Q. In the context of insurance, why is it important for insurers to have a large number of insured individuals?

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Q. What happens if the pools of risks and premium pools created by insurance companies are not sufficient to meet their liabilities towards paying claims?

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Q. What is the fundamental requirement for a risk to be considered insurable according to the law of large numbers?

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Q. Why is it important for a loss to be definite and measurable for insurance to make sense?

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Q. What type of event must a loss be associated with to be considered insurable?

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Q. What is the economic feasibility criterion for insurability?

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Q. What is the final criterion for insurability related to public policy and morality?

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Q. Which one of the following does not represent an insurable risk?

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Q. Which elements are involved in the process of insurance?

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Q. How is an asset defined in the context of insurance?

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Q. What is represented by the term "risk" in insurance?

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Q. What are hazards in the context of insurance?

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Q. Which mathematical principle makes insurance possible?

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