Greater