Empirical Probability
Definition of "Empirical probability"
Mathematical relationship resulting from experimentation. For example, the probability distribution for the possible number of heads from four tosses of a fair coin having both a head and a tail can be calculated from experimentation and observation by allowing for the accumulation of empirical data.
Popular Insurance Terms
Premium payment. ...
Total amount of insurance that an insurer will write on any specific city block. Such a limit will reduce the insurer's exposure to a potential catastrophic occurrence, such as a hurricane, ...
Coverage usually provided as part of the storekeepers burglary and robbery insurance in the event merchandise, fixtures, equipment, and furniture are lost due to theft and burglary. ...
Damaged insured property in receipt by the insurance company resulting from abandonment and salvage, subrogation, and reinsurance. ...
Same as term Direct Response Marketing: method of selling insurance directly to insureds through a companies own employees, through the mail, or at airport booths. The company uses this ...
The term elevator collision insurance or elevator liability insurance is included in business liability insurance policies in order to cover potential damages suffered by the elevator or ...
Coverage for the owner of an airplane in circumstances where use of the owner's premises as an aircraft hangar results in bodily injury or property damage to a third party. Excluded from ...
Return of a percentage of premium paid by a business firm if its loss record is better than the amount loaded into the basic premium. ...
Mortality table that reflects irregularities from age to age due to chance fluctuations in the sequence of the rates of mortality. The rates of death as reflected by the mortality table in ...
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