uncertainty is insurable. (true / false)
Answers
Answer:
false
Explanation:
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Answer:
Uncertainty is insurable is a false statement
We can't sure against risks but not uncertainties
Know more about Uncertainty:Uncertainty refers to epistemic situations involving imperfect or unknown information. This applies to predictions of future events, physical measurements already made, or the unknown. Uncertainty arises in part from the observable or stochastic environment as well as from ignorance, inertia, or both.[1] This is evident in many fields, including insurance, philosophy, physics, statistics, economics, finance, medicine, psychology, sociology, engineering, metrology, meteorology, ecology, and information science.
Lack of certainty, a state of limited knowledge in which it is impossible to accurately describe an existing state, a future outcome, or more than one possible outcome.
Measuring uncertainty:
A set of possible states or outcomes where probabilities are assigned to each possible state or outcome – this involves applying a probability density function to continuous variables.
Second order uncertainty
In statistics and economics, second-order uncertainty is represented by probability density functions over (first-order) probabilities.
Opinions in subjective logic have this type of uncertainty.
Risk a state of uncertainty in which some possible outcome has an undesired effect or significant harm.
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