VAR - maximum or minimum loss ?

[cfa09]

I thought VAR provided the minimum amount expected to be lost for a given probability over a period of time.
Schweser exam 1 question13 I think says maximum.
Can someone clarify ?

 

[SanFranMatt]

It’s both. Let’s say you’re at a 95% confidence level and the VAR is $1MM. That means the maximum loss is $1MM 95% of the time, or the minimum loss is $1MM 5% of the time.

 

[sterling76]

VAR - value at risk
The most you can expect to lose over a given time period with a specified level of certainty.
Ex. Daily VAR of $5,000 with a 95% confidence.
Plain English: On any given day, you can be 95% certain that the MAXIMUM you will lose is $5,000.

 

[cfa09]

Thanks for clarifying, think I got confused with the wording in Schweser .