Statistical Reasoning for Everyday Life (5th Edition)
5th Edition
ISBN: 9780134494043
Author: Jeff Bennett, William L. Briggs, Mario F. Triola
Publisher: PEARSON
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Chapter 1, Problem 2.5F
To determine
Explain whether the results are useful to men.
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41
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Questions
An insurance company's cumulative incurred claims for the last 5 accident years are given
in the following table:
Development Year
Accident Year 0
2018
1 2 3 4
245 267 274 289 292
2019
255 276 288 294
2020
265 283 292
2021
263 278
2022
271
It can be assumed that claims are fully run off after 4 years. The premiums received for
each year are:
Accident Year Premium
2018
306
2019
312
2020
318
2021
326
2022
330
You do not need to make any allowance for inflation.
1. (a) Calculate the reserve at the end of 2022 using the basic chain ladder method.
(b) Calculate the reserve at the end of 2022 using the Bornhuetter-Ferguson method.
2. Comment on the differences in the reserves produced by the methods in Part 1.
Chapter 1 Solutions
Statistical Reasoning for Everyday Life (5th Edition)
Ch. 1.1 - Prob. 1ECh. 1.1 - Basic Definitions. Define the terms population,...Ch. 1.1 - Confidence Interval. What is a margin of error,...Ch. 1.1 - Statistical Process. Describe the five basic steps...Ch. 1.1 - Does It Make Sense? For Exercises 510, determine...Ch. 1.1 - Does It Make Sense? For Exercises 510, determine...Ch. 1.1 - Does It Make Sense? For Exercises 510, determine...Ch. 1.1 - Does It Make Sense? For Exercises 510, determine...Ch. 1.1 - Does It Make Sense? For Exercises 510, determine...Ch. 1.1 - Does It Make Sense? For Exercises 510, determine...
Ch. 1.1 - Prob. 11ECh. 1.1 - Population, Sample, Statistic, and Parameter....Ch. 1.1 - Population, Sample, Statistic, and Parameter....Ch. 1.1 - Population, Sample, Statistic, and Parameter....Ch. 1.1 - Identifying the Confidence Interval. In Exercises...Ch. 1.1 - Identifying the Confidence Interval. In Exercises...Ch. 1.1 - Identifying the Confidence Interval. In Exercises...Ch. 1.1 - Identifying the Confidence Interval. In Exercises...Ch. 1.1 - Identifying the Confidence Interval. In Exercises...Ch. 1.1 - Identifying the Confidence Interval. In Exercises...Ch. 1.1 - Forming Conclusions. For each of Exercises 2124,...Ch. 1.1 - Forming Conclusions. For each of Exercises 2124,...Ch. 1.1 - Forming Conclusions. For each of Exercises 2124,...Ch. 1.1 - Forming Conclusions. For each of Exercises 2124,...Ch. 1.1 - Interpreting Real Studies. For each of Exercises...Ch. 1.1 - Interpreting Real Studies. For each of Exercises...Ch. 1.1 - Interpreting Real Studies. For each of Exercises...Ch. 1.1 - Interpreting Real Studies. For each of Exercises...Ch. 1.1 - Five Steps in a Study. Describe how you would...Ch. 1.1 - Five Steps in a Study. Describe how you would...Ch. 1.1 - Five Steps in a Study. Describe how you would...Ch. 1.1 - Five Steps in a Study. Describe how you would...Ch. 1.2 - Census and Sample. What is a census, what is a...Ch. 1.2 - Representative Sample. What is a representative...Ch. 1.2 - Biased Sample. What is a biased sample, and what...Ch. 1.2 - Sampling Methods. List and define five common...Ch. 1.2 - Does It Make Sense? For Exercises 58, determine...Ch. 1.2 - Does It Make Sense? For Exercises 58, determine...Ch. 