Consider two sequences of heterogeneous and independent portfolios of risks \(T_1,T_2,\ldots \) and \(T^*_{1}, T^*_{2},\ldots \) and, let \(N_1\) and \(N_2\) be two positive integer-valued random variables, independent of \(T_i'\) and \(T^*_i\) , respectively. In this article, we investigate different stochastic inequalities involving \(\min \{T_1,\ldots ,T_{N_1}\}\) and \(\min \{T^*_1,\ldots ,T^*_{N_2}\},\) and \(\max \{T_1,\ldots ,T_{N_1}\}\) and \(\max \{T^*_1,\ldots ,T^*_{N_2}\}\) in the sense of usual stochastic order and reversed hazard rate order concerning maltivariate chain majorization order. These new results strengthen and generalize some of the well known results in the literature, including Barmalzan et al. [7], Balakrishnan et al. [5] and Kundu and Chowdhury [20] for the case of random claim sizes. Different numerical examples are provided to highlight the applicability of this work. Finally, some interesting applications of our results in reliability theory and auction theory are presented.
