ZIMSEC O Level Commerce Notes: Insurance: Importance of statistics to insurance
Importance of statistical records in insurance.
- Actuaries make extensive use of statistics in insurance
- Insurance contracts are based on the statistics.
- Risk is asses to determine whether:
- It can be accepted or not.
- Help in determining a fair premium.
- At a particular place
- In a particular year.
- Enables insurance companies to:
- Cover against claims from insured persons and
- expenses incurred by the insurance companies.
- Cover profit of the insurance companies.
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