Fundamental risks or Systemic Risks - affect large populations. Their impact is widespread and tends to be catastrophic like Wars, Droughts,Terrorist attacks,Earthquake.
Particular risks: affect only specific individuals and not an entire community or group. Accident or hospitalisation of an Individual is an example
Speculative risk : a situation in which the consequence can be either a profit or a loss
Pure risk: situations in which the outcomes can result only in loss or no loss, but never in gain
Law of large numbers. It states that the larger the size of the pool of risks, the actual average of losses would be closer to the estimated or expected average loss.
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