# Property & Casualty Exam Prep 2, Law of Large Numbers and Insurable Risk

Page: https://stenobird.com/podcast/insurance-exam-prep-7644557/property-casualty-exam-prep-2-law-of-large-numbers-and-insurable-risk
Text version: https://stenobird.com/podcast/insurance-exam-prep-7644557/property-casualty-exam-prep-2-law-of-large-numbers-and-insurable-risk.md
Podcast: [Insurance Exam Prep](https://stenobird.com/podcast/insurance-exam-prep-7644557)
Published: 2026-06-04T23:26:01+00:00
Episode link: https://open-exam-prep.com/
Audio file: https://episodes.captivate.fm/episode/0026a8be-7b25-4c80-8aa3-87a7cd8bfd41.mp3
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Duration seconds: 187

## Resource

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - How the Law of Large Numbers allows insurers to accurately predict future losses. - The six essential elements of an insurable risk, remembered by the mnemonic CANHAM. - Why catastrophic events, such as wars or nuclear incidents, are typically excluded from insurance policies. - The critical difference between pure risk, which is insurable, and speculative risk, which is not. - How insurers use the underwriting process to combat the effects of adverse selection. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

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## Transcript

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