The Use of Frequency and Severity Data Is Very Important

question 50

True/False

The use of frequency and severity data is very important to both insurers and firm managers concerned with judging the risk of various endeavors.

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Definitions:

Social Isolation

A state where an individual lacks a sense of social belonging, true engagement with others, and fulfilling relationships.

Cognitive Deterioration

The gradual decline in cognitive function due to aging or neurological diseases.

Miscarriage

The spontaneous loss of a pregnancy before the fetus is viable, typically before 20 weeks of gestation.

Spouses

Individuals joined to others in marriage, often sharing a close personal and legal relationship that includes mutual rights and obligations.