Actuarial Statistics: by Defaru Debebe AMU
Actuarial Statistics: by Defaru Debebe AMU
Actuarial Statistics: by Defaru Debebe AMU
BY DEFARU DEBEBE
AMU
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INTRODUCTION
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1.1 Insurance Companies as Business Organization
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1.2 Role of Insurance Business in Economy
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Contributions of Insurance to Growth and Development
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Measured Contribution of Insurance to Growth
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Drivers of Insurance Coverage
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Principles and types of insurance
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Insurability
Large number of similar exposure units
Definite loss:
Accidental loss
Large loss
Affordable premium
Calculable loss
Limited risk of catastrophically large losses
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Legal
Indemnity
[nsurable interest
Utmost good faith
Contribution
Subrogation
Causa proxima, or proximate cause
Mitigation
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Indemnification
There are generally three types of insurance
contracts that seek to indemnify an insured:
a "reimbursement" policy, and
a "pay on behalf" or "on behalf of" policy, and
an "indemnification" policy.
From an insured's standpoint, the result is usually
the same: the insurer pays the loss and claims
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Types of insurance
Auto insurance
Gap insurance
Health insurance
Accident, sickness and unemployment insurance
Casualty Insurance
Life Insurance
Burial insurance
Property Insurance
Liability Insurance
Credit
Other types
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1.1 Introduction
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1.1 Introduction
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Wrong calculation of mean and variance of X=IB
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Probability of
no claim when
no collision is
certain
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How to get column (4) by (2.3.4)
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How to get column (7)? X=s-y
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