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Statistical Decision-Making and Actuarial Modeling Quiz

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Questions and Answers

What is the statistical model used by insurance companies based on?

Economic forecasts
Historical weather patterns
Actuarial data (correct)
Social media trends

What is the purpose of the statistical model used by insurance companies?

To predict the likelihood of events across a population (correct)
To assess political outcomes
To forecast stock market trends
To analyze consumer behavior

What do insurance companies intend to predict using the statistical model based on actuarial data?

Political election results
Likelihood of events across a population (correct)
Global economic trends
Consumer spending habits

In what way does personnel selection use the statistical model of prediction?

To select candidates with the greatest likelihood of job success (A) Signup and view all the answers

What is the primary purpose of the statistical model used by insurance companies?

To predict the likelihood of events across a population based on actuarial data (B) Signup and view all the answers

How does the statistical model used by insurance companies differ from personnel selection?

It predicts the likelihood of events across a population, while personnel selection predicts individual job success (D) Signup and view all the answers

What is the basis of the statistical model used by insurance companies?

Actuarial data (A) Signup and view all the answers

How does the statistical model used by insurance companies contribute to decision-making?

By combining information in an objective, predetermined fashion (C) Signup and view all the answers

Flashcards

Insurance statistical model

Based on actuarial data to predict event likelihood across a population.

Purpose of actuarial models

To predict the probability of events affecting a population's risk profile.

Personnel selection (statistical model)

Selecting candidates most likely to succeed based on specific criteria.

Statistical model contribution

Using objective criteria for decisions, based on predetermined factors.

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