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Law of large numbers
(redirected from Laws of large numbers)

    Also found in: Medical, Wikipedia 0.04 sec.
Law of large numbers
The mean of a random sample approaches the mean (expected value) of the population as sample size increases.
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The basic concept of insurance is to spread the risk by using the laws of large numbers so that when a catastrophe occurs, funds are available from the premiums paid in.
PUBLIC FORUM : LAUSD BOND ISSUE IS A $4.7 BILLION TAX by Daily News (Los Angeles, CA)
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