Summary |
The text provides a first course in probability for students with a basic calculus background. It has been designed for students who are mostly interested in the applications of probability to risk management in vital modern areas such as insurance, finance, economics, and health sciences. The text has many features which are tailored for those students.
The concept of pure premium for an insurance is introduced in a section on expected value because the pure premium is an expected value.
The text will present key formulas and concepts in clearly identified formula boxes and provide useful summary tables.
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