Insurance Services Office (ISO) Is a Data Collection and Statistical

question 7

True/False

Insurance Services Office (ISO) is a data collection and statistical analysis organization that helps small insurers reduce the uncertainty in predicting losses by providing them with data that exists in the insurance industry.

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Definitions:

Standard Deviation

Standard deviation is a statistical measure of the dispersion or variability within a data set, indicating how much individual data points deviate from the mean.

Normal Distribution

A bell-shaped frequency distribution curve that is symmetric about the mean, showing that data near the mean are more frequent in occurrence.

Exponential Distribution

The exponential distribution is a continuous probability distribution used to model the time or space between events in a Poisson process.

Density Function

A mathematical function that specifies the probability of a random variable taking on certain values.