What does product mean in math terms?

A product is an operation in which you take two numbers and multiply them together. For example, if you have two numbers called A and B, their product is A × B. If you have three numbers A, B, and C, then the product of those three is A × B × C. The product of three or more numbers is called a factorial.

What does product mean in actuarial terms?

Mathematical modeling is used in actuarial science to predict the future. The payout for a life insurance policy is a product of the amount of money you put in and the length of time you have the policy. To make a profit, companies need to know how many people will use the policy and how many will die during the life of the policy.

What does product mean in population terms?

A product refers to the combination of two or more variables. Consider the population of a town or city. That population is the sum of the number of people living in each household multiplied by the number of households. If you add the number of people that live in each apartment building to the number of people who live in each house, you have the total number of people living in the town. The product of the two is the population of the town.

What does product mean in the actuarial science?

The word product in the context of actuarial science means the result of multiplying rates. For example, a product of two rates is the result of multiplying the number of times an event occurs at rate one by the number of times an event occurs at rate two.

What does product mean in probability terms?

Product is a term used in probability and statistics when you take the product of two or more probability distributions. In other words, the product of two probability distributions is equal to the probability that an event that can happen in one of the distributions also happens in the other. For example, if you flip a fair coin, the product of the probability that the coin lands heads and the probability that it lands tails is 0 because the event that it lands heads is mutually exclusive from the event that it lands tails.