“…To approximate the correction factor, we will use the following parametric copulas: ind, Gaussian copula (GC), Student's t (t), Frank (Fr), Clayton (Cl), flipped Clayton (fCl), Gumbel (Gu), and flipped Gumbel (fGu). Therefore, the copulas and are chosen from the copula family These parametric copulas are the same as used in [6, 7].…”