INTRO.STATISTICS,TECH.UPDT.-W/MYSTATLAB
10th Edition
ISBN: 9780135230008
Author: WEISS
Publisher: PEARSON
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Chapter 15.3, Problem 106E
a.
To determine
Decide whether it is reasonable to apply the conditional
b.
To determine
Find a point estimate for the conditional mean of the response variable corresponding to the specified value of the predictor variable and interpret.
c.
To determine
Find a 95% confidence interval for the conditional mean of the response variable corresponding to the specified value of the predictor variable and interpretation.
d.
To determine
Find the predicted value of the response variable corresponding to the specified value of the predictor variable and interpret.
e.
To determine
Find a 95% prediction interval for the conditional mean of the response variable corresponding to the specified value of the predictor variable.
f.
To determine
Compare and discuss the differences between the confidence interval obtained in part c. and the prediction interval obtained in part e.
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Part 1
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A
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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 15 Solutions
INTRO.STATISTICS,TECH.UPDT.-W/MYSTATLAB
Ch. 15.1 - Suppose that x and y are predictor and response...Ch. 15.1 - Prob. 2ECh. 15.1 - Prob. 3ECh. 15.1 - Prob. 4ECh. 15.1 - Prob. 5ECh. 15.1 - In Exercises 15.315.6, assume that the variables...Ch. 15.1 - The difference between an observed value and a...Ch. 15.1 - Identify two graphs used in a residual analysis to...Ch. 15.1 - Which graph used in a residual analysis provides...Ch. 15.1 - Figure 15.8 shows three residual plots and a...
Ch. 15.1 - Figure 15.9 on the next page shows three residual...Ch. 15.1 - In Exercises 15.1215.21, we repeat the data and...Ch. 15.1 - In Exercises 15.1215.21, we repeat the data and...Ch. 15.1 - Prob. 14ECh. 15.1 - Prob. 15ECh. 15.1 - Prob. 16ECh. 15.1 - Prob. 17ECh. 15.1 - Prob. 18ECh. 15.1 - Prob. 19ECh. 15.1 - Prob. 20ECh. 15.1 - Prob. 21ECh. 15.1 - Prob. 22ECh. 15.1 - Prob. 23ECh. 15.1 - Prob. 24ECh. 15.1 - Prob. 25ECh. 15.1 - In Exercises 15.2215.27, we repeat the information...Ch. 15.1 - Prob. 27ECh. 15.1 - Prob. 28ECh. 15.1 - In Exercises 15.2815.33, a. compute the standard...Ch. 15.1 - Prob. 30ECh. 15.1 - In Exercises 15.2815.33, a. compute the standard...Ch. 15.1 - In Exercises 15.2815.33, a. compute the standard...Ch. 15.1 - In Exercises 15.2815.33, a. compute the standard...Ch. 15.1 - In Exercises 15.3415.43, use the technology of...Ch. 15.1 - In Exercises 15.3415.43, use the technology of...Ch. 15.1 - In Exercises 15.3415.43, use the technology of...Ch. 15.1 - In Exercises 15.3415.43, use the technology of...Ch. 15.1 - Prob. 38ECh. 15.1 - Prob. 39ECh. 15.1 - Prob. 40ECh. 15.1 - Prob. 41ECh. 15.1 - Prob. 42ECh. 15.1 - Prob. 43ECh. 15.2 - Explain why the predictor variable is useless as a...Ch. 15.2 - Prob. 45ECh. 15.2 - Prob. 46ECh. 15.2 - In this section, we used the statistic b1 as a...Ch. 15.2 - In Exercises 15.4815.57, we repeat the information...Ch. 15.2 - Prob. 49ECh. 15.2 - In Exercises 15.4815.57, we repeat the information...Ch. 15.2 - In Exercises 15.4815.57, we repeat the information...Ch. 15.2 - Prob. 52ECh. 15.2 - Prob. 53ECh. 15.2 - Prob. 54ECh. 15.2 - In Exercises 15.4815.57, we repeat the information...Ch. 15.2 - Prob. 56ECh. 15.2 - Prob. 57ECh. 15.2 - Prob. 58ECh. 15.2 - In Exercises 15.5815.63, we repeat the information...Ch. 15.2 - Prob. 60ECh. 15.2 - In Exercises 15.5815.63, we repeat the information...Ch. 15.2 - Prob. 62ECh. 15.2 - In Exercises 