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However, these models have been open to criticism as providing justification for discrimination against specific ethnic groups by law enforcement personnel. Whether this is statistically correct or a self-fulfilling correlation remains under debate. [8] Another example is the use of actuarial models to assess the risk of sex offense recidivism.
Actuarial science – discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. What type of thing is actuarial science? [ edit ]
Computers further revolutionized the actuarial profession. From pencil-and-paper to punchcards to microcomputers, the modeling and forecasting ability of the actuary has grown vastly. [46] Another modern development is the convergence of modern finance theory with actuarial science. [47]
A stochastic model would be to set up a projection model which looks at a single policy, an entire portfolio or an entire company. But rather than setting investment returns according to their most likely estimate, for example, the model uses random variations to look at what investment conditions might be like.
Asset/liability modeling is the process used to manage the business and financial objectives of a ... Liabilities are the actuarial present value of future plan cash ...
Catastrophe modeling [1] (also known as cat modeling) is the process of using computer-assisted calculations to estimate the losses that could be sustained due to a catastrophic event such as a hurricane or earthquake.
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In actuarial science and applied probability, ruin theory (sometimes risk theory [1] or collective risk theory) uses mathematical models to describe an insurer's vulnerability to insolvency/ruin. In such models key quantities of interest are the probability of ruin, distribution of surplus immediately prior to ruin and deficit at time of ruin.