Jove
Visualize
Contact Us
JoVE
x logofacebook logolinkedin logoyoutube logo
ABOUT JoVE
OverviewLeadershipBlogJoVE Help Center
AUTHORS
Publishing ProcessEditorial BoardScope & PoliciesPeer ReviewFAQSubmit
LIBRARIANS
TestimonialsSubscriptionsAccessResourcesLibrary Advisory BoardFAQ
RESEARCH
JoVE JournalMethods CollectionsJoVE Encyclopedia of ExperimentsArchive
EDUCATION
JoVE CoreJoVE BusinessJoVE Science EducationJoVE Lab ManualFaculty Resource CenterFaculty Site
Terms & Conditions of Use
Privacy Policy
Policies

Related Concept Videos

Uncertainty: Overview00:59

Uncertainty: Overview

1.9K
In analytical chemistry, we often perform repetitive measurements to detect and minimize inaccuracies caused by both determinate and indeterminate errors. Despite the cares we take, the presence of random errors means that repeated measurements almost never have exactly the same magnitude. The collective difference between these measurements - observed values - and the estimated or expected value is called uncertainty. Uncertainty is conventionally written after the estimated or expected value.
1.9K
Propagation of Uncertainty from Random Error00:59

Propagation of Uncertainty from Random Error

2.2K
An experiment often consists of more than a single step. In this case, measurements at each step give rise to uncertainty. Because the measurements occur in successive steps, the uncertainty in one step necessarily contributes to that in the subsequent step. As we perform statistical analysis on these types of experiments, we must learn to account for the propagation of uncertainty from one step to the next. The propagation of uncertainty depends on the type of arithmetic operation performed on...
2.2K
The Anchoring-and-Adjustment Heuristic01:25

The Anchoring-and-Adjustment Heuristic

7.9K
In order to make good decisions, we use our knowledge and our reasoning. Often, this knowledge and reasoning is sound and solid. However, sometimes, we are swayed by biases or by others manipulating a situation. For example, let’s say you and three friends wanted to rent a house and had a combined target budget of $1,600. The realtor shows you only very run-down houses for $1,600 and then shows you a very nice house for $2,000. Might you ask each person to pay more in rent to get the...
7.9K
Uncertainty: Confidence Intervals00:54

Uncertainty: Confidence Intervals

12.2K
The confidence interval is the range of values around the mean that contains the true mean. It is expressed as a probability percentage. The interpretation of a 95% confidence interval, for instance, is that the statistician is 95% confident that the true mean falls within the interval. The upper and lower limits of this range are known as confidence limits. The confidence limits for the true mean are estimated from the sample's mean, the standard deviation, and the statistical factor...
12.2K
Actuarial Approach01:20

Actuarial Approach

363
The actuarial approach, a statistical method originally developed for life insurance risk assessment, is widely used to calculate survival rates in clinical and population studies. This method accounts for participants lost to follow-up or those who die from causes unrelated to the study, ensuring a more accurate representation of survival probabilities.
Consider the example of a high-risk surgical procedure with significant early-stage mortality. A two-year clinical study is conducted,...
363
Uncertainty in Measurement: Reading Instruments02:46

Uncertainty in Measurement: Reading Instruments

55.7K
Counting is the type of measurement that is free from uncertainty, provided the number of objects being counted does not change during the process. Such measurements result in exact numbers. By counting the eggs in a carton, for instance, one can determine exactly how many eggs are there in the carton. Similarly, the numbers of defined quantities are also exact. For example, 1 foot is exactly 12 inches, 1 inch is exactly 2.54 centimeters, and 1 gram is exactly 0.001 kilograms. Quantities...
55.7K

You might also read

Related Articles

Articles linked to this work by shared authors, journal, and citation graph.

Sort by
Same author

Research Note: Relative bioavailability of zinc in zinc hydroxychloride for chicks.

Poultry science·2023
Same author

Disparities in Deceased Donor Kidney Offer Acceptance: A Survey of Canadian Transplant Nephrologists, General Surgeons and Urologists.

Canadian journal of kidney health and disease·2023
Same author

A survey study investigating perceptions and acceptance of the whole-body imaging techniques used for the diagnosis of myeloma.

Radiography (London, England : 1995)·2021
Same author

The relationship of embolic particle size to patient outcomes in prostate artery embolisation for benign prostatic hyperplasia: a systematic review and meta-regression.

