Question: Select the incorrect statement about insurance. 1)Risk pooling is essential for insurance 2)Insurance provides risk reduction through risk transfer 3)Insurers rely on the Law of

Select the incorrect statement about insurance.

1)Risk pooling is essential for insurance

2)Insurance provides risk reduction through risk transfer

3)Insurers rely on the Law of Large numbers

4)A private insurer can be classified as either a life/health or a property/casualty insurer.

5)All pure risks are insurable through private insurance

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