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 6, Problem 24ECP
To determine
To solve: The statement “
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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 6 Solutions
Practical Business Math Procedures with Business Math Handbook
Ch. 6.1 - Convert to percents (round to the nearest tenth...Ch. 6.1 - Convert to percents (round to the nearest tenth...Ch. 6.1 - Convert to percents (round to the nearest tenth...Ch. 6.1 - Prob. 4PQCh. 6.1 - Convert to decimals (remember, decimals...Ch. 6.1 - Prob. 6PQCh. 6.1 - Prob. 7PQCh. 6.1 - Prob. 8PQCh. 6.1 - Prob. 9PQCh. 6.1 - Prob. 10PQ
Ch. 6.1 - Prob. 11PQCh. 6.1 - Prob. 12PQCh. 6.1 - Prob. 13PQCh. 6.1 - Prob. 14PQCh. 6.1 - Prob. 15PQCh. 6.1 - Prob. 1EPQCh. 6.1 - Convert to percents (round to the nearest tenth...Ch. 6.1 - Prob. 3EPQCh. 6.1 - Prob. 4EPQCh. 6.1 - Prob. 5EPQCh. 6.1 - Prob. 6EPQCh. 6.1 - Prob. 7EPQCh. 6.1 - Prob. 8EPQCh. 6.1 - Prob. 9EPQCh. 6.1 - Prob. 10EPQCh. 6.1 - Prob. 11EPQCh. 6.1 - Prob. 12EPQCh. 6.1 - Prob. 13EPQCh. 6.1 - Prob. 14EPQCh. 6.1 - Prob. 15EPQCh. 6.1 - Convert the following to percents; round to the...Ch. 6.1 - Prob. 2AHCh. 6.1 - Prob. 3AHCh. 6.1 - Prob. 4AHCh. 6.1 - Complete the following table by finding the...Ch. 6.1 - Prob. 6AHCh. 6.1 - Prob. 7AHCh. 6.1 - Prob. 8AHCh. 6.1 - Prob. 9AHCh. 6.1 - Prob. 10AHCh. 6.1 - Prob. 11AHCh. 6.1 - Prob. 12AHCh. 6.2 - Solve for portion:
38% of 900.
Ch. 6.2 - Solve for portion:
60% of $9,000.
Ch. 6.2 - Prob. 3PQCh. 6.2 - Prob. 4PQCh. 6.2 - Prob. 5PQCh. 6.2 - Prob. 6PQCh. 6.2 - Prob. 7PQCh. 6.2 - Prob. 8PQCh. 6.2 - Prob. 9PQCh. 6.2 - Prob. 10PQCh. 6.2 - Prob. 11PQCh. 6.2 - Prob. 1EPQCh. 6.2 - Prob. 2EPQCh. 6.2 - Prob. 3EPQCh. 6.2 - Prob. 4EPQCh. 6.2 - Prob. 5EPQCh. 6.2 - Prob. 6EPQCh. 6.2 - Prob. 7EPQCh. 6.2 - Prob. 8EPQCh. 6.2 - Prob. 9EPQCh. 6.2 - Prob. 10EPQCh. 6.2 - Prob. 11EPQCh. 6.2 - Prob. 1AHCh. 6.2 - Prob. 2AHCh. 6.2 - Prob. 3AHCh. 6.2 - Prob. 4AHCh. 6.2 - Prob. 5AHCh. 6.2 - Prob. 6AHCh. 6.2 - Prob. 7AHCh. 6.2 - There was a fire in Bill Porper’s store that...Ch. 6.2 - Elyse’s Dress Shoppe makes 25% of its sales for...Ch. 6.2 - Prob. 10AHCh. 6.2 - Prob. 11AHCh. 6.2 - Prob. 12AHCh. 6 - Prob. 1ECPCh. 6 - Convert the following decimals to percents: LU...Ch. 6 - Convert the following decimals to percents: LU...Ch. 6 - Convert the following decimals to percents: LU...Ch. 6 - Convert the following decimals to percents: LU...Ch. 6 - Prob. 6ECPCh. 6 - Convert the following percents to decimals: LU...Ch. 6 - Convert the following percents to decimals: LU...Ch. 6 - Prob. 9ECPCh. 6 - Prob. 10ECPCh. 6 - Convert the following percents to decimals:
