Quoting David Winsemius <dwinsem...@comcast.net>:
In insurance situation there is typically a cap on the covered
losses and there is also typically an amount below which it would
not make sense to offer a policy. So a minimum and a maximum are
sensible assumptions about loss distributions in may real modeling
situations.
--
David.
is that cap the same for every policy, or are there different types of
policies with different bounds? If there are caps, then other
probability models mentioned like the Weibull don't seem reasonable,
unless they are truncated distribution models.
albyn
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