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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 skewness is a measure of asymmetry and as it is positive at 4.29, it is greater than zero which reveals that the tail extends to the right indicating the distribution to be mor
Observation-driven model is a term generally applied to models for the longitudinal data or time series which introduce within the unit correlation by specifying the conditional
Randomized encouragement trial is the clinical trials in which the participants are encouraged to change their behaviour in a particular manner (or not, if they are allocated to
Contour plot : A topographical map drawn from data comprising observations on the three variables. One variable is represented on horizontal axis and the second variable is represe
Artificial neural network : A mathematical arrangement modelled on the human neural network and designed to attack various statistical problems, particularly in the region of patte
Sam Tyler, a single taxpayer, social security number 111-44-1111, bought Rental Equipment on 04/01/2010. He paid $400,000 including all closing and delivery costs. In the current y
Hypergeometric distribution is t he probability distribution related with the sampling without replacement from the population of finite size. If the population comprises of r ele
This term is sometimes used for the analysis of data from the clinical trial in which treatments A and B are to be compared under the suppositions that the patients remain on their
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For a career woman, wearing lipstick has become an integral part of her daily life. It is not unusual for a woman to look for a lipstick that will stay on her lips and not smudge o
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