You are using an out of date browser. It may not display this or other websites correctly. You should upgrade or use an alternative browser.
renewal
Renewal theory is the branch of probability theory that generalizes the Poisson process for arbitrary holding times. Instead of exponentially distributed holding times, a renewal process may have any independent and identically distributed (IID) holding times that have finite mean. A renewal-reward process additionally has a random sequence of rewards incurred at each holding time, which are IID but need not be independent of the holding times.
A renewal process has asymptotic properties analogous to the strong law of large numbers and central limit theorem. The renewal function
m
(
t
)
{\displaystyle m(t)}
(expected number of arrivals) and reward function
g
(
t
)
{\displaystyle g(t)}
(expected reward value) are of key importance in renewal theory. The renewal function satisfies a recursive integral equation, the renewal equation. The key renewal equation gives the limiting value of the convolution of
m
′
(
t
)
{\displaystyle m'(t)}
with a suitable non-negative function. The superposition of renewal processes can be studied as a special case of Markov renewal processes.
Applications include calculating the best strategy for replacing worn-out machinery in a factory and comparing the long-term benefits of different insurance policies. The inspection paradox relates to the fact that observing a renewal interval at time t gives an interval with average value larger than that of an average renewal interval.
Sorry about not Being on here for a while, but I really need to rant a bit! :oops:
Back story
My Partner bought her ZS back in 2020 when they were offering some serious discounts that couldn’t be ignored, she purchased using PCP which neither of us have ever done, but thinking long term it...
Just received my renewal quote from NFU for £443, which is in line with what I was expecting. I will check the comparison sites today to see if anything is significantly cheaper. I doubt it, due to overall premium increases which are well documented.
Cheapest equivalent quote £477 with...
This is interesting. When I got the MG I obviously only paid a few quid to 'upgrade' my remaining policy. So as the renewal has now come through, I can see the impact on a full year quote for both cars. Policy is from Tesco Insurance.
Last year my policy was £383.87 - now for the MG it's...
Has anyone renewed their insurance recently,I have and it’s gone up by over£200 I’ve made no claims, cars always locked in a locked garage and I just can’t believe ho the insurance companies treat careful drivers.its no wonder people are driving with no insurance
Has anyone here recently had problems renewing their insurance?
Read this article on Apple News from The Guardian, and wonder if any MG drivers are experiencing the issues reported by some Tesla owners. £5K per year insurance??? Surely not…
https://apple.news/AbDbouTvUQ1aazIIzsFjEkg
Hi,
I have owned my MG ZS EV since September 2020 (70 Plate) and its time to renew the insurance once again. This year it seems too have rocketed by almost £200 since last year despite no claims, 12 year + NC Discount, clean license, being 66 years of age and a low mileage off less than 2,000 a...
My long range MG5 Excite has just had its first service (13k miles) at the excellent Sandicliffe MG Loughborough (reviewed on the UK Dealership thread). I gave it a few days and then checked with the AA to make sure the MG Assistance has been renewed. It has - until 1st January 2026 - which was...
Hi All,
We have an MG5 SR Excite, we've had it for 2 years and paid £500/a year with sainsbury's for insurance. No claims / convictions etc.
We got our renewal today at a quote of 3+k, And comparing some meercats i'm seeing quotes in the 1k range, but this is still double what we paid last...
This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.