Insurance is necessary nowadays, because insurance can cover a loss or damagethat occurs. The way insurance works in order to cover losses, a personcansubmit a claim provided that the person is registered as a customer and ...

The Weibull and Pareto distributions are commonly used in the insurance industry because they effectively model different aspects of risk and loss also their ability to model a wide range of risk case effectively. ...

Within the insurance industry, the calculation of reserves for predicting fund allocation becomes highly prominent, as companies must do it accurately to settle future claims. Consequently, insurance firms enhance financial ...

Ruin probability is the likelihood that the insurer's surplus will go below zero at some time in the future, or the total claim exceed the sum of initial surplus and the total premium at some time t in the future. Several ...