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Sagot :
Final answer:
An actuarially fair insurance policy is when premiums paid equal the expected benefits provided in case of a loss, ensuring fairness and accuracy in cost distribution.
Explanation:
An actuarially fair insurance policy is a contract in which the premiums paid by the consumer equally match the expected benefits paid back to the consumer in the event of a loss. This means that each individual pays according to their risk group, ensuring fairness within the insurance system.
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