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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.
Biologists use the concept of maximum sustainable yield (MSY) or mean annual increment (MAI), to determine the optimal harvest age of timber. MSY can be defined as “the largest yield that can be harvested which does not deplete the resource (timber) irreparably and which leaves the resource in good shape for future uses”.
Sustainable yield is the amount of a resource that humans can harvest without over-harvesting or damaging a potentially renewable resource. [1]In more formal terms, the sustainable yield of natural capital is the ecological yield that can be extracted without reducing the base of capital itself, i.e. the surplus required to maintain ecosystem services at the same or increasing level over time. [2]
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]
The maximum sustainable yield (MSY) is defined as "the highest average catch that can be continuously taken from an exploited population (=stock) under average environmental conditions". MSY was originally calculated as half of the carrying capacity, but has been refined over the years, [ 36 ] now being seen as roughly 30% of the population ...
For a life insurer and a newly set up non-life insurer, even if profitable business is written, the value of the company may appear to worsen (when viewed from a regulatory basis, for example) because of new business strain. This is a concept dealt with regularly by actuaries.
Illustration of the partial payout of Sum Insured against probability of occurrence. Condition of average (also called underinsurance [1] in the U.S., or principle of average, [2] subject to average, [3] or pro rata condition of average [4] in Commonwealth countries) is the insurance term used when calculating a payout against a claim where the policy undervalues the sum insured.