Please do the following questions with full handwritten working out 2. Assume you are given the following table of claims per year on a group of insurancepolicies, as well as the premium earned for that policy year.Development YearPremiumPolicyYear012342014 1375.66 | 1448.312015 1439.08 1477.92614.46497.54106.8244002016 1235.75 1543.432017 1105.41 1586.08529.36 338.65538.414200400038002018 1138.733600Assume the loss ratio for each year is expected to be the loss ratio in 2014. Using theBornhuetter-Ferguson method with volume weighted development factors, determine thereserve that should be held for the incurred but not reported claims.

The first step is to calculate the loss ratio for each year. The loss ratio is the ratio of claims…

Answered: 2. Assume you are given the following…

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter9: Sequences, Probability And Counting Theory

Section9.4: Series And Their Notations

Problem 5SE: What is an annuity?

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