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The problem is then to devise a way of combining the experience of the group with the experience of the individual risk to calculate the premium better. Credibility theory provides a solution to this problem. For actuaries, it is important to know credibility theory in order to calculate a premium for a group of insurance contracts. The goal is ...
Bühlmann model. In credibility theory, a branch of study in actuarial science, the Bühlmann model is a random effects model (or "variance components model" or hierarchical linear model) used to determine the appropriate premium for a group of insurance contracts. The model is named after Hans Bühlmann who first published a description in 1967.
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an ...
Stephen Edelston Toulmin (/ ˈtuːlmɪn /; 25 March 1922 – 4 December 2009) was a British philosopher, author, and educator. Influenced by Ludwig Wittgenstein, Toulmin devoted his works to the analysis of moral reasoning. Throughout his writings, he sought to develop practical arguments which can be used effectively in evaluating the ethics ...
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
The history of scientific method considers changes in the methodology of scientific inquiry, not the history of science itself. The development of rules for scientific reasoning has not been straightforward; scientific method has been the subject of intense and recurring debate throughout the history of science, and eminent natural philosophers and scientists have argued for the primacy of ...
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Member check. In qualitative research, a member check, also known as informant feedback or respondent validation, is a technique used by researchers to help improve the accuracy, credibility, validity, and transferability (also known as applicability, internal validity, [1] or fittingness) of a study. [2]