OBJECTIVES: Describe how the law of large numbers affects the value of conclusions based on sample data.
OBJECTIVES: Describe the 3 primary forms of probability sampling and identify the strengths and limitations of each form.
OBJECTIVES: Describe siTuations in which nonprobability sampling is, and is not, appropriate for insurers.
OBJECTIVES: Identify some of the actions insurers can take to reduce various forms of sampling bias.
OBJECTIVES: Describe how sample values differ from population values and explain how insurers can improve the statistical validity and accuracy of sample results.
OBJECTIVES: Explain how identifying trends in population data can help ins co's make decisions about products and markets.
OBJECTIVES: Describe the 3 primary elements of a financial model and explain how insurers can use modeling to forecast future financial conditions.