- For each definition on the left, select (drag and drop) the correct term from below. The standard deviation of a distribution divided by its mean The average dollar value of a loss per claim The numerical average of the experience of all possible outcomes if you played a game over and over. Calculated by multiplying each probability (or relative frequency) by its respective gain or loss. Measurement of deviation from expected value by calculating the expected squared distance of each of the various outcomes from their mean value, individually squaring the deviation of each possible outcome from the expected value, and multiplying each result by its respective probability or likelihood of occurring :: severity !! range :: expected value :: frequency :: coefficient of variation :: variance Which of the following can be used to give us a relative value of risk when the means of the distributions are not equal? Confidence level Range Standard deviation Coefficient of variation Semivariance