Essentials Of Statistics For The Behavioral Sciences
9th Edition
ISBN: 9781337273312
Author: GRAVETTER, Frederick J., Wallnau, Larry B., Forzano, Lori-ann B.
Publisher: Cengage Learning,
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Chapter 10.4, Problem 4LC
To determine
To identify: The accurate description of the study and the result for the given question
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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 10 Solutions
Essentials Of Statistics For The Behavioral Sciences
Ch. 10.1 - Which of the following is most likely to be an...Ch. 10.1 - Which of the following is most likely to be a...Ch. 10.1 - An independent-measures study comparing two...Ch. 10.2 - Which of the following is the correct null...Ch. 10.2 - Prob. 2LCCh. 10.2 - Prob. 3LCCh. 10.2 - Prob. 4LCCh. 10.3 - What is the value of the independent-measures t...Ch. 10.3 - Prob. 2LCCh. 10.3 - Prob. 3LC
Ch. 10.4 - Prob. 1LCCh. 10.4 - Which of the following is not an accurate...Ch. 10.4 - Prob. 3LCCh. 10.4 - Prob. 4LCCh. 10.5 - Which of the following accurately describes how...Ch. 10.5 - Which of the following accurately describes how...Ch. 10.5 - Which of the following sets of data would produce...Ch. 10 - Describe the basic characteristics that define an...Ch. 10 - Describe what is measured by the estimated...Ch. 10 - One sample has SS = 36 and a second sample has SS...Ch. 10 - One sample has SS = 60 and a second sample has SS...Ch. 10 - Two separate samples, each with n = 9 individuals,...Ch. 10 - Two separate samples receive different treatments....Ch. 10 - Research results suggest a relationship between...Ch. 10 - Does posting caloric content for menu items affect...Ch. 10 - A long history of psychology research has...Ch. 10 - Recent research has shown that creative people are...Ch. 10 - Recent research has demonstrated that music-based...Ch. 10 - McAllister et al. (2012) compared varsity football...Ch. 10 - Zhou and Vohs (2009) published a study showing...Ch. 10 - In a classic study in the area of problem solving...Ch. 10 - A researcher conducts an independent-measures...Ch. 10 - In a recent study, Piff, Kraus, Ct, Cheng, and...Ch. 10 - Describe the homogeneity of variance assumption...Ch. 10 - If other factors are held constant explain how...Ch. 10 - As noted on page 275, when the two population...Ch. 10 - Two samples are selected from the same population....Ch. 10 - For each of the following, assume that the two...Ch. 10 - For each of the following, calculate the pooled...Ch. 10 - It appears that there is some truth to the old...Ch. 10 - In 1974, Loftus and Palmer conducted a classic...
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