Examlex
Explain debits and credits and their role in the accounting system of a business.
Probability
The measure of the likelihood that an event will occur, often expressed as a number between 0 and 1, where 1 indicates certainty.
Premium
A premium refers to the additional amount paid for a product, service, or insurance policy over and above its basic cost.
Risk Reduction
Strategies or actions taken to decrease or mitigate the level of risk.
Expected Value
A statistical measure that calculates the average outcome of a random variable or process, factoring in all possible values and their probabilities.
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