Learn about Binomial Distribution, a pivotal function used to predict the probability of future events in the context of general insurance.
Understanding the rate of natural increase/decrease—calculated as the birth rate minus the death rate—without considering migration. Essential for insights in general insurance trends.
Learn how the Law of Large Numbers impacts probability of loss in general insurance. Discover why a larger number of exposures lead to more accurate predictions.
Learn about the concept of odds in general insurance, which represents the likely chance of an event occurring within a statistical sample, expressed either as a decimal fraction or a ratio.
