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
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Time limit on the deferred ownership of property such that, 21 years after the property owner dies, the deferred ownership of that property terminates. ...
Upper limit on the maximum possible interest rate an insurance company will pay. If the market interest rates are below that maximum, the insurance company pays the market interest rate. In ...
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