15.5815.63, we repeat the information...Ch. 15.2 - Prob. 64ECh. 15.2 - In each of Exercises 15.6415.69, apply Procedure...Ch. 15.2 - In each of Exercises 15.6415.69, apply Procedure...Ch. 15.2 - Prob. 67ECh. 15.2 - Prob. 68ECh. 15.2 - Prob. 69ECh. 15.2 - Prob. 70ECh. 15.2 - In Exercises 15.7015.80, use the technology of...Ch. 15.2 - In Exercises 15.7015.80, use the technology of...Ch. 15.2 - Prob. 73ECh. 15.2 - Prob. 74ECh. 15.2 - Prob. 75ECh. 15.2 - In Exercises 15.7015.80, use the technology of...Ch. 15.2 - Prob. 77ECh. 15.2 - Prob. 78ECh. 15.2 - In Exercises 15.7015.80, use the technology of...Ch. 15.2 - Prob. 80ECh. 15.3 - Without doing any calculations, fill in the blank....Ch. 15.3 - Prob. 82ECh. 15.3 - Prob. 83ECh. 15.3 - Prob. 84ECh. 15.3 - In Exercises 15.8215.91, we repeat the data from...Ch. 15.3 - Prob. 86ECh. 15.3 - Prob. 87ECh. 15.3 - In Exercises 15.8215.91, we repeat the data from...Ch. 15.3 - Prob. 89ECh. 15.3 - Prob. 90ECh. 15.3 - Prob. 91ECh. 15.3 - Prob. 92ECh. 15.3 - In Exercises 15.9215.97, presume that the...Ch. 15.3 - In Exercises 15.9215.97, presume that the...Ch. 15.3 - In Exercises 15.9215.9, presume that the...Ch. 15.3 - Prob. 96ECh. 15.3 - In Exercises 15.9215.97, presume that the...Ch. 15.3 - Prob. 98ECh. 15.3 - In Exercises 15.9815.108, use the technology of...Ch. 15.3 - In Exercises 15.9815.108, use the technology of...Ch. 15.3 - In Exercises 15.9815.108, use the technology of...Ch. 15.3 - In Exercises 15.9815.108, use the technology of...Ch. 15.3 - Prob. 103ECh. 15.3 - Prob. 104ECh. 15.3 - Prob. 105ECh. 15.3 - Prob. 106ECh. 15.3 - In Exercises 15.9815.108, use the technology of...Ch. 15.3 - Prob. 108ECh. 15.3 - Margin of Error in Regression. In Exercises 15.109...Ch. 15.3 - Refer to the confidence interval and prediction...Ch. 15.4 - Identify the statistic used to estimate the...Ch. 15.4 - Prob. 112ECh. 15.4 - Suppose that, for a sample of pairs of...Ch. 15.4 - Prob. 114ECh. 15.4 - Prob. 115ECh. 15.4 - Prob. 116ECh. 15.4 - Prob. 117ECh. 15.4 - Prob. 118ECh. 15.4 - Prob. 119ECh. 15.4 - Prob. 120ECh. 15.4 - Prob. 121ECh. 15.4 - Prob. 122ECh. 15.4 - Prob. 123ECh. 15.4 - Prob. 124ECh. 15.4 - Prob. 125ECh. 15.4 - Prob. 126ECh. 15.4 - Prob. 127ECh. 15.4 - Prob. 128ECh. 15.4 - Prob. 129ECh. 15.4 - Prob. 130ECh. 15.4 - Prob. 131ECh. 15.4 - Prob. 132ECh. 15.4 - Prob. 133ECh. 15.4 - In each of Exercises 15.13415.144, use the...Ch. 15.4 - In each of Exercises 15.13415.144, use the...Ch. 15.4 - Prob. 136ECh. 15.4 - Prob. 137ECh. 15.4 - Prob. 138ECh. 15.4 - Prob. 139ECh. 15.4 - Prob. 140ECh. 15.4 - In each of Exercises 15.13415.144, use the...Ch. 15.4 - Prob. 142ECh. 15.4 - Prob. 143ECh. 15.4 - Prob. 144ECh. 15 - Prob. 1RPCh. 15 - Suppose that x and y are two variables of a...Ch. 15 - What two plots did we use in this chapter to...Ch. 15 - Regarding analysis of residuals, decide in each...Ch. 15 - Suppose that you perform a hypothesis test for the...Ch. 15 - Prob. 6RPCh. 15 - Prob. 7RPCh. 15 - Prob. 8RPCh. 15 - Prob. 9RPCh. 15 - Identify the relationship between two variables...Ch. 15 - Graduation Rates. Graduation ratethe percentage of...Ch. 15 - Prob. 12RPCh. 15 - Prob. 13RPCh. 15 - For Problems 1417, presume that the variables...Ch. 15 - For Problems 1417, presume that the variables...Ch. 15 - For Problems 1417, presume that the variables...Ch. 15 - Prob. 17RPCh. 15 - In Problems 1820, use the technology of your...Ch. 15 - In Problems 1820, use the technology of your...Ch. 15 - In Problems 1820, use the technology of your...Ch. 15 - Recall from Chapter 1 (see page 34) that the Focus...Ch. 15 - At the beginning of this chapter, we presented...
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