Bernoulli selecting processes are generally considered as valuable analytical tools for making decisions in many disciplines of particular theoretical and practical importance. The present paper concentrates on the formulation, investigation and actuarial applications of a stochastic model...

The paper makes use of the concept of a random sum of nonnegative random variables and the concept of a minimum of a random number of nonnegative random variables in order to formulate a stochastic model. Sufficient conditions for embedding the formulated stochastic model into an important class...