BASIC BUSINESS STATISTICS-STUD.SOLN.MAN
14th Edition
ISBN: 9780134685045
Author: BERENSON
Publisher: PEARSON
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Textbook Question
Chapter 3, Problem 59PS
What is meant by the property of shape?
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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 3 Solutions
BASIC BUSINESS STATISTICS-STUD.SOLN.MAN
Ch. 3 - The following set of data is from sample of n=5:...Ch. 3 - The following set of data is from sample of n=6:...Ch. 3 - The following set of data is from sample of n=7:...Ch. 3 - The following set of data is from sample of n=5:...Ch. 3 - Suppose that the rate of return for a particular...Ch. 3 - Suppose that the rate of return for a particular...Ch. 3 - Wired a magazine that delivers a glimpse into the...Ch. 3 - The operation manager of a plant that manufactures...Ch. 3 - Accounting to the U.S Census Bureau (census....Ch. 3 - The files Mobile Speed contain the overall...
Ch. 3 - The file Airport Rating contains the rating of...Ch. 3 - The annual NFL Super Bowl is the most widely...Ch. 3 - The AccountingPartners contains the number of...Ch. 3 - The file MobileCommerce contain the following...Ch. 3 - Prob. 15PSCh. 3 - Prob. 16PSCh. 3 - A bank branch located in a commercial district of...Ch. 3 - Suppose that another bank branch, location in a...Ch. 3 - Prob. 19PSCh. 3 - Prob. 20PSCh. 3 - The file Indices contains the total rate of return...Ch. 3 - In 2013 through 2016, the value of precious metals...Ch. 3 - Using the three-year return percentage variable in...Ch. 3 - Prob. 24PSCh. 3 - Using the three-year return percentage variable in...Ch. 3 - Prob. 26PSCh. 3 - The following is a set of data from a sample of...Ch. 3 - The following is a set of data from a sample of...Ch. 3 - The following is a set of data from a sample of...Ch. 3 - The following is a set of data from a sample of...Ch. 3 - Prob. 31PSCh. 3 - The file MobileCommerce contains the following...Ch. 3 - Prob. 33PSCh. 3 - Prob. 34PSCh. 3 - The file CD Rate contains the yields for one-year...Ch. 3 - A bark branch located in a commercial district of...Ch. 3 - The following is a set of data for a population...Ch. 3 - The following is a set of data for a population...Ch. 3 - The file McDonaldsStores contains the number of...Ch. 3 - Consider a population of 1.024 mutual funds that...Ch. 3 - Prob. 41PSCh. 3 - Prob. 42PSCh. 3 - Thirty companies comprise the DJIA Just how big...Ch. 3 - The following is a set of data from sample of n=11...Ch. 3 - A study of 267 college students investigated the...Ch. 3 - The file Cereals lists the calories and sugar. in...Ch. 3 - Movie companies need to predict the gross receipts...Ch. 3 - The fie Mobile Speed contains the overall download...Ch. 3 - A Pew Research Center survey found a noticeable...Ch. 3 - What are the properties of a set of numerical...Ch. 3 - What is meant by the property of central tendency?Ch. 3 - What are the differences among the mean, median,...Ch. 3 - How do you interpret the first quartile, median,...Ch. 3 - What is meant by the property of variation?Ch. 3 - What does the Z score measure?Ch. 3 - What are the differences among the various...Ch. 3 - How does the empirical rule help explain the ways...Ch. 3 - How do the empirical rule and the Chebyshev rule...Ch. 3 - What is meant by the property of shape?Ch. 3 - What is the difference between skewness and...Ch. 3 - What is the difference between the arithmetic mean...Ch. 3 - How do the covariance and the coefficient of...Ch. 3 - The American Society for Quality (ASQ) conducted a...Ch. 3 - Prob. 64PSCh. 3 - One of the 111801 measures of the quality of...Ch. 3 - Call centers today play an important role in...Ch. 3 - The financial services call center also monitors...Ch. 3 - Prob. 68PSCh. 3 - A quality characteristic of interest for a...Ch. 3 - The manufacturer of Boston and Vermont asphalt...Ch. 3 - Prob. 71PSCh. 3 - The file Protein contains calories. protein. and...Ch. 3 - What was the mean price of a room at two-star,...Ch. 3 - The file Property Taxes contains the property...Ch. 3 - Have you wondered how Internet connection speed...Ch. 3 - Prob. 76PSCh. 3 - Prob. 77PSCh. 3 - Prob. 78PSCh. 3 - You are planning to study for your statistics...Ch. 3 - The file DomesticBeer contains the percentage...
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