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Aggregate payment technique (taking the expected value of the total present value): This is similar to the method for a life insurance policy. This time the random variable Y is the total present value random variable of an annuity of 1 per year, issued to a life aged x, paid continuously as long as the person is alive, and is given by:
It is generally equal to the actuarial present value of the future cash flows of a contingent event. In the insurance context an actuarial reserve is the present value of the future cash flows of an insurance policy and the total liability of the insurer is the sum of the actuarial reserves for every individual policy.
In credibility theory, a branch of study in actuarial science, the Bühlmann model is a random effects model (or "variance components model" or hierarchical linear model) used to determine the appropriate premium for a group of insurance contracts. The model is named after Hans Bühlmann who first published a description in 1967.
The key with a net premium valuation is that the premiums being valued are theoretical measures - they make no reference to the actual premiums being charged by the insurer. This technique is a well-established actuarial valuation method, that became popular because of its simplicity, consistency, and ease of calculation.
The odds of heads is .5 * 1 + .5 * .5 = .75. This is because there is a .5 chance of selecting the heads-only coin with 100% chance of heads and .5 chance of the fair coin with 50% chance. Now the same coin is reused and you are asked to bet on the outcome again.
The main discussion of these abbreviations in the context of drug prescriptions and other medical prescriptions is at List of abbreviations used in medical prescriptions. Some of these abbreviations are best not used, as marked and explained here.
Using antibiotics 1 to 5+ times ... A follow-up period of at least 10-15 years would be ideal to better evaluate long-term associations between antibiotic use and cognitive decline, as dementia ...
The following outline is provided as an overview of and topical guide to actuarial science: Actuarial science – discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries.