Explain the law of large numbers.
Answer to relevant QuestionsWhat are the two major differences between insurance and hedging?Why are most market risks, financial risks, production risks, and political risks considered difficult to insure by private insurers?A risk management program must be implemented and periodically monitored to be effective. This step requires the preparation of a risk management policy statement. The cooperation of other departments is also necessary.a. ...a. Explain the advantages of using insurance in a risk management program.b. Explain the disadvantages of using insurance in a risk management program.How does securitization of risk increase capacity in the property and casualty insurance industry?
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