Explain briefly the law of large numbers
What will be an ideal response?
The law of large numbers is a mathematical rule that explains how insurance companies operate and are able to predict aggregate losses. The law says that the larger the sample size (the more exposures pooled together), the more closely the predicted result will equal the actual result.
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A(n) ____________________ is a list of each active account and its debit or credit balance at a specific point in time
Fill in the blank(s) with correct word
__________are business customers who consider numerous suppliers, solicit bids, and study all proposals carefully before selecting one
Fill in the blanks with correct word.
If union members picketing a restaurant block deliveries from the restaurant, this is ________ picketing
A) lawful B) illegal C) conditional D) absolute
If all the values of the input variables in a decision model are known with certainty, then the model is considered to be deterministic
Indicate whether the statement is true or false