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Question 1 of 10
1. Question
What is the method of percentiles?
Correct
The method of percentiles is based on matching a set of particular percentiles of the distribution to be matched with those of the sample.
Incorrect
The method of percentiles is based on matching a set of particular percentiles of the distribution to be matched with those of the sample.
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Question 2 of 10
2. Question
What is Cramér–von Mises distance function, when using the method of minimum distance?
Correct
It is the sum of the squared differences between the empirical distribution function of the data at the n data values and the theoretical distribution function of the chosen distribution.
Incorrect
It is the sum of the squared differences between the empirical distribution function of the data at the n data values and the theoretical distribution function of the chosen distribution.
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Question 3 of 10
3. Question
What are Convolutions used for?
Correct
Convolutions are the ones used to find the distributions of sums of independent random variables.
Incorrect
Convolutions are the ones used to find the distributions of sums of independent random variables.
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Question 4 of 10
4. Question
For the sums of independent random variables, either convolutions or transforms are used in finding expressions for its distribution. What do you think is meant by ‘transforms’ here?
Correct
For the sums of independent random variables, either convolutions or transforms in finding expressions are used for its distribution, in which the word
“transforms” is meant as a generic term including probability generating functions and moment generating functions which are essentially Laplace transforms, characteristic functions essentially Fourier transforms, cumulant generating functions, etc.Incorrect
For the sums of independent random variables, either convolutions or transforms in finding expressions are used for its distribution, in which the word
“transforms” is meant as a generic term including probability generating functions and moment generating functions which are essentially Laplace transforms, characteristic functions essentially Fourier transforms, cumulant generating functions, etc. -
Question 5 of 10
5. Question
What is a finite mixture distribution?
Correct
A finite mixture distribution is an example of a mixture distribution where the mixing random variable is discrete with a finite number of possible values.
Incorrect
A finite mixture distribution is an example of a mixture distribution where the mixing random variable is discrete with a finite number of possible values.
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Question 6 of 10
6. Question
What kind of mixture is it when a finite mixture of an exponential distribution with mean 1/5 and exponential distribution with mean 1/10 with both mixing proportions equal to 1/2?
Correct
When the finite mixture of an exponential distribution with mean 1/5 and exponential distribution with mean 1/10 with both mixing proportions equal to 1/2, it is an equal mixture of the two exponential distributions.
Incorrect
When the finite mixture of an exponential distribution with mean 1/5 and exponential distribution with mean 1/10 with both mixing proportions equal to 1/2, it is an equal mixture of the two exponential distributions.
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Question 7 of 10
7. Question
When the variance is larger than the mean, which way is more suitable to use for distribution in the Poisson Process?
Correct
When the variance is larger than the mean in the Poisson Process, a more suitable way is to find a more suitable distribution is to consider a mixed Poisson distribution.
Incorrect
When the variance is larger than the mean in the Poisson Process, a more suitable way is to find a more suitable distribution is to consider a mixed Poisson distribution.
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Question 8 of 10
8. Question
Which out of this is true about the individual risk model?
Correct
In the individual risk model, there is a fixed number, n say, of police, and for i = 1, . . . , n, the amount claimed on policy i in the fixed time period is a random variable Yi.
Incorrect
In the individual risk model, there is a fixed number, n say, of police, and for i = 1, . . . , n, the amount claimed on policy i in the fixed time period is a random variable Yi.
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Question 9 of 10
9. Question
Which out of these is one of the advantages of the normal approximation?
Correct
The main advantage of the normal approximation is that it is quick and easy to apply; another is that we only need to know the μi and the σ2i for each i, instead of the whole distribution of Zi.
Incorrect
The main advantage of the normal approximation is that it is quick and easy to apply; another is that we only need to know the μi and the σ2i for each i, instead of the whole distribution of Zi.
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Question 10 of 10
10. Question
When does the customer become the policyholder?
Correct
The customer has the right to choose between accepting or declining the offer of the contract, if the contract is accepted by the customer and the premium is paid, the customer becomes the policyholder.
Incorrect
The customer has the right to choose between accepting or declining the offer of the contract, if the contract is accepted by the customer and the premium is paid, the customer becomes the policyholder.