ALEKS 360 ESSENT. STAT ACCESS CARD
2nd Edition
ISBN: 9781266836428
Author: Navidi
Publisher: MCG
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Chapter 4.4, Problem 14E
To determine
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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.
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 4 Solutions
ALEKS 360 ESSENT. STAT ACCESS CARD
Ch. 4.1 - 1. In Example 4.4, what is the probability that...Ch. 4.1 - Prob. 2CYUCh. 4.1 - Prob. 3CYUCh. 4.1 - Prob. 4CYUCh. 4.1 - Prob. 5ECh. 4.1 - In Exercises 5–8, fill in each blank with the...Ch. 4.1 - Prob. 7ECh. 4.1 - In Exercises 5–8, fill in each blank with the...Ch. 4.1 - Prob. 9ECh. 4.1 - Prob. 10E
Ch. 4.1 - Prob. 11ECh. 4.1 - Prob. 12ECh. 4.1 - Prob. 13ECh. 4.1 - Prob. 14ECh. 4.1 - Prob. 15ECh. 4.1 - Prob. 16ECh. 4.1 - Prob. 17ECh. 4.1 - Prob. 18ECh. 4.1 - Prob. 19ECh. 4.1 - Prob. 20ECh. 4.1 - Prob. 21ECh. 4.1 - In Exercises 21–24, assume that a coin is tossed...Ch. 4.1 - Prob. 23ECh. 4.1 - In Exercises 21–24, assume that a coin is tossed...Ch. 4.1 - How probable is it? Someone computes the...Ch. 4.1 - Prob. 26ECh. 4.1 - Prob. 27ECh. 4.1 - Prob. 28ECh. 4.1 - Prob. 29ECh. 4.1 - 30. A coin flip: A fair coin is tossed three...Ch. 4.1 - 31. Empirical Method: A coin is tossed 400 times...Ch. 4.1 - Prob. 32ECh. 4.1 - Prob. 33ECh. 4.1 - Prob. 34ECh. 4.1 - Prob. 35ECh. 4.1 - Prob. 36ECh. 4.1 - Prob. 37ECh. 4.1 - Prob. 38ECh. 4.1 - 39. Get an education: The General Social Survey...Ch. 4.1 - Prob. 40ECh. 4.1 - 41. Hospital visits: According to the Agency for...Ch. 4.1 - Prob. 42ECh. 4.1 - Prob. 43ECh. 4.1 - Prob. 44ECh. 4.1 - Prob. 45ECh. 4.1 - Prob. 46ECh. 4.1 - Prob. 47ECh. 4.1 - Prob. 48ECh. 4.1 - Prob. 49ECh. 4.2 - Prob. 1CYUCh. 4.2 - Prob. 2CYUCh. 4.2 - Prob. 3CYUCh. 4.2 - Prob. 4CYUCh. 4.2 - Prob. 5ECh. 4.2 - In Exercises 5–8, fill in each blank with the...Ch. 4.2 - In Exercises 5–8, fill in each blank with the...Ch. 4.2 - In Exercises 5–8, fill in each blank with the...Ch. 4.2 - Prob. 9ECh. 4.2 - Prob. 10ECh. 4.2 - Prob. 11ECh. 4.2 - Prob. 12ECh. 4.2 - Prob. 13ECh. 4.2 - Prob. 14ECh. 4.2 - Prob. 15ECh. 4.2 - 16. If P (A) = 0.7, P (B) = 0.1, and A and B are...Ch. 4.2 - Prob. 17ECh. 4.2 - Prob. 18ECh. 4.2 - Prob. 19ECh. 4.2 - 20. If P(B) = 0.6, find P(Bc).
