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The problem is then to devise a way of combining the experience of the group with the experience of the individual risk to calculate the premium better. Credibility theory provides a solution to this problem. For actuaries, it is important to know credibility theory in order to calculate a premium for a group of insurance contracts. The goal is ...
In fisheries terms, maximum sustainable yield (MSY) is the largest average catch that can be captured from a stock under existing environmental conditions. [22] MSY aims at a balance between too much and too little harvest to keep the population at some intermediate abundance with a maximum replacement rate.
The concept of maximum sustainable yield (MSY) has been used in fisheries science and fisheries management for more than a century. Originally developed and popularized by Fedor Baranov early in the 1900s as the "theory of fishing," it is often credited with laying the foundation for the modern understanding of the population dynamics of fisheries. [1]
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
This is an explanatory essay about the policy on essays. This page provides additional information about concepts in the page(s) it supplements. This page is not one of Wikipedia's policies or guidelines as it has not been thoroughly vetted by the community .
The computations of life insurance premiums and reserving requirements are rather complex, and actuaries developed techniques to make the calculations as easy as possible, for example "commutation functions" (essentially precalculated columns of summations over time of discounted values of survival and death probabilities). [24]
Avoid writing redundant essays – why it is a good idea to check if similar essays already exist before creating new ones. Difference between policies, guidelines and essays – what the community chooses to call a "policy" or a "guideline" or an "essay" .
The five-paragraph essay is a format of essay having five paragraphs: one introductory paragraph, three body paragraphs with support and development, and one concluding paragraph. Because of this structure, it is also known as a hamburger essay , one three one , or a three-tier essay .