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by: Naya Rhodes

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Principles of Insurance, Week 2, Chapter 3 36081

Marketplace > Kent State University > Finance > 36081 > Principles of Insurance Week 2 Chapter 3
Naya Rhodes
KSU
GPA 3.4

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Second week's notes.
COURSE
Principles of Insurance
PROF.
David Dumpe
TYPE
Class Notes
PAGES
1
WORDS
CONCEPTS
Risk Management, Risk, PRINCIPLE OF INSURANCE
KARMA
25 ?

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This 1 page Class Notes was uploaded by Naya Rhodes on Sunday September 11, 2016. The Class Notes belongs to 36081 at Kent State University taught by David Dumpe in Fall 2016. Since its upload, it has received 7 views. For similar materials see Principles of Insurance in Finance at Kent State University.

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Date Created: 09/11/16
PrinciplesofInsurance Chapter3:RiskAssessmentandPooling -IntroductiontoProbability:Probabilitydistributionisatable/graphthatshowsallthepossibleoutcomesforarandom variable.Avariablewhosefuturevalueisunknowniscalledarandomvariable.Expectedvalueisthestartingpointfor calculatinganinsurancepremiumorhowmuchafirmcouldsetasideforpotentiallosses.Variancemeasureshowthe outcomesofarandomvariablevaryaroundtheexpectedvalueofthatvariable.Standarddeviationmeasuresthedegreeto whichactuallossesdeviatefromtheexpectedloss. -Severityandfrequencyaretwoimportantcomponentsoftotallosses.Tofindtheexpectedvalueoflossfrequencyorloss severity,weneedtolookatthelossfrequency/severitydistributions. -Convolutioncalculatesallpossiblecombinationsoflosseswhichisindicatedbythelossfrequency/severitydistributions. -Riskpoolingistheabilitytoreduceexposureunit’sriskbymakingmoreaccuratepredictionsaboutalargepoolofunits. Exposureunitsarepeopleexposedtorisk. -RiskchargeistheproductofK(aspecifiednumberreflectingtheuncertainty)andthestandarddeviation.

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