Ch. 4.2 - Prob. 21ECh. 4.2 - Prob. 22ECh. 4.2 - Prob. 23ECh. 4.2 - Prob. 24ECh. 4.2 - Prob. 25ECh. 4.2 - In Exercises 25–30, determine whether events A and...Ch. 4.2 - Prob. 27ECh. 4.2 - Prob. 28ECh. 4.2 - In Exercises 25–30, determine whether events A and...Ch. 4.2 - In Exercises 25–30, determine whether events A and...Ch. 4.2 - In Exercises 31 and 32, find the complements of...Ch. 4.2 - In Exercises 31 and 32, find the complements of...Ch. 4.2 - Prob. 33ECh. 4.2 - Prob. 34ECh. 4.2 - Prob. 35ECh. 4.2 - 36. Sick computers: Let V be the event that a...Ch. 4.2 - Prob. 37ECh. 4.2 - Prob. 38ECh. 4.2 - Prob. 39ECh. 4.2 - 40. Statistics grades: In a statistics class of 30...Ch. 4.2 - Prob. 41ECh. 4.2 - Prob. 42ECh. 4.2 - Prob. 43ECh. 4.2 - Prob. 44ECh. 4.2 - Prob. 45ECh. 4.2 - Prob. 46ECh. 4.2 - 47. Mutual exclusivity is not transitive: Give an...Ch. 4.2 - 48. Complements: Let A and B be events. Express (A...Ch. 4.3 - 1. A person is selected at random from the...Ch. 4.3 - Prob. 2CYUCh. 4.3 - Prob. 3CYUCh. 4.3 - Prob. 4CYUCh. 4.3 - Prob. 5CYUCh. 4.3 - Prob. 6CYUCh. 4.3 - Prob. 7ECh. 4.3 - Prob. 8ECh. 4.3 - In Exercises 7–10, fill in each blank with the...Ch. 4.3 - In Exercises 7–10, fill in each blank with the...Ch. 4.3 - Prob. 11ECh. 4.3 - In Exercises 11–14, determine whether the...Ch. 4.3 - Prob. 13ECh. 4.3 - Prob. 14ECh. 4.3 - Prob. 15ECh. 4.3 - Prob. 16ECh. 4.3 - Prob. 17ECh. 4.3 - 18. Let A and B be events with P(A) = 0.5 and P(B)...Ch. 4.3 - 19. Let A and B be events with P (A) = 0.8, P(B) =...Ch. 4.3 - 20. Let A and B be events with P(A) = 0.3, P(B) =...Ch. 4.3 - Prob. 21ECh. 4.3 - Prob. 22ECh. 4.3 - Prob. 23ECh. 4.3 - Prob. 24ECh. 4.3 - Prob. 25ECh. 4.3 - Prob. 26ECh. 4.3 - Prob. 27ECh. 4.3 - In Exercises 27–30, assume that a student is...Ch. 4.3 - Prob. 29ECh. 4.3 - Prob. 30ECh. 4.3 - Prob. 31ECh. 4.3 - 32. Let A and B be events with P(A) = 0.6, P(B) =...Ch. 4.3 - Prob. 33ECh. 4.3 - Prob. 34ECh. 4.3 - Prob. 35ECh. 4.3 - Prob. 36ECh. 4.3 - Job interview: Seven people, named Anna, Bob,...Ch. 4.3 - Prob. 38ECh. 4.3 - Prob. 39ECh. 4.3 - 40. U.S. senators: The following table displays...Ch. 4.3 - Prob. 41ECh. 4.3 - Prob. 42ECh. 4.3 - Prob. 43ECh. 4.3 - Prob. 44ECh. 4.3 - Prob. 45ECh. 4.3 - Prob. 46ECh. 4.3 - Prob. 47ECh. 4.3 - Prob. 48ECh. 4.3 - Prob. 49ECh. 4.3 - Prob. 50ECh. 4.3 - Prob. 51ECh. 4.3 - Prob. 52ECh. 4.3 - Prob. 53ECh. 4.3 - Prob. 54ECh. 4.3 - Prob. 55ECh. 4.3 - Prob. 56ECh. 4.3 - Prob. 57ECh. 4.3 - Prob. 58ECh. 4.3 - Prob. 59ECh. 4.3 - Prob. 60ECh. 4.3 - Prob. 61ECh. 4.3 - Prob. 62ECh. 4.3 - Prob. 63ECh. 4.3 - Prob. 64ECh. 4.3 - Prob. 65ECh. 4.4 - When ordering a certain type of computer, there...Ch. 4.4 - Prob. 2CYUCh. 4.4 - Prob. 3CYUCh. 4.4 - Refer to Exercise 3. Two of the committee members...Ch. 4.4 - Prob. 5CYUCh. 