Conditional Probability: Acturary Exam P

ByCL

Conditional Probability measures the likelihood (probability) of one event given that another event has occurred.  It’s useful in many fields, including finance, healthcare, and politics. Here, we look at some examples from the Acturary Probability Exam Sample Questions. The first step is always to read the question and figure out “what is given” and “what is…

Conditional Probability: idea and how to use it

ByCL

What is Conditional Probability? Conditional probability measures the likelihood (probability) of one event (A) given that another event (B) has occurred. In other words, what’s the chance of A also happening if we know B has happened? Let \(P[A]\) denote the probability of event A. The conditional probability of A given event B is denoted…