GLOSSARY
This Insurance Glossary of Terms is produced and maintained by the National Alliance Research Academy. 
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Variance

In statistics, the modified average of the squares of the deviation of each value from the arithmetic mean of those values. The “modified average” refers to dividing the sum of the squared deviations by n-1 (n being the number of data items) rather than by n, a statistical modification used when dealing with samples rather than populations.