Why do you think the mathematical models used by insurance companies are so complex?.

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27-10-2022
Business

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Why do you think the mathematical models used by insurance companies are so complex?.

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tutorconsortium344 tutorconsortium344 · Answer 1 · 2022-11-01T04:35:21-04:00

Insurance firms use intricate calculations to calculate the risk involved in covering each individual.

When it comes to homeowner insurance, renter's insurance, auto insurance, etc., insurance firms use intricate calculations to calculate the risk involved in covering each individual. A guarantee of recompense for a specific loss, damage, illness, or death is provided by insurance.

Why is maths used in insurance?

Premiums and reserves are seen as gauges of risk within the context of insurance mathematics, which is concerned with calculating risk. Insurance economics would discuss premiums in relation to market mechanisms.

Which of these elements influences the cost of life insurance?

Your age, gender, health, family medical history, way of life, and line of work are just a few of the variables that influence life insurance costs.

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