Applied Prob & Stats in Insura

Catalog description

This is the second course covering probability and statistics used in insurance and risk management. RMI 307 covers continuous random variables, multivariate distributions and density functions representing an insurance loss. Students will be able to apply continuous distributions such as uniform, exponential, Gamma, Normal, and lognormal to generate expected frequency of loss and predict claim probability. Moment generating functions with continuous random variables, simulation of continuous distributions and mixed distributions will be used to solve problems in risk management and insurance.