Probable number of times that a specified event is likely to occur. For example, if E is the event, then the odds for E occurring are X to Y according to the following relationship: P (E) =x --------- X + Y where P = probability. The odds against E occurring are Y to X. For example, if the probability of occurring equals 0.6 [P (E) = 0.6], then P (E) = 6 6 -------- = -------- 6 + 4 10Therefore, the odds for E occurring are 6 to 4. The odds against E occurring are 4 to 6.
Popular Insurance Terms
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