1.2 - Does It Make Sense? For Exercises 58, determine...Ch. 1.2 - Does It Make Sense? For Exercises 58, determine...Ch. 1.2 - Census. In Exercises 912, determine whether a...Ch. 1.2 - Census. In Exercises 912, determine whether a...Ch. 1.2 - Census. In Exercises 912, determine whether a...Ch. 1.2 - Census. In Exercises 912, determine whether a...Ch. 1.2 - Representative Samples? In Exercises 1316,...Ch. 1.2 - Representative Samples? In Exercises 1316,...Ch. 1.2 - Representative Samples? In Exercises 1316,...Ch. 1.2 - Representative Samples? In Exercises 1316,...Ch. 1.2 - Evaluate the Sample Choices. Exercises 17 and 18...Ch. 1.2 - Evaluate the Sample Choices. Exercises 17 and 18...Ch. 1.2 - Bias. In Exercises 1922, determine whether there...Ch. 1.2 - Bias. In Exercises 1922, determine whether there...Ch. 1.2 - Bias. In Exercises 1922, determine whether there...Ch. 1.2 - Bias. In Exercises 1922, determine whether there...Ch. 1.2 - Sampling Methods. In Exercises 2338, identify...Ch. 1.2 - Sampling Methods. In Exercises 2338, identify...Ch. 1.2 - Sampling Methods. In Exercises 2338, identify...Ch. 1.2 - Sampling Methods. In Exercises 2338, identify...Ch. 1.2 - Sampling Methods. In Exercises 2338, identify...Ch. 1.2 - Sampling Methods. In Exercises 2338, identify...Ch. 1.2 - Sampling Methods. In Exercises 2338, identify...Ch. 1.2 - Sampling Methods. In Exercises 2338, identify...Ch. 1.2 - Sampling Methods. In Exercises 2338, identify...Ch. 1.2 - Sampling Methods. In Exercises 2338, identify...Ch. 1.2 - Sampling Methods. In Exercises 2338, identify...Ch. 1.2 - Sampling Methods. In Exercises 2338, identify...Ch. 1.2 - Sampling Methods. In Exercises 2338, identify...Ch. 1.2 - Sampling Methods. In Exercises 2338, identify...Ch. 1.2 - Sampling Methods. In Exercises 2338, identify...Ch. 1.2 - Sampling Methods. In Exercises 2338, identify...Ch. 1.2 - Choosing Sampling Methods. For each of Exercises...Ch. 1.2 - Prob. 40ECh. 1.2 - Prob. 41ECh. 1.2 - Choosing Sampling Methods. For each of Exercises...Ch. 1.3 - Variables. Define variable, variables, of...Ch. 1.3 - Confounding. In testing the effectiveness of a new...Ch. 1.3 - Placebo. What is a placebo, and why is it...Ch. 1.3 - Blinding. What is blinding, and why is it...Ch. 1.3 - Does It Make Sense? For Exercises 58, determine...Ch. 1.3 - Does It Make Sense? For Exercises 58, determine...Ch. 1.3 - Does It Make Sense? For Exercises 58, determine...Ch. 1.3 - Does It Make Sense? For Exercises 58, determine...Ch. 1.3 - Type of Study. For Exercises 920, determine...Ch. 1.3 - Type of Study. For Exercises 920, determine...Ch. 1.3 - Type of Study. For Exercises 920, determine...Ch. 1.3 - Type of Study. For Exercises 920, determine...Ch. 1.3 - Type of Study. For Exercises 920, determine...Ch. 1.3 - Type of Study. For Exercises 920, determine...Ch. 1.3 - Type of Study. For Exercises 920, determine...Ch. 1.3 - Type of Study. For Exercises 920, determine...Ch. 1.3 - Type of Study. For Exercises 920, determine...Ch. 1.3 - Type of Study. For Exercises 920, determine...Ch. 1.3 - Type of Study. For Exercises 920, determine...Ch. 1.3 - Type of Study. For Exercises 920, determine...Ch. 1.3 - Confounding. For each of the studies described in...Ch. 1.3 - Confounding. For each of the studies described in...Ch. 1.3 - Confounding. For each of the studies described in...Ch. 1.3 - Confounding. For each of the studies described