You have been appointed as a Senior Advisor on Insurance Regulations and Environment by Cool Investors who are venturing into insurance and seeking to obtain a license to operate in the Ghanaian Market. The Managing Director is relying on you to understand basic insurance principles in preparation for a discussion with potential shareholders on the subject. There are several principles that underpin insurance. Discuss in detial two of these fundamental principles of insurance, highlighting the following:

$($a$)$ The role of the law of large numbers and large numbers in general

$($b$)$ The impact of undercutting on the selected principles of insurance

The question must be answered citing Ghanaian Cases and Examples in addition to experiences of other jurisdictions.