[R] Parameters of Beta distribution

[Albyn Jones]

Quoting David Winsemius <dwinsemius at comcast.net>:


> In insurance situation there is typically a cap on the covered  
> losses and there is also typically an amount below which it would  
> not make sense to offer a policy. So a minimum and a maximum are  
> sensible assumptions about loss distributions in may real modeling  
> situations.
>
> -- 
> David.

is that cap the same for every policy, or are there different types of  
policies with different bounds?  If there are caps, then other  
probability models mentioned like the Weibull don't seem reasonable,  
unless they are truncated distribution models.

albyn