Hazard Function

The hazard function, in actuarial economics, is a fundamental concept used to model the rate at which an event, such as death, failure, or insurance claim, occurs at a given time. It is typically represented as a function of time, denoted by \( h(t) \), and provides the instantaneous risk of an event happening at time \( t \), conditional on the event not having occurred ______ ____ __________ _____ ____ __________.
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