Check whether it can be concluded that a larger proportion of the purchasing managers believe the economy is contracting this month.

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Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 15, Problem 40CE

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Check whether it can be concluded that a larger proportion of the purchasing managers believe the economy is contracting this month.

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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.

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Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 15, Problem 40CE

To determine

Check whether it can be concluded that a larger proportion of the purchasing managers believe the economy is contracting this month.

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Answer 3

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Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 15, Problem 40CE

To determine

Check whether it can be concluded that a larger proportion of the purchasing managers believe the economy is contracting this month.

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Answer 4

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Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 15, Problem 40CE

To determine

Check whether it can be concluded that a larger proportion of the purchasing managers believe the economy is contracting this month.

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Answer 5

Chapter 15, Problem 40CE

To determine

Check whether it can be concluded that a larger proportion of the purchasing managers believe the economy is contracting this month.

Answer 6

Chapter 15, Problem 40CE

To determine

Check whether it can be concluded that a larger proportion of the purchasing managers believe the economy is contracting this month.

Answer 7

Chapter 15, Problem 40CE

To determine

Check whether it can be concluded that a larger proportion of the purchasing managers believe the economy is contracting this month.

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Answer 11

Ch. 15 - A recent insurance industry report indicated that...Ch. 15 - The following hypotheses are given. H0:.70H1:.70 A...Ch. 15 - The following hypotheses are given. H0:=.40H1:.40...Ch. 15 - The National Safety Council reported that 52% of...Ch. 15 - Prob. 4E Ch. 15 - Prob. 5E Ch. 15 - Prob. 6E Ch. 15 - Prob. 2SR Ch. 15 - Prob. 7E Ch. 15 - The null and alternate hypotheses are: H0:1=2H1:12...

Check whether it can be concluded that a larger proportion of the purchasing managers believe the economy is contracting this month.

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Check whether it can be concluded that a larger proportion of the purchasing managers believe the economy is contracting this month.

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