Practical Business Math Procedures with Business Math Handbook
12th Edition
ISBN: 9781259725067
Author: Jeffrey Slater, Sharon M. Wittry
Publisher: McGraw-Hill Education
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Chapter 3.1, Problem 8EPQ
To determine
To convert: The number 0.938 to decimal fraction.
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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
Practical Business Math Procedures with Business Math Handbook
Ch. 3.1 - Write the following as a decimal number.
Four...Ch. 3.1 - Prob. 2PQCh. 3.1 - Prob. 3PQCh. 3.1 - Prob. 4PQCh. 3.1 - Prob. 5PQCh. 3.1 - Prob. 6PQCh. 3.1 - Convert the following to decimals:
Ch. 3.1 - Prob. 8PQCh. 3.1 - Prob. 9PQCh. 3.1 - Convert the following to decimal fractions (do not...
Ch. 3.1 - Prob. 11PQCh. 3.1 - Prob. 12PQCh. 3.1 - Prob. 13PQCh. 3.1 - Prob. 1EPQCh. 3.1 - Prob. 2EPQCh. 3.1 - Prob. 3EPQCh. 3.1 - Prob. 4EPQCh. 3.1 - Prob. 5EPQCh. 3.1 - Prob. 6EPQCh. 3.1 - Prob. 7EPQCh. 3.1 - Prob. 8EPQCh. 3.1 - Prob. 9EPQCh. 3.1 - Prob. 10EPQCh. 3.1 - Prob. 11EPQCh. 3.1 - Prob. 12EPQCh. 3.1 - Prob. 13EPQCh. 3.1 - Prob. 1AHCh. 3.1 - Prob. 2AHCh. 3.1 - Prob. 3AHCh. 3.1 - Prob. 4AHCh. 3.1 - Prob. 5AHCh. 3.1 - Prob. 6AHCh. 3.1 - Prob. 7AHCh. 3.1 - Bill Breen earned $1,555, and his employer...Ch. 3.1 - At the local college, .566 of the students are...Ch. 3.1 - Prob. 10AHCh. 3.1 - Prob. 11AHCh. 3.1 - Prob. 12AHCh. 3.1 - Michael Sullivan was planning his marketing...Ch. 3.1 - Prob. 14AHCh. 3.2 - Rearrange vertically and add:
14, .642, 9.34,...Ch. 3.2 - Prob. 2PQCh. 3.2 - Prob. 3PQCh. 3.2 - Prob. 4PQCh. 3.2 - Prob. 5PQCh. 3.2 - Complete by the shortcut method:
9,680÷1,000
Ch. 3.2 - Prob. 7PQCh. 3.2 - Prob. 8PQCh. 3.2 - Prob. 9PQCh. 3.2 - Prob. 10PQCh. 3.2 - Prob. 1EPQCh. 3.2 - Prob. 2EPQCh. 3.2 - Prob. 3EPQCh. 3.2 - Divide and round to the nearest hundredth:
3,824 ÷...Ch. 3.2 - Prob. 5EPQCh. 3.2 - Prob. 6EPQCh. 3.2 - Prob. 7EPQCh. 3.2 - Prob. 8EPQCh. 3.2 - Prob. 9EPQCh. 3.2 - Round to the nearest cent as needed:
A trip to...Ch. 3.2 - Prob. 1AHCh. 3.2 - Prob. 2AHCh. 3.2 - Prob. 3AHCh. 3.2 - Prob. 4AHCh. 3.2 - Prob. 5AHCh. 3.2 - Prob. 6AHCh. 3.2 - Jeanne Allyn purchased 12.25 yards of ribbon for a...Ch. 3.2 - Prob. 8AHCh. 3.2 - Prob. 9AHCh. 3.2 - Prob. 10AHCh. 3.2 - Prob. 11AHCh. 3 - Prob. 1ECPCh. 3 - Identify the place value for the following:
Ch. 3 - Prob. 3ECPCh. 3 - Prob. 4ECPCh. 3 - Prob. 5ECPCh. 3 - Prob. 6ECPCh. 3 - Prob. 7ECPCh. 3 - Round the following as indicated: LU...Ch. 3 - Prob. 9ECPCh. 3 - Prob. 10ECPCh. 3 - Convert the following types of decimal fractions...Ch. 3 - Convert the following types of decimal fractions...Ch. 3 - Convert the following types of decimal fractions...Ch. 3 - Convert the following types of decimal fractions...Ch. 3 - Prob. 15ECPCh. 