What does Probability mean? Read on to discover the definition & meaning of the term Probability - to help you better understand the language used in insurance policies.
A numerical measure of the chance or likelihood that a particular event will occur. Probabilities are generally assigned on a scale from 0 to 1. A probability near 0 indicates an outcome that is unlikely to occur, while a probability near 1 indicates an outcome that is almost certain to occur.
We hope the you have a better understanding of the meaning of Probability.