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 5, Problem 6ECP
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To solve: The equation
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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 5 Solutions
Practical Business Math Procedures with Business Math Handbook
Ch. 5.1 - Write equations for the following (use the letter...Ch. 5.1 - Solve the following:
B + 24 = 60
D + 3D = 240
12B...Ch. 5.1 - Write equations for the following (use the letter...Ch. 5.1 - Solve the following:
B + 14 = 70
D + 4D = 250
11B...Ch. 5.1 - Prob. 1AHCh. 5.1 - Prob. 2AHCh. 5.2 - An L. L. Bean sweater was reduced $30. The sale...Ch. 5.2 - Kelly Doyle budgets of her yearly salary for...Ch. 5.2 - Micro Knowledge sells 5 times as many computers as...Ch. 5.2 - Susie and Cara sell stoves at Elliott’s...
Ch. 5.2 - Prob. 5PQCh. 5.2 - Prob. 6PQCh. 5.2 - Prob. 1EPQCh. 5.2 - Prob. 2EPQCh. 5.2 - Prob. 3EPQCh. 5.2 - Prob. 4EPQCh. 5.2 - Prob. 5EPQCh. 5.2 - Prob. 6EPQCh. 5.2 - Prob. 1AHCh. 5.2 - Prob. 2AHCh. 5.2 - Prob. 3AHCh. 5.2 - Prob. 4AHCh. 5.2 - Prob. 5AHCh. 5.2 - Prob. 6AHCh. 5.2 - Prob. 7AHCh. 5.2 - Prob. 8AHCh. 5.2 - Prob. 9AHCh. 5.2 - In 2016, Tony Rigato, owner of MRM, saw an...Ch. 5 - Prob. 1ECPCh. 5 - Solve the unknown from the following equations: LU...Ch. 5 - Solve the unknown from the following equations: LU...Ch. 5 - Prob. 4ECPCh. 5 - Prob. 5ECPCh. 5 - Solve the unknown from the following equations: LU...Ch. 5 - Solve the unknown from the following equations: LU...Ch. 5 - Prob. 8ECPCh. 5 - Prob. 9ECPCh. 5 - Solve the unknown from the following equations: LU...Ch. 5 - Prob. 11ECPCh. 5 - Prob. 12ECPCh. 5 - Jessica and Josh are selling Entertainment Books...Ch. 5 - Prob. 14ECPCh. 5 - Dots sells T-shirts ($2) and shorts ($4). In...Ch. 5 - Dots sells a total of 250 T-shirts ($2) and shorts...Ch. 5 - Prob. 17ECPCh. 5 - Prob. 18ECPCh. 5 - Prob. 19ECPCh. 5 - Prob. 20ECPCh. 5 - Solve the unknown from the following equations: LU...Ch. 5 - Prob. 22ECPCh. 5 - On a flight from Boston to San Diego, American...Ch. 5 - Prob. 24ECPCh. 5 - Bill’s Roast Beef sells 5 times as many sandwiches...Ch. 5 - Prob. 26ECPCh. 5 - Prob. 27ECPCh. 5 - Prob. 28ECPCh. 5 - Solve the unknown from the following equations: LU...Ch. 5 - Solve the unknown from the following equations: LU...Ch. 5 - Prob. 31ECPCh. 5 - Solve the unknown from the following...Ch. 5 - If Colorado Springs, Colorado, has 1.2 times as...Ch. 5 - Prob. 34ECPCh. 5 - Prob. 35ECPCh. 5 - Prob. 36ECPCh. 5 - Prob. 37ECPCh. 5 - Prob. 38ECPCh. 5 - Prob. 39ECPCh. 5 - Prob. 40ECPCh. 5 - Prob. 41ECPCh. 5 - Prob. 42ECPCh. 5 - Prob. 43ECPCh. 5 - Prob. 1PTCh. 5 - Prob. 2PTCh. 5 - Prob. 3PTCh. 5 - Working at Staples, Jill Reese and Abby Lee sold a...Ch. 5 - Prob. 5PTCh. 5 - Prob. 6PT
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