Question: Part III: Case Application and Written Answers (5 marks) (ILO's A1, A2.CI.C2.04) 1. Explain how the law of large numbers supports the application of insurance.

Part III: Case Application and Written Answers (5 marks) (ILO's A1, A2.CI.C2.04) 1. Explain how the law of large numbers supports the application of insurance. (1.5 marks) 2. Explain the social costs of insurance on society. (1.5 marks) 3. List the requirements of an ideally insurable risk. Do they satisfy the risk of unemployment? (2 Requirement Satisfy? (Yes/No) 1. 2. 3. 4. 5. 6

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