Definitions (5)

1.General: Number or quantity that is in-between (intermediate to) several quantities and numbers. See also mean.
2.General insurance: The term 'subject to average' means that if the sum insured at the time of a loss is less than the insurable value of the insured property, the amount claimed under the policy will be reduced in proportion to the under-insurance. Also called average clause. See also coinsurance.
3.Marine insurance: 'Average' means partial (loss); particular-average loss is borne by one party, and general-average loss is shared by all concerned. Now largely replaced with institute cargo clauses A, B, or C.
4.Quality control: Most common expression of the centering of a distribution computed by dividing the total observed values by the number of observations.
5.Securities trading: Appropriately weighted mean of a 'basket' of selected securities representing general market behavior. Dow Jones Industrial Average (DJIA), which measures the performance of the stocks of 30 the largest US corporations, is one well-known example.

Use average in a sentence

  • The average age at which people become parents seems to be getting higher as more emphasis is being placed on establishing careers before starting families.

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  • The height of the average American male is about 5'7, while the height of the average Japanese male is 5'6.

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  • The average American household usually contains a married couple and at least two children who all live in the same house.

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