What Does Experimental Probability Mean?

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What does Experimental Probability mean? Read on to discover the definition & meaning of the term Experimental Probability - to help you better understand the language used in insurance policies.

Experimental Probability

Experimental Probability

Experimental probability is a statistical method for determining the frequency of an event by using actual data from experiments. Actuaries use this method to calculate premiums and risks for insurance companies.

We hope the you have a better understanding of the meaning of Experimental Probability.

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