What does Simple Probability mean? Read on to discover the definition & meaning of the term Simple Probability - to help you better understand the language used in insurance policies.
Simple probability refers to the calculation of an outcome or the chance of an event ever happening. The concept is used in the actuarial departments of insurance companies to predict the risks to be covered among the insured in a given period.
We hope the you have a better understanding of the meaning of Simple Probability.