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Q&A bank 5.5

S

sma09gc

Member
hi,

I'm confused as to why the p(x>1000) is included in the likelihood function when we're looking at the direct insurer. Can you explain the solution to this q to me please?

Thanks!
 
The retention limit is 1000 - so when the insurer paid the 1000 this means that the claim was >1000.
 
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