Model

{
  "id": "MLC-T-INS-002211",
  "term": "Model",
  "field": "Insurance and risk management",
  "definition": "A simplified representation of a real-world system or process, used in insurance and risk management to analyze potential outcomes, predict future events, and quantify risks. Models can be mathematical, statistical, or computational, and they assist in pricing policies, assessing solvency, and managing portfolios. Actuarial models, for example, use historical data to project future mortality rates.",
  "url": "https://mlchart.com/terminology/insurance/model/"
}