3 - Prob. 16ECPCh. 3 - Prob. 17ECPCh. 3 - Prob. 18ECPCh. 3 - Convert the following decimals to fractions. Do...Ch. 3 - Convert the following decimals to fractions. Do...Ch. 3 - Convert the following decimals to fractions. Do...Ch. 3 - Convert the following decimals to fractions. Do...Ch. 3 - Convert the following decimals to fractions. Do...Ch. 3 - Convert the following decimals to fractions. Do...Ch. 3 - Convert the following decimals to fractions. Do...Ch. 3 - Convert the following to mixed numbers. Do not...Ch. 3 - Convert the following to mixed numbers. Do not...Ch. 3 - Prob. 28ECPCh. 3 - Prob. 29ECPCh. 3 - Prob. 30ECPCh. 3 - Write the decimal equivalent of the following: LU...Ch. 3 - Prob. 32ECPCh. 3 - Rearrange the following and add: LU 3-2(1)
115,...Ch. 3 - Prob. 34ECPCh. 3 - Prob. 35ECPCh. 3 - Prob. 36ECPCh. 3 - Prob. 37ECPCh. 3 - Prob. 38ECPCh. 3 - Prob. 39ECPCh. 3 - Prob. 40ECPCh. 3 - Prob. 41ECPCh. 3 - Prob. 42ECPCh. 3 - Prob. 43ECPCh. 3 - Prob. 44ECPCh. 3 - Prob. 45ECPCh. 3 - Prob. 46ECPCh. 3 - Divide the following and round to the nearest...Ch. 3 - Prob. 48ECPCh. 3 - Prob. 49ECPCh. 3 - Prob. 50ECPCh. 3 - Prob. 51ECPCh. 3 - Prob. 52ECPCh. 3 - Prob. 53ECPCh. 3 - Complete these multiplications and divisions by...Ch. 3 - Prob. 55ECPCh. 3 - Prob. 56ECPCh. 3 - Prob. 57ECPCh. 3 - Prob. 58ECPCh. 3 - Prob. 59ECPCh. 3 - Prob. 60ECPCh. 3 - Prob. 61ECPCh. 3 - Prob. 62ECPCh. 3 - WORD PROBLEMS
As needed, round answers to the...Ch. 3 - Prob. 64ECPCh. 3 - Prob. 65ECPCh. 3 - Prob. 66ECPCh. 3 - As needed, round answers to the nearest cent.
The...Ch. 3 - Prob. 68ECPCh. 3 - As needed, round answers to the nearest cent.
Mark...Ch. 3 - Prob. 70ECPCh. 3 - As needed, round answers to the nearest cent.
Bob...Ch. 3 - Prob. 72ECPCh. 3 - Prob. 73ECPCh. 3 - Prob. 74ECPCh. 3 - As needed, round answers to the nearest cent.
Paul...Ch. 3 - Prob. 76ECPCh. 3 - Prob. 77ECPCh. 3 - Prob. 78ECPCh. 3 - Prob. 79ECPCh. 3 - Prob. 80ECPCh. 3 - Prob. 81ECPCh. 3 - Prob. 82ECPCh. 3 - Prob. 83ECPCh. 3 - Prob. 84ECPCh. 3 - Prob. 85ECPCh. 3 - Prob. 86ECPCh. 3 - Jill and Frank decided to take a long weekend in...Ch. 3 - Prob. 1PTCh. 3 - Prob. 2PTCh. 3 - Prob. 3PTCh. 3 - Prob. 4PTCh. 3 - Prob. 5PTCh. 3 - Prob. 6PTCh. 3 - Prob. 7PTCh. 3 - Prob. 8PTCh. 3 - Prob. 9PTCh. 3 - Prob. 10PTCh. 3 - Convert the following fractions to decimals (or...Ch. 3 - Rearrange the following decimals and add.
5.93,...Ch. 3 - Prob. 13PTCh. 3 - Prob. 14PTCh. 3 - Prob. 15PTCh. 3 - Prob. 16PTCh. 3 - Prob. 17PTCh. 3 - Prob. 18PTCh. 3 - Prob. 19PTCh. 3 - Prob. 20PTCh. 3 - Prob. 21PTCh. 3 - Prob. 22PTCh. 3 - Prob. 23PTCh. 3 - Prob. 1CRCh. 3 - Prob. 2CRCh. 3 - Prob. 3CRCh. 3 - Prob. 4CRCh. 3 - Prob. 5CRCh. 3 - Prob. 6CRCh. 3 - Prob. 7CRCh. 3 - Prob. 8CRCh. 3 - Prob. 9CR
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