119%
Ch. 6 - Prob. 12ECPCh. 6 - Prob. 13ECPCh. 6 - Prob. 14ECPCh. 6 - Convert the following fractions to percents (round...Ch. 6 - Prob. 16ECPCh. 6 - Convert the following percents to fractions and...Ch. 6 - Prob. 18ECPCh. 6 - Prob. 19ECPCh. 6 - Prob. 20ECPCh. 6 - Prob. 21ECPCh. 6 - Prob. 22ECPCh. 6 - Prob. 23ECPCh. 6 - Prob. 24ECPCh. 6 - Prob. 25ECPCh. 6 - Prob. 26ECPCh. 6 - Prob. 27ECPCh. 6 - Prob. 28ECPCh. 6 - Prob. 29ECPCh. 6 - Solve for the portion (round to the nearest...Ch. 6 - Prob. 31ECPCh. 6 - Prob. 32ECPCh. 6 - Prob. 33ECPCh. 6 - Solve for the base (round to the nearest hundredth...Ch. 6 - Prob. 35ECPCh. 6 - Prob. 36ECPCh. 6 - Prob. 37ECPCh. 6 - Prob. 38ECPCh. 6 - Prob. 39ECPCh. 6 - Solve for rate (round to the nearest tenth percent...Ch. 6 - Prob. 41ECPCh. 6 - Prob. 42ECPCh. 6 - Prob. 43ECPCh. 6 - Prob. 44ECPCh. 6 - Prob. 45ECPCh. 6 - Prob. 46ECPCh. 6 - Prob. 47ECPCh. 6 - Prob. 48ECPCh. 6 - Prob. 49ECPCh. 6 - Prob. 50ECPCh. 6 - Prob. 51ECPCh. 6 - At a local Dunkin’ Donuts, a survey showed that...Ch. 6 - Prob. 53ECPCh. 6 - Prob. 54ECPCh. 6 - Wally Chin, the owner of an ExxonMobil station,...Ch. 6 - Prob. 56ECPCh. 6 - The Social Security Administration announced the...Ch. 6 - Prob. 58ECPCh. 6 - Prob. 59ECPCh. 6 - Prob. 60ECPCh. 6 - Out of 9,000 college students surveyed, 540...Ch. 6 - Prob. 62ECPCh. 6 - Prob. 63ECPCh. 6 - Rainfall for January in Fiji averages 12″...Ch. 6 - Prob. 65ECPCh. 6 - Prob. 66ECPCh. 6 - The Museum of Science in Boston estimated that 64%...Ch. 6 - Prob. 68ECPCh. 6 - Prob. 69ECPCh. 6 - Prob. 70ECPCh. 6 - Prob. 71ECPCh. 6 - Prob. 72ECPCh. 6 - Prob. 73ECPCh. 6 - Prob. 74ECPCh. 6 - Prob. 75ECPCh. 6 - Prob. 76ECPCh. 6 - Prob. 77ECPCh. 6 - Prob. 78ECPCh. 6 - Prob. 79ECPCh. 6 - Prob. 80ECPCh. 6 - Prob. 81ECPCh. 6 - Prob. 82ECPCh. 6 - Prob. 83ECPCh. 6 - Prob. 84ECPCh. 6 - Prob. 85ECPCh. 6 - The sales tax rate is 8%. If Jim bought a new...Ch. 6 - Prob. 87ECPCh. 6 - Prob. 88ECPCh. 6 - Prob. 89ECPCh. 6 - Prob. 90ECPCh. 6 - Prob. 91ECPCh. 6 - Prob. 92ECPCh. 6 - Prob. 93ECPCh. 6 - Prob. 94ECPCh. 6 - Prob. 95ECPCh. 6 - Prob. 1PTCh. 6 - Prob. 2PTCh. 6 - Prob. 3PTCh. 6 - Prob. 4PTCh. 6 - Prob. 5PTCh. 6 - Prob. 6PTCh. 6 - Prob. 7PTCh. 6 - Prob. 8PTCh. 6 - Prob. 9PTCh. 6 - Prob. 10PTCh. 6 - Prob. 11PTCh. 6 - Prob. 12PTCh. 6 - Prob. 13PTCh. 6 - Prob. 14PTCh. 6 - Prob. 15PTCh. 6 - Prob. 16PTCh. 6 - Prob. 17PTCh. 6 - Prob. 18PTCh. 6 - Prob. 19PT
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