4.4 - Refer to Exercise 5. Four of the eight students...Ch. 4.4 - Prob. 7ECh. 4.4 - In Exercises 7 and 8, fill in the blank with the...Ch. 4.4 - Prob. 9ECh. 4.4 - In Exercises 9 and 10, determine whether the...Ch. 4.4 - Prob. 11ECh. 4.4 - In Exercises 11–16, evaluate the factorial. 12. 5!Ch. 4.4 - Prob. 13ECh. 4.4 - Prob. 14ECh. 4.4 - Prob. 15ECh. 4.4 - In Exercises 11–16, evaluate the factorial. 16. 3!Ch. 4.4 - Prob. 17ECh. 4.4 - Prob. 18ECh. 4.4 - Prob. 19ECh. 4.4 - Prob. 20ECh. 4.4 - Prob. 21ECh. 4.4 - Prob. 22ECh. 4.4 - Prob. 23ECh. 4.4 - In Exercises 23–28, evaluate the combination. 24....Ch. 4.4 - Prob. 25ECh. 4.4 - In Exercises 23–28, evaluate the combination. 26....Ch. 4.4 - Prob. 27ECh. 4.4 - In Exercises 23–28, evaluate the combination. 28....Ch. 4.4 - Prob. 29ECh. 4.4 - Books: Josephine has six chemistry books, three...Ch. 4.4 - Prob. 31ECh. 4.4 - 32. Ice cream: A certain ice cream parlor offers...Ch. 4.4 - License plates: In a certain state, license plates...Ch. 4.4 - Committee: The Student Council at a certain school...Ch. 4.4 - Day and night shifts: A company has hired 12 new...Ch. 4.4 - Keep your password safe: A computer password...Ch. 4.4 - It’s in your genes: Human genetic material (DNA)...Ch. 4.4 - Choosing officers: A committee consists of ten...Ch. 4.4 - Prob. 39ECh. 4.4 - Blackjack: In single-deck casino blackjack, the...Ch. 4.4 - Prob. 41ECh. 4.4 - Prob. 42ECh. 4.4 - Prob. 43ECh. 4 - Fill in the blank: The probability that a fair...Ch. 4 - Prob. 2CQCh. 4 - Prob. 3CQCh. 4 - Prob. 4CQCh. 4 - Prob. 5CQCh. 4 - Prob. 6CQCh. 4 - Prob. 7CQCh. 4 - Prob. 8CQCh. 4 - Prob. 9CQCh. 4 - Prob. 10CQCh. 4 - Prob. 11CQCh. 4 - Prob. 12CQCh. 4 - Prob. 13CQCh. 4 - Prob. 14CQCh. 4 - Prob. 15CQCh. 4 - Prob. 1RECh. 4 - Prob. 2RECh. 4 - Prob. 3RECh. 4 - Blood types: Human blood may contain either or...Ch. 4 - Prob. 5RECh. 4 - Stop that car: A drag racer has two parachutes, a...Ch. 4 - Prob. 7RECh. 4 - Music to my ears: Jeri is listening to the songs...Ch. 4 - Prob. 9RECh. 4 - Prob. 10RECh. 4 - Rainy weekend: Sally is planning to go away for...Ch. 4 - Prob. 12RECh. 4 - Required courses: Refer to Exercise 12. Assume the...Ch. 4 - Bookshelf: Bart has six books: a novel, a...Ch. 4 - Bookshelf: Refer to Exercise 14. Bart chooses...Ch. 4 - Prob. 1WAICh. 4 - Prob. 2WAICh. 4 - Prob. 3WAICh. 4 - Prob. 4WAICh. 4 - Prob. 5WAICh. 4 - Prob. 6WAICh. 4 - Describe circumstances under which you would use a...Ch. 4 - Describe circumstances under which you would use a...Ch. 4 - The following table is a life table, reproduced...Ch. 4 - Prob. 2CSCh. 4 - Prob. 3CSCh. 4 - Prob. 4CSCh. 4 - Prob. 5CSCh. 4 - Prob. 6CSCh. 4 - Prob. 7CSCh. 4 - Prob. 8CSCh. 4 - Prob. 9CS
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