Regardless of the Source of the Likelihoods, We Can Obtain

question 12

Short Answer

Regardless of the source of the likelihoods, we can obtain an assessment of the probabilities or relative frequencies of the future occurrence of each conceivable event.The collection of possible events together with their respective probabilities of occurrence is called a _____ distribution.

---

Definitions:

Obligations

Duties or commitments under the law or by agreement that an individual or entity is required to fulfill.

Straight Life Insurance

A type of permanent life insurance where the insured pays a consistent premium throughout their lifetime, and the policy pays out a death benefit to the beneficiaries when the insured dies.

Loan Value

The maximum amount of money that a lender will provide to a borrower, often based on the value of the collateral pledged.

Cash Surrender Value

The amount of money an insurance policyholder can receive from the insurer by canceling the policy before it matures or the insured event occurs.