I'm studying for SOA Exam C and I was recently introduced to this notation for a minimum $\land$. For example, if there is an limit for how much insurance can be paid out, that limit is $u$ and then if the random variable $X$ is less than $u$ that's the claim amount. The notation for a claim like this put as $X\land u$. But what's this upper cased lamda called? I almost want to read it as "X lamda u".
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It is read as the minimum(X,u) ( the minimum of X and u). $X\wedge U = \min(X,u)$ which is the minimum of $X$ and $u$. Just another notation for the same thing.
It's not a lambda, it's a wedge. This particular notation comes from the context of lattices, so one might pronounce it "meet".