In a short essay, discuss the characteristics of an analytical model and list and discuss the three most common forms of this model
What will be an ideal response?
An analytical model consists of a set of variables related in a specified manner to represent all or a part of some real system or process. Models can take many forms. The most common are verbal, graphical, and mathematical structures. In verbal models, the variables and their relationships are stated in prose form. These models are often a summary or restatement of the main points of the theory. Graphical models are visual and pictorially represent the theory. They are used to isolate variables and to suggest directions of relationships but are not designed to provide numerical results. They are logical, preliminary steps to developing mathematical models. Mathematical models explicitly specify the strength and direction of relationships among variables, usually in equation form.
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How can the cash value accumulation in a straight whole life insurance policy be accessed while the insured is living and while keeping the coverage in force?
A) Through a cash value surrender B) Through a policy loan C) Through a dividend payment D) Through a partial cash value withdrawal"
Why is the funding gap of a defined benefit pensionplan referred to as the "unfunded liabilities"?
What will be an ideal response?