Understandable Statistics: Concepts and Methods
12th Edition
ISBN: 9781337119917
Author: Charles Henry Brase, Corrinne Pellillo Brase
Publisher: Cengage Learning
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Chapter 3, Problem 13CURP
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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 3 Solutions
Understandable Statistics: Concepts and Methods
Ch. 3.1 - Statistical Literacy Consider the mode, median,...Ch. 3.1 - Prob. 2PCh. 3.1 - Prob. 3PCh. 3.1 - Prob. 4PCh. 3.1 - Prob. 5PCh. 3.1 - Basic Computation: Mean, Median, Mode Find the...Ch. 3.1 - Prob. 7PCh. 3.1 - Critical Thinking Consider a data set with at...Ch. 3.1 - Critical Thinking Consider a data set with at...Ch. 3.1 - Prob. 10P
Ch. 3.1 - Critical Thinking When a distribution is...Ch. 3.1 - Critical Thinking Consider the following types of...Ch. 3.1 - Critical Thinking Consider the numbers 2 3 4 5 5...Ch. 3.1 - Prob. 14PCh. 3.1 - Prob. 15PCh. 3.1 - Prob. 16PCh. 3.1 - Prob. 17PCh. 3.1 - Critical Thinking Consider a data set of 15...Ch. 3.1 - Prob. 19PCh. 3.1 - Prob. 20PCh. 3.1 - Prob. 21PCh. 3.1 - Football: Age of Professional Players How old are...Ch. 3.1 - Prob. 23PCh. 3.1 - Prob. 24PCh. 3.1 - Prob. 25PCh. 3.1 - Prob. 26PCh. 3.1 - Prob. 27PCh. 3.1 - Prob. 28PCh. 3.1 - Expand Your Knowledge: Harmonic Mean When data...Ch. 3.1 - Prob. 30PCh. 3.2 - Statistical Literacy Which averagemean, median, or...Ch. 3.2 - Statistical Literacy What is the relationship...Ch. 3.2 - Statistical Literacy When computing the standard...Ch. 3.2 - Prob. 4PCh. 3.2 - Prob. 5PCh. 3.2 - Basic Computation: Range, Standard Deviation...Ch. 3.2 - Critical Thinking For a given data set in which...Ch. 3.2 - Prob. 8PCh. 3.2 - Prob. 9PCh. 3.2 - Prob. 10PCh. 3.2 - Prob. 11PCh. 3.2 - Critical Thinking: Outliers One indicator of an...Ch. 3.2 - Prob. 13PCh. 3.2 - Basic Computation: Coefficient of Variation,...Ch. 3.2 - Prob. 15PCh. 3.2 - Prob. 16PCh. 3.2 - Space Shuttle: Epoxy Kevlar epoxy is a material...Ch. 3.2 - Prob. 18PCh. 3.2 - Prob. 19PCh. 3.2 - Prob. 20PCh. 3.2 - Prob. 21PCh. 3.2 - Prob. 22PCh. 3.2 - Prob. 23PCh. 3.2 - Prob. 24PCh. 3.2 - Prob. 25PCh. 3.2 - Prob. 26PCh. 3.2 - Brain Teaser: Sum of Squares If you like...Ch. 3.2 - Prob. 28PCh. 3.2 - Prob. 29PCh. 3.2 - Prob. 30PCh. 3.3 - Statistical Literacy Angela took a general...Ch. 3.3 - Prob. 2PCh. 3.3 - Prob. 3PCh. 3.3 - Prob. 4PCh. 3.3 - Prob. 5PCh. 3.3 - Basic Computation: Five-Number Summary,...Ch. 3.3 - Health Care: Nurses At Center Hospital there is...Ch. 3.3 - Prob. 8PCh. 3.3 - Prob. 9PCh. 3.3 - Sociology: High School Dropouts What percentage of...Ch. 3.3 - Auto Insurance: Interpret Graphs Consumer Reports...Ch. 3.3 - Prob. 12PCh. 3 - Prob. 1CRPCh. 3 - Critical Thinking Look at the two histograms...Ch. 3 - Critical Thinking Consider the following Minitab...Ch. 3 - Prob. 4CRPCh. 3 - Political Science: Georgia Democrats How...Ch. 3 - Grades: Weighted Average Professor Cramer...Ch. 3 - Prob. 7CRPCh. 3 - Agriculture: Harvest Weight of Maize The following...Ch. 3 - Prob. 9CRPCh. 3 - Agriculture: Bell Peppers The pathogen...Ch. 3 - Performance Rating: Weighted Average A performance...Ch. 3 - Prob. 1DHCh. 3 - Prob. 2DHCh. 3 - Prob. 1UTCh. 3 - Prob. 1CURPCh. 3 - Describe how the presence of possible outliers...Ch. 3 - Prob. 3CURPCh. 3 - Prob. 4CURPCh. 3 - Prob. 5CURPCh. 3 - Prob. 6CURPCh. 3 - Prob. 7CURPCh. 3 - In west Texas, water is extremely important. The...Ch. 3 - Prob. 9CURPCh. 3 - Prob. 10CURPCh. 3 - Prob. 11CURPCh. 3 - In west Texas, water is extremely important. The...Ch. 3 - Prob. 13CURPCh. 3 - Prob. 14CURPCh. 3 - Prob. 15CURPCh. 3 - In west Texas, water is extremely important. The...Ch. 3 - Prob. 17CURP
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