What does Confidence Intervals mean? Read on to discover the definition & meaning of the term Confidence Intervals - to help you better understand the language used in insurance policies.
Statistical concept expressing the degree of confidence that, for instance, total losses will be below or above a given amount in any specified period, typically 1 year. The confidence level, or percentage, is interpreted as the long-run probability that the estimates will hold true over many stimulated estimate periods.
We hope the you have a better understanding of the meaning of Confidence Intervals.