What is the Definition of Law Of Large Numbers?

What is the Definition of Law Of Large Numbers?

The theory of probability on which the business of insurance is based. Simply put, this mathematical premise says that the larger the group of units insured, such as sport-utility vehicles, the more accurate the predictions of loss will be.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Law Of Large Numbers?

What is the Definition of Law Of Large Numbers?

You can find random definition and meaning of insurance terms below:


Meaning of Employment Practices Liability Coverage in Insurance Terms

Liability insurance for employers that covers wrongful termination, discrimination and other violations of employees’ legal rights.


Meaning of Endorsement in Insurance Terms

A written form attached to an insurance policy that alters the policy’s coverage, terms, or conditions. Sometimes called a rider.


Meaning of Endowment Insurance in Insurance Terms

Life insurance that provides a policy benefit payable either when the insured dies or on a stated date if the insured is still alive on that date.


Thank you for visiting our website and read this FAQ article about "What is the Definition of Law Of Large Numbers?". We hope you get what you searching for.

definitionly.com is a website that contains information about the definition or meaning of a word. You can search for the terms you are looking for in the search field above.

Related Posts

Subscribe Our Newsletter