An Introduction to Statistical Methods and Data Analysis
7th Edition
ISBN: 9781305269477
Author: R. Lyman Ott, Micheal T. Longnecker
Publisher: Cengage Learning
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Chapter 3.11, Problem 14E
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Could you please answer this question using excel.Thanks
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.
Calculate the correlation coefficient r, letting Row 1 represent the x-values and Row 2 the y-values. Then calculate
it again, letting Row 2 represent the x-values and Row 1 the y-values. What effect does switching the variables have
on r?
Row 1
Row 2
13
149
25
36
41
60
62
78
S
205
122
195
173
133
197
24
Calculate the correlation coefficient r, letting Row 1 represent the x-values and Row 2 the y-values.
r=0.164 (Round to three decimal places as needed.)
S
24
Chapter 3 Solutions
An Introduction to Statistical Methods and Data Analysis
Ch. 3.11 - The U.S. government spent more than $3.6 trillion...Ch. 3.11 - The type of vehicle the U.S public purchases...Ch. 3.11 - It has been reported that there has been a change...Ch. 3.11 - The regulations of the board of health in a...Ch. 3.11 - The National Highway Traffic Safety Administration...Ch. 3.11 - Prob. 6ECh. 3.11 - The survival times (in months) for two treatments...Ch. 3.11 - Combine the data from the separate therapies in...Ch. 3.11 - Prob. 9ECh. 3.11 - The following table presents homeownership rates,...
Ch. 3.11 - Prob. 11ECh. 3.11 - Prob. 12ECh. 3.11 - A supplier of high-quality audio equipment for...Ch. 3.11 - Prob. 14ECh. 3.11 - Compute the mean, median, and mode for the...Ch. 3.11 - Prob. 16ECh. 3.11 - Prob. 17ECh. 3.11 - Prob. 18ECh. 3.11 - A study of the reliability of buses [Large Sample...Ch. 3.11 - Prob. 20ECh. 3.11 - Prob. 21ECh. 3.11 - A study of the survival times, in days, of skin...Ch. 3.11 - Prob. 23ECh. 3.11 - Prob. 24ECh. 3.11 -
Refer to Exercise 3.24. Average the three group...Ch. 3.11 -
Pushing economy and wheelchair-propulsion...Ch. 3.11 - Prob. 27ECh. 3.11 - Prob. 28ECh. 3.11 -
The treatment times (in minutes) for patients at...Ch. 3.11 - To assist in estimating the amount of lumber in a...Ch. 3.11 -
Consumer Reports in its June 1998 issue reports...Ch. 3.11 - Many marine phanerogam species are highly...Ch. 3.11 - Prob. 33ECh. 3.11 - The following data are the resting pulse rates for...Ch. 3.11 - Consumer Reports in its May 1998 issue provides...Ch. 3.11 - Prob. 36ECh. 3.11 - Prob. 37ECh. 3.11 - Prob. 38ECh. 3.11 - In the paper “Demographic Implications of...Ch. 3.11 - Prob. 40ECh. 3.11 - Prob. 41ECh. 3.11 - Prob. 42ECh. 3.11 - Prob. 43SECh. 3.11 - Prob. 44SECh. 3.11 - Prob. 45SECh. 3.11 - Prob. 46SECh. 3.11 - Prob. 47SECh. 3.11 - Prob. 48SECh. 3.11 - A random sample of 90 standard metropolitan...Ch. 3.11 - Prob. 50SECh. 3.11 - Prob. 51SECh. 3.11 - Prob. 52SECh. 3.11 - Prob. 53SECh. 3.11 - The Insurance Institute for Highway Safety...Ch. 3.11 - Prob. 55SECh. 3.11 - Prob. 56SECh. 3.11 -
Federal authorities have destroyed considerable...Ch. 3.11 - The most widely reported index of the performance...Ch. 3.11 - As one part of a review of middle-manager...Ch. 3.11 - Prob. 60SECh. 3.11 - Prob. 61SECh. 3.11 - Prob. 62SECh. 3.11 - The correlations computed for the six variables in...Ch. 3.11 - Prob. 64SECh. 3.11 - Prob. 65SECh. 3.11 - Prob. 66SECh. 3.11 - Prob. 67SECh. 3.11 - Prob. 68SECh. 3.11 - Prob. 69SECh. 3.11 - Prob. 70SECh. 3.11 - Prob. 71SECh. 3.11 -
Refer to the data in Exercise 3.69.
Construct a...Ch. 3.11 - Prob. 73SECh. 3.11 - Prob. 74SECh. 3.11 - Prob. 75SECh. 3.11 - Prob. 76SECh. 3.11 - Prob. 77SECh. 3.11 - Prob. 78SECh. 3.11 - Prob. 79SECh. 3.11 - Prob. 80SE
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