What Does Statistical Method Mean?

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

Statistical Method

Statistical Method

A risk modeling method based on observed statistical qualities of (and among) random variables without regard to cause-and-effect relationships. The principal advantage over structural models is ease of model parameterization from available (often public) data.

We hope the you have a better understanding of the meaning of Statistical Method.

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