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?
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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.
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