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
Law, in several states, establishing a fund to guarantee benefits under policies issued by insurance companies that become insolvent. ...
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Provision in an insurance policy that states the monetary value of each piece of property to be insured. ...
Standard property-liability insurance premium set by a rating bureau for a particular class of risk. ...
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Same as term Mortality Table: chart showing rate of death at each age in terms of number of deaths per thousand. ...
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Actuarial method of crediting retirement benefits earned and the costs associated with these earned retirement benefits. An increment (unit) of benefit is credited for each year of ...
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