Likelihood that a given event will occur. In statistics the relative frequency of occurrence, Probability varies between O (the loss will not occur) and I (the loss will occur).
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The chance that a certain event will occur, represented as a number.
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UK: The science of the measurement of chance. In the theory of probability, certainty is represented by unity. The probability of an event that is not certain is a fraction the smaller the chance of the event happening the smaller the fraction. Insurance, by combining large numbers of similar exposure units, can predict the probability of the insured event with greater accuracy than is possible with small groups or individuals. Mortality tables help actuaries predict with a high degree of accuracy the probabilities of males and females dying at each age by observing a large number of lives. See RISK COMBINATION. –