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Law of large numbers

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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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They happen frequently, and independently of each other, so the law of large numbers comes into play, and the insurer can reliably predict annual losses and set a premium that will cover them.
If the law of large numbers exists and the primary concern of underwriting is profitability, underwriting should be conducted as a scientific discipline.
Markov (1856-1922) extended the application area of the law of large numbers and of the central limiting theorem to dependent experiments and laid the groundwork for the theory of stochastic processes, etc.
 
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