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
Provision in an umbrella liability insurance policy under which the policy will pay those losses that come within the retention limits of the primary policy, but the primary policy cannot ...
Automatic reestablishment of an insurance policy's in-force status, usually achieved through payment of the premium due. ...
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Clause in an insurance policy that provides for the payment of a monetary sum to the individual (s) who incurred the loss. ...
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Government agency, under the McCarran-Ferguson act (public law 15), that has no authority over insurance matters to the extent the states regulate insurance to the satisfaction of Congress. ...
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