When the Actuary Must Rely on Judgment Rather Than Facts

question 66

Short Answer

When the actuary must rely on judgment rather than facts, the estimates are termed _____.

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Definitions:

Joint Probability Distribution

A mathematical description of the likelihood of two events occurring together and at the same point in time.

Car Salespeople

Individuals specialized in selling automobiles, often working at car dealerships.

Joint Probability Distribution

The probability distribution of two or more random variables happening simultaneously and their possible combinations.

Probability Distribution

This is a mathematic function that calculates how likely different outcomes are to occur in an experiment.