________ Means That the Insurer Must Be Able to Use

question 179

Multiple Choice

________ means that the insurer must be able to use statistical tools to forecast the likelihood of loss.

• A) Casualty
• B) Verifiability
• C) Unconnectedness
• D) Profitability
• E) Predictability

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Definitions:

Self-Serving Bias

A cognitive bias that involves attributing successes to internal factors and failures to external factors to maintain self-esteem.

Penalty Shot

A free shot granted as a result of a violation of rules, specifically in sports like soccer and hockey, with only the shooter and goalkeeper involved in the attempt.

Choppy Conditions

Phenomena characterized by sudden changes or turbulence, often used in the context of water or financial markets.

Personal Life

Aspects of an individual's life that are primarily personal as opposed to professional, including family, friendship, and leisure activities.