The Law of Large Numbers states that as the number of trials in a probability experiment increases, the theoretical probability and the relative frequency get closer, making loss prediction more predictable.
The probability of loss becoming more predictable is attributed to the Law of Large Numbers. This law states that as the number of trials in a probability experiment increases, the difference between the theoretical probability of an event and the relative frequency approaches zero. For instance, in insurance, the law of large numbers helps insurers predict losses more accurately as they insure against non-catastrophic events by spreading the risk across a large number of policies.
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