Statistical Theorems

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August 25, 2024 4 min read Definitions
Law of Large Numbers: Statistical Expectation and Predictive Accuracy
Mathematics Statistics Insurance Probability Statistical Theorems Insurance Premiums Predictive Accuracy Risk Assessment
The Law of Large Numbers states that the greater the number of exposures, the more accurate the prediction of outcomes, less deviation from expected losses, and greater credibility of the prediction, a foundation for calculating insurance premiums.
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