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A probability distribution of an event is a mathematical function which consists of all the possible values that can be the outcome of that event.
For eg. When we roll a dice , probability of getting a number from 1 to 6 is 0.17 each.
The values other than those between 1 to 6 are impossible in this event . So we can say that probability distribution function is:
P(n) = 1/N
Where n = values that can occur ;
n can be 1 to 6 only! And N = elements in event i.e.6!
· While the distribution function gives us an idea of the probability of values that an event can take, graph associated with it helps us visualize the likelihood of occurrence of different values that can be there in an event.
· The shape of the distribution curve is given a lot of importance as it is used to analyze the dataset’s properties and solve business problems.
- A paid up policy is one that requires no further insurance premiums and continues to be a normal insurance policy till maturity or expiry date of the contract but with reduced benefits/sum assured in the event of a claim.
- Policy gets converted into paid up once it acquires a surrender value (Surrender value is acquired when you fail to pay renewal premiums for your plan even after grace period has passed; typically after 3 annual premiums payment in case of regular premium traditional insurance plans, after 2 annual premiums payment in case of limited premium traditional insurance plans and 5 years annual premium paid in case of Unit Linked Insurance Plan).
- Paid-up value is usually calculated as the number of Paid Premiums X Sum Assured /Total number of Premiums.
- · For the Unit Linked Plan a policy can be paid up after 5 years of regular premium payment but Mortality charges, administration charges, other policy maintenance charges continue to be deducted from the fund value.
Can you think of specific situations when this option would be exercised by policyholders?arpit wrote:
This file contains minutes of the Amity seminar held on 10th May 2019 on the topic Data Science, it is written by Anmol Kaur. Thanks anmol for allowing us to upload it here.
The speaker of the seminar were:-
[li]Rohit Jain [/li] [li]Khuswant Pahwa [/li] [li]Leena Sodha [/li] [li]Himanshu Jain [/li] [ol] [/ol]
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Its my pleasure
😀 It was really nyc, enlightening and very enriching experience. With full focus on skills and projects and with industry people making it clear that just clearing exams doesnt make u an actuary. We came to know that data science is a wide and generic term while actuarial is a domain specific restricted but technically sound area to work in. The overall work they both do , however, shares similarities. Give me tonight’s time to arrange them, I ll share the minutes of it on your mail.
It was worth attending, I wd say!