An Insurance Company Can Use the Law of Large Numbers

question 90

True/False

An insurance company can use the law of large numbers to predict the number of people in your community that will have a car accident in a given month.

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Definitions:

Scheduling

The process of arranging, controlling, and optimizing work and workloads in a production process or manufacturing operation to meet deadlines or objectives.

Service Sector

Businesses that provide services, rather than tangible goods.

Productivity Decrease

A reduction in the efficiency at which an organization or economy converts inputs into outputs, often leading to lower output per unit of input.

Capital Intensive

Refers to businesses or industries that require large amounts of money and resources to produce goods or services.