European Embedded Value (EEV) is a financial metric used primarily in the insurance industry to assess the value of an insurance company's business. It provides a measure of the profitability of the future cash flows generated by the company’s existing insurance policies, adjusted for risks and costs. EEV aims to give a more comprehensive view of an insurer's value than traditional accounting methods, as it focuses not only on the current profitability but also on the potential future earnings.
The Esscher transform is a mathematical transformation used in the field of probability theory, particularly in the context of risk theory and actuarial science. It is named after the Swedish mathematician Karl Esscher. The transform is useful for adjusting probability distributions to account for different risk preferences, particularly in the setting of insurance and finance. The Esscher transform modifies the probability measure of a random variable in a way that shifts the expectation of the distribution.
An Enrolled Actuary (EA) is a professional who has been authorized by the Joint Board for the Enrollment of Actuaries to perform actuarial services for pension plans in the United States. The designation is specifically relevant in the context of federal pension law, primarily under the Employee Retirement Income Security Act of 1974 (ERISA) and subsequent legislation.
Embedded value (EV) is a financial metric used primarily in the insurance industry, particularly for life insurance companies, to assess the economic value of the business. It represents the total value of an insurance company's existing business and provides insight into the long-term profitability of its operations.
Defensive expenditures refer to the costs incurred by individuals, businesses, or governments to protect against potential threats, risks, or losses. These expenditures are aimed at preventing harm or damage rather than generating profit or utility. Defensive expenditures can take various forms, such as: 1. **Security Costs**: Spending on security personnel, surveillance systems, alarms, and physical barriers to protect property and assets from theft, vandalism, or other criminal activities.
A decrement table is a tool used in finance and actuarial science, typically in the context of insurance and pension calculations. It represents a structured way to show the values of future cash flows or benefits that decrease over time, often reflecting the impact of mortality, disability, or other factors that reduce cash flows.
Disease is a pathological condition of a bodily part, an organ, or system resulting from various causes, including infection, genetic defects, environmental factors, or lifestyle choices, and is characterized by an identifiable group of signs or symptoms. Diseases can affect the normal functioning of the body and can be acute (short-term and severe) or chronic (long-term and persistent).
Credibility theory is a concept within actuarial science and statistics used primarily in the fields of insurance and risk management. It focuses on how to weigh and combine different sources of information or data to make predictions about future claims or risks. The primary goal of credibility theory is to improve the accuracy of estimates based on limited data. ### Key Concepts in Credibility Theory: 1. **Credibility**: This refers to the weight of the information derived from past experience or data in predicting future outcomes.
Computational finance is an interdisciplinary field that applies computational techniques and algorithms to solve problems and model systems in finance. It combines elements of finance, mathematics, statistics, computer science, and economics to develop quantitative models and tools used for financial analysis, risk management, derivative pricing, portfolio optimization, and other financial applications. Key areas of computational finance include: 1. **Quantitative Modeling**: Creating mathematical models to represent financial phenomena. This may involve stochastic calculus, differential equations, and statistical methods.
Financial economics is a branch of economics that studies the relationship between financial variables, such as prices, interest rates, and investment, and the economy as a whole. It involves the analysis of how businesses, individuals, and governments allocate resources over time in the presence of uncertainty and varying levels of risk. Key areas of focus in financial economics include: 1. **Asset Pricing**: Understanding how assets such as stocks, bonds, and real estate are valued in the market.
Coherent risk measures are a class of risk measures in finance that satisfy certain mathematical properties, making them useful for assessing and managing risks in a coherent and consistent manner. The concept of coherent risk measures was formalized by Paul Embrechts and others in the late 1990s.
The Chain-Ladder method is a widely used actuarial technique for estimating unpaid claims reserves in insurance, particularly in the context of property and casualty insurance. It is a deterministic method that utilizes historical loss data to project future claims obligations.
Reverse echo is an audio effect that creates a unique sound by reversing the echo effect. In traditional echo, you hear a sound, followed by repeated reflections of that sound, gradually fading away over time. In contrast, reverse echo takes the initial sound and applies a reverse processing, making it sound as though the echo is swelling in rather than fading out.
A Rijke tube is a type of experimental apparatus used to illustrate the principles of acoustic resonance and combustion wave phenomena. Named after the Dutch physicist Martinus van Marum Rijke, it typically consists of a vertical tube with an open end and a heat source placed at some point within the tube.
Pinned article: ourbigbook/introduction-to-the-ourbigbook-project
Welcome to the OurBigBook Project! Our goal is to create the perfect publishing platform for STEM subjects, and get university-level students to write the best free STEM tutorials ever.
Everyone is welcome to create an account and play with the site: ourbigbook.com/go/register. We belive that students themselves can write amazing tutorials, but teachers are welcome too. You can write about anything you want, it doesn't have to be STEM or even educational. Silly test content is very welcome and you won't be penalized in any way. Just keep it legal!
Intro to OurBigBook
. Source. We have two killer features:
- topics: topics group articles by different users with the same title, e.g. here is the topic for the "Fundamental Theorem of Calculus" ourbigbook.com/go/topic/fundamental-theorem-of-calculusArticles of different users are sorted by upvote within each article page. This feature is a bit like:
- a Wikipedia where each user can have their own version of each article
- a Q&A website like Stack Overflow, where multiple people can give their views on a given topic, and the best ones are sorted by upvote. Except you don't need to wait for someone to ask first, and any topic goes, no matter how narrow or broad
This feature makes it possible for readers to find better explanations of any topic created by other writers. And it allows writers to create an explanation in a place that readers might actually find it.Figure 1. Screenshot of the "Derivative" topic page. View it live at: ourbigbook.com/go/topic/derivativeVideo 2. OurBigBook Web topics demo. Source. - local editing: you can store all your personal knowledge base content locally in a plaintext markup format that can be edited locally and published either:This way you can be sure that even if OurBigBook.com were to go down one day (which we have no plans to do as it is quite cheap to host!), your content will still be perfectly readable as a static site.
- to OurBigBook.com to get awesome multi-user features like topics and likes
- as HTML files to a static website, which you can host yourself for free on many external providers like GitHub Pages, and remain in full control
Figure 2. You can publish local OurBigBook lightweight markup files to either OurBigBook.com or as a static website.Figure 3. Visual Studio Code extension installation.Figure 5. . You can also edit articles on the Web editor without installing anything locally. Video 3. Edit locally and publish demo. Source. This shows editing OurBigBook Markup and publishing it using the Visual Studio Code extension. - Infinitely deep tables of contents:
All our software is open source and hosted at: github.com/ourbigbook/ourbigbook
Further documentation can be found at: docs.ourbigbook.com
Feel free to reach our to us for any help or suggestions: docs.ourbigbook.com/#contact