Elementary Statistics
12th Edition
ISBN: 9780321836960
Author: Mario F. Triola
Publisher: PEARSON
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Chapter 11.2, Problem 1BSC
To determine
To identify: The test for the given data.
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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 11 Solutions
Elementary Statistics
Ch. 11.2 - Prob. 1BSCCh. 11.2 - Prob. 2BSCCh. 11.2 - Prob. 3BSCCh. 11.2 - Prob. 4BSCCh. 11.2 - Prob. 5BSCCh. 11.2 - Prob. 6BSCCh. 11.2 - In Exercises 5-20, conduct the hypothesis test and...Ch. 11.2 - In Exercises 5-20, conduct the hypothesis test and...Ch. 11.2 - Prob. 9BSCCh. 11.2 - In Exercises 5-20, conduct the hypothesis test and...
Ch. 11.2 - Prob. 11BSCCh. 11.2 - In Exercises 5-20, conduct the hypothesis test and...Ch. 11.2 - Prob. 13BSCCh. 11.2 - Prob. 14BSCCh. 11.2 - In Exercises 5-20, conduct the hypothesis test and...Ch. 11.2 - In Exercises 5-20, conduct the hypothesis test and...Ch. 11.2 - Prob. 17BSCCh. 11.2 - American Idol Contestants on the TV show American...Ch. 11.2 - In Exercises 5-20, conduct the hypothesis test and...Ch. 11.2 - Prob. 20BSCCh. 11.2 - Prob. 21BSCCh. 11.2 - Prob. 22BSCCh. 11.2 - Benfords Law. According to Benfords law, a variety...Ch. 11.2 - Prob. 24BSCCh. 11.2 - Testing Goodness-of-Fit with a Normal Distribution...Ch. 11.3 - Smoking Cessation The accompanying table...Ch. 11.3 - Prob. 2BSCCh. 11.3 - Degrees of Freedom and Critical Value For the...Ch. 11.3 - Prob. 4BSCCh. 11.3 - Prob. 5BSCCh. 11.3 - Prob. 6BSCCh. 11.3 - Prob. 7BSCCh. 11.3 - Prob. 8BSCCh. 11.3 - In Exercises 5-18, test the given claim. 9. Is...Ch. 11.3 - Prob. 10BSCCh. 11.3 - In Exercises 5-18, test the given claim. 11....Ch. 11.3 - Prob. 12BSCCh. 11.3 - Soccer Strategy In soccer, serious fouls in the...Ch. 11.3 - Prob. 14BSCCh. 11.3 - Prob. 15BSCCh. 11.3 - In Exercises 5-18, test the given claim. 16....Ch. 11.3 - Prob. 17BSCCh. 11.3 - Prob. 18BSCCh. 11.3 - Prob. 19BSCCh. 11.3 - Prob. 20BSCCh. 11.3 - Prob. 21BBCh. 11.3 - Using Yatess Correction for Continuity The...Ch. 11 - Prob. 1CQQCh. 11 - Prob. 2CQQCh. 11 - Questions 1-5 refer to the sample data in the...Ch. 11 - Prob. 4CQQCh. 11 - Prob. 5CQQCh. 11 - Prob. 6CQQCh. 11 - Prob. 7CQQCh. 11 - Prob. 8CQQCh. 11 - Prob. 9CQQCh. 11 - Questions 6-10 refer to the sample data in the...Ch. 11 - Auto Fatalities The table below lists auto...Ch. 11 - Prob. 2RECh. 11 - Prob. 3RECh. 11 - Prob. 4RECh. 11 - Prob. 5RECh. 11 - Home Field Advantage Winning-team data were...Ch. 11 - Prob. 1CRECh. 11 - Prob. 2CRECh. 11 - ICU Patients Listed below are the ages of randomly...Ch. 11 - Prob. 4CRECh. 11 - Boats and Manatees The table below lists the...Ch. 11 - Forward Grip Reach and Ergonomics When designing...Ch. 11 - Honesty Is the Best Policy In a USA Today survey...Ch. 11 - Probability and Honesty Based on the sample...Ch. 11 - Use Statdisk, Minitab, Excel, StatCrunch, a...Ch. 11 - Prob. 1FDD
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