Stratified Random Sampling
Selection of restricted random samples in order to obtain a more accurate estimate of the expected loss (mean) than could be obtained by the selection of completely RANDOM SAMPLES. For example, assume it is the desire to obtain an accurate estimate of the average number of automobile accidents experienced by juniors in the Louisiana State University System. By selecting the proper size of random samples among the various colleges within the system, a more accurate estimate of the number of automobile accidents experienced by juniors system-wide can be obtained than by selecting the same total random sample from the system as a whole.
Popular Insurance Terms
Agreement under which an insurance company promises to pay all compensation and all benefits required of an insured employer under the workers compensation act of the state or states listed ...
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Buy or sell order for security that expires at the end of the trading date on which it was entered if not executed. ...
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