38101983
Description
Mind Map by Dharma Valencia, updated more than 1 year ago
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Created by Dharma Valencia
over 1 year ago
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Multiple state models
- Useful as models for different types of life insurance policies.
- More complicated forms of insurance require more
complicated models.
- More complicated forms of insurance require more
complicated models.
- These models consist of
a finite set of states
with arrows indicating
possible movements
between some, but not
necessarily all, pairs of
states.
- It is the benefits provided by the insurance policy which
determine the nature of the appropriate model.
- Examples
- Examples
- It is the benefits provided by the insurance policy which
determine the nature of the appropriate model.
- Stochastic process
- discret time
- continuos time
- Collection of random variables
indexed by a continuous time
variable.
- Collection of random variables
indexed by a continuous time
variable.
- discret time
Media attachments
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