Examlex
Explain how a guaranteed insurability option works and why it is beneficial.
Test Statistic
A calculated value from sample data that is used in statistical testing to decide whether to reject the null hypothesis within the framework of a hypothesis test.
P-value
A statistical measure that indicates the probability of observing the test results, or something more extreme, if the null hypothesis is true.
Null Hypothesis
A hypothesis that suggests there is no statistical significance between the specified sets of observations, usually representing a statement of no effect or no difference.
Alternative Hypothesis
The hypothesis in a statistical test that proposes a difference or effect, opposing the null hypothesis, and is considered true if the null hypothesis is rejected.
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