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What is uncertainty? What do you mean by uncertainty in insurance? Types of uncertainty in Business? What is risk and uncertainty in insurance?

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What is uncertainty?

Uncertainty is a state of doubt or lack of certainty/sureness of an event. It applies to predictions of future events.

Types of uncertainty in Business

In business, there are many uncertainty. Here is a list of few:
  • Demand Uncertainty
  • Production Uncertainty
  • Profit Uncertainty
  • Price Uncertainty
  • Cost Uncertainty
  • Labour Uncertainty
  • Capital Uncertainty
  • Environmental Uncertainties

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