Exponential and Gamma Distributions for SOA Exam P - Probability

Learn the fundamentals of Exponential and Gamma distributions in this 21-minute educational video designed for SOA Exam P preparation. Master key concepts including expected values, higher moments, mode, median, and percentile calculations. Explore the mathematical foundations of Gamma Distribution with its support, probability density function, expected value, and variance formulas. Dive into Exponential Distribution as a special case of Gamma Distribution, understanding its properties, survival function, and practical applications. Work through solved examples demonstrating how to calculate means for random variables with specific probability density functions, preparing effectively for probability and univariate random variables sections of the actuarial exam.