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What is the basis for the concept of risk pooling?
The basis for the concept of risk pooling is to share or reduce risks that no single member could absorb on their own. Hence, risk pooling reduces a person or fim's exposure to financial loss by spreading the risk among many members or companies. Actuarial concepts used in risk pooling include:
A. statistical variation.B. the law of averages.C. the law of large numbers.D. the laws of probability.
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