Survival function, hazard function and hazard rate

Possible Answers

• The survival function describes the proportion of observations who are still alive (or, for example, in a customer relationship, the proportion of customers who haven't churned yet), depending on their time under observation.
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• The hazard rate describes the risk that an event occurs within a very small period of time (provided that it hasn't occured yet).
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• The longer the time under observation, the higher the hazard rate becomes, i.e., the risk that an event occurs increases.
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• The cumulative hazard function describes the cumulative risk until time t.
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