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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.
Protopathic bias is the type of bias (also called as reverse-causality) that is a consequence of differential misclassification of the exposure related to timing of occurrence. It
Assume that a population is normally distributed with a mean of 100 and a standard deviation of 15. Would it be unusual for the mean of a sample of 20 to be 115 or more?
Maximum likelihood estimation is an estimation procedure involving maximization of the likelihood or the log-likelihood with respect to the parameters. Such type of estimators is
This term is sometimes used for the data collected in those longitudinal studies in which more than the single response variable is recorded for each subject on each occasion. For
(a) A plane timetable states that a particular plane is due at 2pm but the actual arrival time isuniformly distributed between 1pm and 3pm. (i) Calculate the probability that th
Battery reduction : A common term for reducing the number of variables of the interest in a study for the purposes of study and perhaps later data collection. For instance, an over
Chapter 7 2. Describe the distribution of sample means (shape, expected value, and standard error) for samples of n =36 selected from a population with a mean of µ = 100 and a sta
Cluster sampling : A method or technique of sampling in which the members of the population are arranged in groups (called as 'clusters'). A number of clusters are selected at the
It is used generally for the matrix which specifies a statistical model for a set of observations. For instance, in a one-way design with the three observations in one group, tw
The distribution over distributions in the sense that each draw from the process is itself the distribution. The name Dirichlet process or procedure is due to the fact that the ?ni
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