MLchartDataset catalogue

Probability analysis

Term · Insurance and risk management · MLC-T-INS-002687

The systematic application of statistical methods to assess the likelihood of future events and their potential impact. In risk management, this involves evaluating historical data, modeling future scenarios, and quantifying uncertainties associated with potential losses. Actuaries use probability analysis to set premiums and reserves for insurance products.

Table 1. Record
IdentifierMLC-T-INS-002687
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-002687",
  "term": "Probability analysis",
  "field": "Insurance and risk management",
  "definition": "The systematic application of statistical methods to assess the likelihood of future events and their potential impact. In risk management, this involves evaluating historical data, modeling future scenarios, and quantifying uncertainties associated with potential losses. Actuaries use probability analysis to set premiums and reserves for insurance products.",
  "url": "https://mlchart.com/terminology/insurance/probability-analysis/"
}

Record 2,733 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.