Learn about the concept of probability in the context of general insurance and understand how the chance of an event occurring is represented as a number.
A comprehensive guide to the Theory of Probability, the mathematical foundation that underpins the principles of general insurance.
Learn about Binomial Distribution, a pivotal function used to predict the probability of future events in the context of general insurance.
Understand what constitutes a noninsurable risk within general insurance terms. Discover why certain risks cannot be insured due to high probability of loss or inability to measure actuarially.
Learn how the Law of Large Numbers impacts probability of loss in general insurance. Discover why a larger number of exposures lead to more accurate predictions.
Learn about the concept of odds in general insurance, which represents the likely chance of an event occurring within a statistical sample, expressed either as a decimal fraction or a ratio.
Learn about the concept of Degree of Risk in general insurance terms, representing the uncertainty and chance that reality may differ from predicted outcomes.
