Probability

{
  "id": "MLC-T-INS-002686",
  "term": "Probability",
  "field": "Insurance and risk management",
  "definition": "The mathematical measure of the likelihood that a specific event will occur. In insurance, it quantifies the chance of a loss event, such as an accident, illness, or natural disaster, happening within a defined period. Probability is expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.",
  "url": "https://mlchart.com/terminology/insurance/probability/"
}