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Collective risk models: The models applied to insurance portfolios which do not create direct reference to the risk characteristics of individual members of the portfolio when describing the aggregate claims or experience of the entire portfolio itself. To model entire claims of the collection of risks over the ?xed period of time in the future, the collective approach incorporates claim frequency and claim severity both components into the probability distribution of aggregate.
The variables appearing on the right-hand side of equations defining, for instance, multiple regressions or the logistic regression, and which seek to predict or 'explain' response
replacement problem
Demographic data: Age: continuous variable Gender: categorical variable with males coded 1, females coded 2. Relationship status: categorical variable 1 to 5. Rational
It is the art of attempting to exchange something quite small and certain, for something which are large and uncertain. Gambling is big business; in the US, for instance, it is at
The variables resulting from the recoding categorical variables with more than two categories into the sequence of binary variables. Marital status, for instance, if originally lab
Software which started out as the spreadsheet targeting at manipulating the tables of number for financial analysis, which has now developed into a more flexible package for workin
regression line drawn as Y=C+1075x, when x was 2, and y was 239, given that y intercept was 11. calculate the residual
The division of a sample of observations into several classes, together with the number of observations in each of them. It acts as a useful summary of the main features of the da
Ascertainment bias : A feasible form of bias, particularly in the retrospective studies, which arises from the relationship between the exposure to the risk factor and the probabil
K-means cluster analysis is the method of cluster analysis in which from an initial partition of observations into K clusters, each observation in turn is analysed and reassigned,
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