Sample
Updated: 26 November 2024
What Does Sample Mean?
A sample is a small subset drawn from a larger group, intended to represent the characteristics of that group.
Actuaries use samples from populations to gain insights into the larger populations, helping them make informed decisions on behalf of insurance companies.
Insuranceopedia Explains Sample
Insights gained from analyzing samples can influence premium prices, policy lengths, deductible amounts, and various other aspects of insurance policies. For example, a life insurance company might analyze a sample of 1,000 people with heart disease between the ages of 60 and 65 to estimate how long individuals in this condition are likely to live. The results could affect premium rates, policy approval, death benefits, and other factors.
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