Random Variable Basics ​​​​(SOA Exam P – Probability – Univariate Random Variables Module)

Kick off the Univariate Random Variables module with clear, intuitive explanations. In this lesson, you’ll learn: - Correct terminology (unknown vs. variable, independent vs. dependent) - What a random variable is and how to read its notation - Support of a distribution and why it matters - Discrete vs. continuous random variables with real examples: - Family members covered by insurance (discrete) - Category 5 hurricane wind speed (continuous) - Dollar loss in an auto claim (treated as continuous) AnalystPrep Actuarial Exams Study Packages (video lessons, study notes, question bank, and quizzes) can be found at https://analystprep.com/shop/actuarial-exams-complete-courses-by-analystprep/ After completing this video you should be able to: - Explain and apply the concepts of random variables, probability and probability density functions, cumulative distribution functions Random Variable - a variable that represents the outcomes of an event 𝑁−denotes the random variable 𝑛−denotes a specific value (a realization) of the random variable, 𝑁 #SOAExamP #ActuarialScience #Probability #RandomVariables #DiscreteVsContinuous #ExamPPrep #AnalystPrep