What Does Parameter Risk Mean?

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What does Parameter Risk mean? Read on to discover the definition & meaning of the term Parameter Risk - to help you better understand the language used in insurance policies.

Parameter Risk

Parameter Risk

This describes the uncertainty in estimating the exact nature of the loss process in which statistical models are used to describe the randomness of the loss process. The choice and specification of these models are themselves exposed to potential errors in estimation.

We hope the you have a better understanding of the meaning of Parameter Risk.

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