in...Ch. 1.3 - Confounding. For each of the studies described in...Ch. 1.3 - Confounding. For each of the studies described in...Ch. 1.3 - Confounding. For each of the studies described in...Ch. 1.3 - Confounding. For each of the studies described in...Ch. 1.3 - Analyzing Experiments. Exercises 2932 present...Ch. 1.3 - Analyzing Experiments. Exercises 2932 present...Ch. 1.3 - Analyzing Experiments. Exercises 2932 present...Ch. 1.3 - Analyzing Experiments. Exercises 2932 present...Ch. 1.4 - Critical Evaluation. Briefly describe the eight...Ch. 1.4 - Peer Review. What is peer review? How is it...Ch. 1.4 - Selection Bias and Participation Bias. Describe...Ch. 1.4 - Self-Selected Surveys. Why are self-selected...Ch. 1.4 - Does It Make Sense? For Exercises 58, determine...Ch. 1.4 - Does It Make Sense? For Exercises 58, determine...Ch. 1.4 - Does It Make Sense? For Exercises 58, determine...Ch. 1.4 - Does It Make Sense? For Exercises 58, determine...Ch. 1.4 - Applying Guidelines. In Exercises 916, determine...Ch. 1.4 - Applying Guidelines. In Exercises 916, determine...Ch. 1.4 - Applying Guidelines. In Exercises 916, determine...Ch. 1.4 - Applying Guidelines. In Exercises 916, determine...Ch. 1.4 - Applying Guidelines. In Exercises 916, determine...Ch. 1.4 - Applying Guidelines. In Exercises 916, determine...Ch. 1.4 - Applying Guidelines. In Exercises 916, determine...Ch. 1.4 - Applying Guidelines. In Exercises 916, determine...Ch. 1.4 - Bias. In each of Exercises 1720, identify and...Ch. 1.4 - Bias. In each of Exercises 1720, identify and...Ch. 1.4 - Bias. In each of Exercises 1720, identify and...Ch. 1.4 - Bias. In each of Exercises 1720, identify and...Ch. 1.4 - Its All in the Wording. Princeton Survey Research...Ch. 1.4 - Tax or Spend? A Gallup poll asked the following...Ch. 1.4 - Accurate Headlines? Exercises 23 and 24 give a...Ch. 1.4 - Accurate Headlines? Exercises 23 and 24 give a...Ch. 1.4 - Stat Bites. Politicians commonly believe that they...Ch. 1.4 - Stat Bites. Politicians commonly believe that they...Ch. 1.4 - Stat Bites. Politicians commonly believe that they...Ch. 1.4 - Stat Bites. Politicians commonly believe that they...Ch. 1 - Medication Usage In a survey of 3005 adults aged...Ch. 1 - Simple Random Sample. An important element of this...Ch. 1 - Echinacea Treatment. Rhinoviruses typically cause...Ch. 1 - Wording of a Survey Question. In The...Ch. 1 - In Exercises 15, assume that you conduct a survey...Ch. 1 - In Exercises 15, assume that you conduct a survey...Ch. 1 - In Exercises 15, assume that you conduct a survey...Ch. 1 - In Exercises 15, assume that you conduct a survey...Ch. 1 - In Exercises 15, assume that you conduct a survey...Ch. 1 - In Exercises 610, consider a clinical trial...Ch. 1 - In Exercises 610, consider a clinical trial...Ch. 1 - In Exercises 610, consider a clinical trial...Ch. 1 - In Exercises 610, consider a clinical trial...Ch. 1 - In Exercises 610, consider a clinical trial...Ch. 1 - In a Marist Poll, respondents chose the most...Ch. 1 - From the poll results given in Exercise 11, can we...Ch. 1 - Consider a study in which you measure the weights...Ch. 1 - Consider a survey of randomly selected people in...Ch. 1 - If a statistical study is carefully conducted in...Ch. 1 - Public Health Is Your Lifestyle Healthy? Consider...Ch. 1 - Prob. 2.3FCh. 1 - Prob. 2.5F
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