Clinical radiology·2020
Same author

Scientific Business Abstracts of the 113th Annual Meeting of the Association of Physicians of Great Britain and Ireland.

QJM : monthly journal of the Association of Physicians·2019
Same author

Validation of an ampicillin selection protocol to enrich for mutants of Listeria monocytogenes unable to replicate on fresh produce.

FEMS microbiology letters·2019
Same journal

Establishment of a rat model of bronchopulmonary dysplasia complicated with pulmonary hypertension and its potential applications.

Human & experimental toxicology·2026
Same journal

Pulmonary iron oxide (Fe<sub>3</sub>O<sub>4</sub>) nanoparticle-biomolecule interactions modified during aging and metabolic syndrome disease progression.

Human & experimental toxicology·2026
Same journal

Retraction: Carvedilol alleviates the detrimental effects of azathioprine on hepatic tissues in experimental rats: Focusing on redox system, inflammatory and apoptosis pathways.

Human & experimental toxicology·2026
Same journal

Inhibition of store-operated calcium entry mitigates lipopolysaccharide-induced hepatotoxicity via modulating inflammatory and oxidative stress responses.

Human & experimental toxicology·2026
Same journal

Stevioside inhibits colorectal cancer progression by regulating macrophage polarization.

Human & experimental toxicology·2026
Same journal

Predictive factors of severe outcome in glufosinate ammonium poisoning: A retrospective study in Vietnam.

Human & experimental toxicology·2025
See all related articles

Related Experiment Video

Updated: Mar 29, 2026

Experimental Research Examining How People Can Cope with Uncertainty Through Soft Haptic Sensations
09:07

Experimental Research Examining How People Can Cope with Uncertainty Through Soft Haptic Sensations

Published on: September 16, 2015

9.5K

Insuring the unknown.

C Parsons1

  • 1Faculty of Actuarial Science and Insurance, Sir John Cass Business School, City of London, London, UK c.parsons@city.ac.uk.

Human & Experimental Toxicology
|November 29, 2015
PubMed
Summary
This summary is machine-generated.

Insurers face challenges pricing risks for novel products like medical devices and pharmaceuticals. This article explores how they analyze and manage these uncertainties for effective insurance coverage.

Keywords:
Clinical trialsInsurancePharmaceutical products

More Related Videos

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
13:04

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods

Published on: September 19, 2012

12.5K
An R-Based Landscape Validation of a Competing Risk Model
05:37

An R-Based Landscape Validation of a Competing Risk Model

Published on: September 16, 2022

2.7K

Related Experiment Videos

Last Updated: Mar 29, 2026

Experimental Research Examining How People Can Cope with Uncertainty Through Soft Haptic Sensations
09:07

Experimental Research Examining How People Can Cope with Uncertainty Through Soft Haptic Sensations

Published on: September 16, 2015

9.5K
Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
13:04

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods

Published on: September 19, 2012

12.5K
An R-Based Landscape Validation of a Competing Risk Model
05:37

An R-Based Landscape Validation of a Competing Risk Model

Published on: September 16, 2022

2.7K

Area of Science:

  • Risk management
  • Insurance underwriting
  • Product liability

Background:

  • Insurance is fundamentally based on managing uncertainty.
  • New medical devices, pharmaceuticals, and food additives present unique, high-uncertainty risks.
  • These risks require specialized insurance during research, development, clinical trials, and post-approval use.

Purpose of the Study:

  • To examine how insurers evaluate and price high-uncertainty risks.
  • To describe available insurance types, providers, and organizational structures.
  • To detail techniques for analyzing and pricing novel and complex risks in insurance.

Main Methods:

  • Review of insurance principles for pricing novel and complex risks.
  • Analysis of underwriting techniques for hazardous insurance products.
  • Examination of risk assessment strategies for medical devices, pharmaceuticals, and food additives.

Main Results:

  • Insurers utilize specific techniques to analyze and price risks associated with new products.
  • Understanding and managing high levels of uncertainty is crucial for underwriters.
  • Insurance coverage is essential throughout the product lifecycle, from R&D to regular use.

Conclusions:

  • Insurers employ specialized methods to overcome challenges in underwriting novel products.
  • Effective risk pricing and analysis are key to insuring hazardous substances and devices.
  • The insurance industry plays a vital role in supporting innovation in pharmaceuticals and medical technology.