The more companies an insurance company insures, the more likely they can predict the percentage of losses over a given period of time. This is known as:
a) Statistical Analysis
b) Forecasting
c) Law of Large Numbers

C. Law of Large Numbers

Explanation:

The law of large numbers, posits that as the sample size grows, the mean of the samples will be closer to the average that's meant for the entire population.

According to the law of large numbers, when an experiment is repeated so many times, and then the results are averaged, the value that one gets will be close to the expected value.

In insurance, the more companies that are insured by the insurance company, the more likely they will b able to predict the percentage of losses over a given period of time.

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