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In many cases, however, the risks to different individuals
are not independent. In a hurricane, airplane crash, or epidemic,
many may suffer at the same time. Insurance companies spread
such risks not only across individuals but also across good
years and bad, building up reserves in the good years to deal
with heavier claims in bad ones. For further protection they also
diversify across lines, selling health insurance as well as
homeowners’ insurance, for example.
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